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Aquaculture analyst Enrico Bachis, citing the FAO's SOFIA 2020 report, says marine ingredient production is not expected to decline. Wild capture is forecast to hold near 96 million tonnes a year, and fishmeal supply is expected to improve slightly over the next decade.
A stable long-run supply of fishmeal and fish oil limits upside pressure on feed protein prices, although El Niño remains a source of short-term volatility.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.