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Thursday, May 26, 2022

It is getting more and more expensive to feed pigs and poultry

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(Bloomberg) — Futures for soybean meal, a key component of animal feed, rose to a seven-year high after top exporter Argentina suspended export registration, another sign that countries are restricting trade to protect national food markets.

Argentina temporarily suspends the export registration of soybean meal and oil, according to a memorandum signed by its Undersecretary of Agricultural Markets. The government generally blocks registration before raising taxes on shipments to prevent farmers from getting ahead of the curve with a rush of sales.

Governments from Asia to Europe to the Americas are taking steps to save local crop supplies as the war in Ukraine strains global markets already under pressure from crop failures and a recovery in demand. Hungary and Indonesia are among the nations that have imposed restrictions on trade in agricultural products ranging from grain to cooking oil.

Soybean meal futures rose as much as 3% in Chicago to $491.60 per 2,000 pounds (0.91 tonnes), their highest level since mid-2014.

original note:

Herds of pigs and poultry are getting more expensive to feed

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