Global: Rabobank sees positive shift in fishmeal prices for 2024

Published Feb 2, 2024

Tridge summary

Improvements in Peru's anchovy fishing conditions in 1H 2024 are expected to stabilize fishmeal prices, following a successful second fishing season. However, full normalization may not occur until later in the year. The salmon supply is expected to show slight growth, while the shrimp industry faces instability due to high inventory levels and weak Chinese demand. The Ecuadorian shrimp sector may see mild growth, but this is dependent on Chinese demand. Shrimp production in India is stagnant, Vietnam's exports have decreased due to contracting demand, and Indonesia also saw lower export rates last year.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Anticipated improvements in anchovy fishing conditions during the first half of 2024 in Peru are expected to bring about a positive correction in fishmeal prices, as outlined in an industry note. Last year was marked by severe shortages of fishmeal and fish oil, with supply constraints intensifying during the initial six months of 2023. Gorjan Nikolik, senior analyst in seafood at Rabobank, shared insights during a call with FeedNavigator, coinciding with the release of Rabobank's comprehensive outlook on salmon, shrimp, and fishmeal prospects for the first half of 2024. Nikolik highlighted that the enhanced fishmeal supply is likely to contribute to the normalization of prices, especially with the moderation in prices of plant-based alternatives like soybean meal (SBM) observed in the previous year. The second Peruvian anchovy fishing season, spanning from November 2023 to January 2024, saw a catch rate of 75%, already prompting a corrective impact on fishmeal and fish oil ...

Source: UKfeednavigator