Rising surpluses are leveling out and keeping corn from falling much further. With help from the USDA and rainy harvest time weather, mid October saw corn break its long, brutal decline. It rose to near US$3.60/bushel, some 13% above its early October lows. Nevertheless, medium term fundamentals still point to flat, sagging prices.
While other feed inputs are deflating, aquaculture output and fishmeal availability are going in opposite directions. Ocean current temperatures suggest that this vital protein meal could again set price records. It has been a very difficult year for forecasting Peruvian fishmeal prices and availability.