With corn's deflation ending and soy's downturn entering a new chapter, world feed crop markets are diverging. It has been a bad month to be an oilseed seller, with soy falling out of its near US$10.50/bushel trading range to near US$9.70/bushel, and looking to head even lower. Feed grains, while not looking particularly strong, seem to have at least levelled out.
With Peru's declining wild catch overwhelming higher output in other countries and the second largest exporter consuming more of its production at home, the speed of anchovy's population recovery will determine the market's direction. In a year when feed, energy and other commodities crashed in price, fishmeal repeatedly broke all price records. Rising by some 66% in price from its early 2014 lows, it entered 2015 with most grades buyers paying US$2,300 to US$2,450 for most grades.