IFFO: Fishmeal prices could near record highs amid fishery closure in Peru

Peruvian fishmeal production has fallen by half since the start of the year as the El Niño weather pattern continues to gain strength.

Peru has so far produced about 220,000 metric tons of fishmeal and between 25,000 and 30,000 metric tons of fish oil this year, with most of that production coming from fish caught in January and February, according to Enrico Bachis, market research director for IFFO, the Marine Ingredients Organization. Peruvian officials canceled fishing activity in June and recently extended the closure through the end of October after exploratory fishing determined spawning had already begun, Bachis said.