The market was quiet with little action reported

The market was quiet with little action reported

The market was quiet today with little action reported. From the sell side, light cattle weights are keeping tallow supplies tight and there have not been an reports of spot material openly offered, formulas offerings are similarly quiet. Sources reported that buyers aren’t showing much interest either due to some weakness at the CME today. DCO trading was reported out of the Illinois market in a range of $0.2825 – 0.2925 FOB this afternoon.

Weekly Review

As a whole, the market was fairly steady last week. Taking a straight average of all of the weekly averages, the change was 11/100ths of a cent higher. The commodities that saw moves greater than 1/10th of a cent were choice white grease and soybean oil.

Trucks of CWG traded as high as $0.2850 last week, narrowing the spread to the $0.3200 Chicago rail market. Sources had reported numbers into biodiesel over the $0.3000 mark and demand into the feed sector has been reported as consistent.

After a few weeks of heavy spot action, the tallow market took a breather. Sources reported formula based business for the second half of July, but stopped short of quantifying “good” and “strong” volume. The BFT market appears to be well sold for most of July.

Buyers in the biodiesel sector have reported a shift towards more veg oils. BFT prices have jumped 18.6% since the week ending April 7, while bean oil values have risen 2.7%, bouncing around in a range of mid $0.31’s to mid $0.32’s. Sources have reported bean oil delivered into Midwestern plants in the neighborhood of $0.3300, which is a much better value than nearly all grades of tallow as well as choice white.

Please contact Ryan Standard at 563.223.9021 or with any questions, comments or trading.

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