With huge losses on heating oil and crude prices today, most in the market were content to sit out buying and selling today. The market tomorrow should provide additional insight into market direction, but anything short of a full recovery is apt to correct fat prices lower.
Cattle slaughter finished last week at a robust 647,000 head, up 6.5 percent from a year ago and 3 percent relative to the year prior. Slaughter is forecast to move slightly lower over the next six weeks. This week, slaughter is projected out at 630,000 head, down 2.6 percent from last week. Over the next six weeks, slaughter is forecast at an average of 625,000 head, down an average of ½ of a percent from the prior six weeks. While numbers are expected to be down, production is still expected be strong with the cattle numbers well over 600,000 head. Given the current economic climate, the strong production adds further risk of lower prices to the market.
Figure 1.
11.12.2024
Glycerin prices seen supported by declining biodiesel margins
Glycerin is a co-product of biodiesel production, and its supply is dependent on biodiesel margins. The more profitable the margin environment for biodiesel, the larger the supply of glycerin....
11.12.2024
Animal fats and oils prices stable amid losses in vegoil markets
"I think the big drop in soybean oil had everyone take a pause,” one source said.
December soybean oil futures closed at 46.23 cents per lb on Tuesday, down by...
11.12.2024
Meat and bonemeal, bloodmeal higher on active demand
Prices were highly mixed on Tuesday November 12, with active demand reported by market sources.
Porcine meat and bonemeal prices were steady to higher according to sources...