Choice white grease traded lower today in the Chicago market. Packer bleachable fancy tallow (BFT-P) was offered lower and unsold as of press time. Prices in the BFT market, both for BFT-P and BFT-R, should be nearing a bottom. There is a lack of demand into/through the Chicago market at present, but export, fuel and feed demand interest should be piqued at these levels. 

Hog slaughter finished last week at an estimated 2.587 million head, up 5.5 percent from a year ago levels. The slaughter is forecast to trend higher over the next six weeks, projected at 2.575 million head this week and to 2.55 million head on the week ending August 1st. The forecast for the next six weeks is an average of 2.45 million head, up 6 percent from last year and 8 percent from the prior six week average. The strong, July production adds risk for lower prices in the near term, but low spot prices relative to soybean oil and corn may up…