Trading was quiet to start the week with no activity reported.

Cattle slaughter finished last week at 654,000 head, relatively sideways with 2019 and prior week levels. This week, slaughter is projected out at 650,000 head, up 13.8 percent from last year, which was shortened with the Labor Day holiday. Over the next six weeks, slaughter is forecast at an average of 629,000 head, down an average of 2.3 percent from the prior six weeks and down 1 percent relative to year ago levels. 

Figure 1.

The EIA released biodiesel production numbers for June today, showing an increase of 13 million gallons relative to May and an increase of 8 million gallons relative to June of 2019. Feedstock usage in June was heavily reliant on soybean oil, but less so than in May. Biodiesel producers used an estimated 747 million pounds…