Trading was mostly quiet to start the week, but there were indications that sellers are seeking higher prices. Gulf UCO values are higher today, driven by strong demand through O-N-D. Soybean oil prices did move higher again today with the October contract settling at 34.23.

Cattle slaughter finished last week at 574,000 head, down 9.7 percent from a year ago and down 9.3 percent relative to the year prior. Slaughter is forecast to move lower over the next six weeks. This week, slaughter is projected out at 645,000 head, down 2.4 percent from last year. Over the next six weeks, slaughter is forecast at…