04.24.2024
Biodiesel output strong in Q2; producers start locking in Q3-Q4 sales
A second producer echoed this sentiment and said they have had to work a bit harder to secure feedstock to line it up with sales at the right time.
Three cars of edible tallow traded down a penny today on a Chicago basis. Trading outside of the edible market was steady. Numbers were again higher at the CME today on corn, soybean oil, and heating oil, supporting a strong, fat market. The fundamentals suggest choice white grease is at risk for lower prices in the near term, despite the higher CME prices. The December corn futures contract settled at $3.7525 today at 400 percent of the price of corn, fat has a value in feed rations of $0.2680 per pound. The prior three-year average relative price of CWG to corn for September is 384.5 percent, suggesting a value of $0.2575 FOB Missouri River. Slaughter, which correlates very well with price, is expected to increase over the next six weeks, which adds further, fundamental…