Veg Oils Rally Supporitve of Higher Fat Prices

Veg Oils Rally Supporitve of Higher Fat Prices

Soybean oil and palm oil prices have been on a tear this week after the release of bullish, fundamental data. The increase in palm prices has done little to rally the Australian market, but tallow prices were higher out of New Zealand. Production remains well below the prior three-year average, but again, prices remain mostly flat. There is risk in the market for increases for December and January, with production expected to drop dramatically and the veg oil markets supportive of higher prices. Singapore appears to be on the sidelines, but demand from China boosted values out of New Zealand. Again, there is risk for higher prices in the near-term basis a surging palm market and limited holiday production.

The EU Cat 3 and edible market chased the veg oil markets higher. Lard is up €15 from last week, bone fats up €5 -10. Used cooking oil prices are relatively steady out of the US at $790 – 800 CIF ARA. Values DDP NWE are indicated at €740 – 760. Uncertainty…

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