Australian tallow prices traded higher in terms of US$ this week. Export demand has been strong from China at current values. Domestic prices fell in terms of AUD due to a strong Australian dollar versus the US dollar. Over the last month, the AUD has gained 3.78 percent on the USD. Production is steady, albeit much lower than 2019 levels. The MLA reported cattle slaughter at 109,913 head last week, up 6 percent from the week prior and down 30 percent compared to 2019. New Zealand values are up on tallow with trading done in a tighter range. With holiday production interruptions right around the corner there is risk in the market for higher prices as the market moves into 2021. Palm prices are also supportive of higher tallow prices in the near term. The palm stearin price FOB Malaysia increased 16.7 percent through November while tallow prices were mostly flat.
Figure 1.
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