Global Fat Prices Rally Behind Palm and Soybean Oil

Global Fat Prices Rally Behind Palm and Soybean Oil

Fat prices around the globe moved higher to start the new year. Most of the markets were quiet heading into the holiday break, and big jumps in the palm and soybean oil markets have yanked the animal fats out of hibernation. Palm stearin prices are up $110 per tonne FOB Malaysia over the last four weeks, and soybean oil futures are up $126 per tonne.

The MLA reported Australian cattle slaughter at 25,850 head for last week, down 48 percent compared to the year prior. The spread between 2019 and 2020 production has been widening since April, and there is little evidence that production is going to reverse in the near term. The tight supplies combined with the surging vegetable oil markets have pushed the export prices up by US$70 – 80.

Strong demand from China and competitive prices relative to palm have pushed the New Zealand values NZ$10 – 20 from the last traded level. Sources have reported interest from Singapore for renewable fuel feedstocks, but buyers in China…

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