An Economist writer once referred to tallow and other fat products as, “Dickensian sounding” and to that, “it was the best of times, it was the worst of times.” Post WASDE report, corn prices shot up 25 points today, which adds another 1.75 cents to the value of fat in feed rations at 400 percent. Demand continues to outweigh supply in the tallow market and optionality for the buyers is nil, so for the sellers now may be considered amongst the best of times. However, news broke yesterday that the outgoing administration is poised to grant several small refinery exemptions to 2019 applicants, which has sent RIN values tumbling over the last two days. The D4 (biodiesel) B21 RIN value is off 10 cents over since Friday, which equates to 15 cents per gallon or roughly 2 cents of feedstock value. There is additional concern that the decision by the Supreme Court to hear arguments over the 10^th circuit court’s decision on SRE’s could be further bearish to RIN prices….