Four cars of packer bleachable fancy tallow traded higher today. Yellow grease continues to move higher in the California market with trading topping out at 35.50 FOB Los Angeles and San Francisco.

Nearly through the first half of the month, packer BFT is averaging 94.5 percent of the price of nearby soybean oil. The prior three month average for February is 84.1 percent, including last year’s COVID driven spike to 113.4 percent. If the relative price were to hold, it would the second highest February relative price on record, with last year being the highest. Given the limited optionality, which…