Six cars of choice white grease traded higher today on a Chicago basis. Three cars of packer grade bleachable fancy tallow (BFT) traded higher today. Offers were out as high as 50 cents Chicago this week, but buyers have been resistant to that psychological threshold. With soybean oil up again today and palm oil prices higher, it seems to be not a matter of if, but when, BFT will trade higher than 50 cents. BFT prices have fallen in terms of the relationship to soybean oil since the start of the year. Chicago renderer BFT had a relative price of 96 percent in January and is now at 93 percent for the month of March. Today’s increase at the CME gives BFT a relative price of 89 percent relative to soybean oil, just under the prior three-year average for March. It’s unlikely any buyer is going to look at the relative price to soybean oil and say, “95 percent is too high but I’ll take all you have at 89!” Rather, the more expensive soybean oil gets the more attractive BFT will be to the…