05.17.2024
Uncertainty with 45z tax credit may affect Q1 2025 biofuel contracts
The expiring BTC provides a one dollar per gallon blenders credit up front with an additional 30 to 40 cents of credit to producers on the backend. Crimson...
Hide interest remains strong entering this week. The US continues high production while Australian, South American and European cattle slaughter is down. Drop credit for packers is reportedly strong, influencing further firmness in hide prices. Hide activity and prices are expected to continue their upward momentum.
The Jacobsen slaughter forecast for this week is 647,000 head, and if realized, will be 6,300 head more than the same week last year when it was 640,700.
Cattle slaughter finished last week 665,000 head, up 2 percent from a year ago. Over the next six weeks, slaughter is forecasted at an average of 645,300 head, up an average of 2 percent from the prior six weeks and up 7 percent compared to last year.
Figure 1.
Cured and Wet Blue Export Sales by Selected Countries — Through March 4
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