What a difference a day (or weekend) can make. Friday closed the week with a bearish tone with bids for fats, oils and greases lower after soybean oil (SBO) futures and RIN prices plummeted on Thursday. Today, soybean oil is limit up and the few offers that are out are shaprly higher. Trading on a whole was quiet with most on the sidelines, but three cars of packer grade bleachable fancy tallow (BFT-P) traded up 4.5 cents Chicago this afternoon. The higher trade on BFT-P was tied more closely to the recent renderer grade BFT trade than today’s action in the SBO market. 

Cattle slaughter finished last week at an estimated 647,000 head, down 2.7 percent from the week prior and up 1 percent from last year. Slaughter is forecast out at an average of 639,800 head over the next six weeks, up 1.3 percent from the prior six-week…