CWG Supported by SBO, Corn & Nearby Demand

CWG Supported by SBO, Corn & Nearby Demand

Trading was quiet today with a number of sellers reluctant to offer into a market that is seeing May soybean oil trade over 62.5 cents and July futures over 60 cents. Corn prices jumped to $6.5050 for the May contract and $6.3150 for July. Using the May value, choice white grease at 400 percent of the price of corn has a value of 46.50 cents per pound in feed rations. The bullish tone in both the corn and soybean oil market combined with tighter hog slaughter may increase the reformulation threshold for the feed buyers heading into May. Biodiesel demand is offering support to the Missouri River market as well. The price of CWG FOB Missouri River is at 76 percent of the price of May soybean oil today, which is…

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