Trading was very quiet to start the week. Soybean oil and heating oil prices were sharply lower today after the OPEC+ nations reached an agreement to boost output starting in August. Both heating oil and soybean oil were just shy of 13 cents per gallon lower. Increased COVID cases are sparking some fear over long term demand. 

For the week ending July 24^th, 2021, cattle slaughter is forecast at 660,000 head, a 1 percent gain from last week and a 3.1 percent increase from the previous year. According to the USDA, actual cattle live weights for week ending July 3^rd were 1347 pounds. This is 18 pounds under last year for the…