The overall tone of the market was quiet coming off yesterday’s selloff in the soybean oil market and today’s move higher. Buyers are in the market bidding for nearby BFT, but thus far buyers have been unwilling to cross the spread and pay up to the higher offers. Both renderer and packer were suggested as high as 65 cents Chicago, but again, no trading was reported. Quality issues have tightened the nearby market with high temperatures pushing a lot of material into the off-spec (> 4% ffa) range.
Prior trading patterns suggest prices will remain supported through July for BFT. Over the last five years, Chicago packer BFT traded higher three times in July relative to June compared to twice in August relative to July.
Figure 1.
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