Double Digit Percentage Gain in CWG Market

Double Digit Percentage Gain in CWG Market

Trading was quiet today to close out the week. Supply remains a concern with labor limitations adding risk for lower production this week and in the near term. The USDA estimated cattle slaughter for the week at 621,000, down 31,000 head from the same week a year ago. Hog slaughter is estimated at 2.407 million head, down 237,000 head from last year.

Animal fat, used cooking oil and distiller’s corn oil prices were all higher this week. The biggest week-on-week move was the CWG market, which is up an average of 13.8 percent compared to last week’s average price. The Mo. River CWG price is up 20.3 percent from four weeks ago. Packer BFT is up 19.5 percent from four weeks ago and, on average, up 7.9 percent from last week. Soybean oil prices were relatively flat this week, up just shy of 0.003 cents per pound for the March contract. Prices peaked midweek after the WASDE report, but the prospect of rain…

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