09.29.2023
Vegetable Oils & Animal Fat Prices Post Week on Week Drop
The market was fairly quiet today with traded volume slowing, but trading still done at lower levels. Gulf BFT traded down to 66 cts/lb delivered late yesterday. Ample nearby...
Prices moved higher this week within and out of the Australian market on strong demand. Production has picked up and market sources expect the trend to continue in the near term. The MLA estimated Australian national cattle slaughter at 125,622 head, up from 87,755 last year and just off of a multi-year high last week, which was 127,337 head. Renewed demand from Singapore, as well as strong demand from the North American market, has supported both the Australian and New Zealand markets.
European fat prices were firm, buoyed by gasoil prices which have trended higher over the last several weeks. UCO prices were higher as well for material DDP into northwest Europe, but imported material was indicated slightly lower.
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