Three cars of choice white grease (CWG) traded down to 61 cts/lb Chicago today. Trading was also done lower out of the FOB markets for CWG. Trading was lower for distiller’s corn oil (DCO) as well, and bids for UCO, DCO, tallow and CWG were lower in several markets, both FOB and delivered. Gulf indications were down by as much as five cts/lb on continued weakness in the RINS market, which contributed to the selloff in the soybean oil today. 

The Israel-Hamas conflict contributed to higher prices in the energy futures today, with both crude and heating oil markets up. Despite the higher prices there was a bearish tone to the feedstock market, which was a function of demand concerns, as evidenced by the slide in RIN values, indicating oversupply in the market. The margin compression tied to the RIN prices pushed bids and trading sharply lower. 

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