A negative tone persisted in the global fats market this week, although downward changes were relatively limited. Indications were steady out of the Australian and New Zealand, but pressure from weakness in the US market, slower trade flows into Singapore and heavy production are weighing on the market. Hot and dry weather are pushing more cattle in the abattoirs in both New Zealand and Australia. The MLA estimated national cattle slaughter for last week at 131,488 head, up 1.1 percent from the week prior.
Trading in the European Union was lower this week for fats and used cooking oil, although the UCO market did recover some today. Bids throughout the week were indicated in the US$810 – 820 CIF ARA range, but trading was indicated as high as $870/mt on Thursday.
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