There was a lot of activity today to close out the week, mostly at lower prices. Negative pressure had been building through the week on heavy nearby supply, and sellers were willing to take discounts today to clear their books of what remained.
Choice white grease traded in a wide range today, 34 – 38 cts/lb FOB Mo. River with good volume seen at both sides of the spread. Sources indicated that feed buyers have cut back their volumes due to cuts in the flock size tied to avian influenza cases in the Midwest. There were plenty of anecdotes this week of “I haven’t seen this kind of volume from…” or “I’ve had to call buyers I haven’t talked to in years to try and move material.”
With that stated, the market tends to deal in hyperbole in shifts, but with the strong hog slaughter over the last two weeks and the cuts in feed demand and slower biofuel demand, there is a definitive negative tone in the market.
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