Cash market prices for US palm oil and refined palm oil products continued to ease on Wednesday July 10, tracking another session of losses in Malaysian benchmark palm oil futures.
On Wednesday, Fastmarkets assessed palm oil, RBD, fob US Gulf at $0.4875-0.4900 per lb, down by $0.25 from Tuesday. Fastmarkets’ price assessment for palm olein, RBD, fob US Gulf was $0.4900-0.4925 per lb, down by the same amount from the prior session.
The higher price of palm oil compared with packer-grade bleachable fancy tallow earlier in the year resulted in livestock reformulations in the US feed industry, as some switched from palm oil to cheaper animal fats.
However, the price spread between palm oil and tallow started to tighten at the end of May, and palm oil prices flipped into a discount to tallow by mid-June for the first time since mid-December.
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