Lard traded higher on Friday July 19 on a Chicago basis, up to 55 cents per lb, and choice white grease traded on a Chicago basis as well, steady at 49 cents per lb.
For the week to Friday, choice white grease prices moved higher on an FOB Mo. River basis, up by 1.2% from the prior week’s average.
Many in the market have suggested that the price rally in the choice white grease market is starting to run out of steam due to a high price relative to soybean oil.
The August soybean oil futures market was down by 1.6% from the prior week’s average, which puts the relative price of choice white grease to nearby soybean oil at 97% for the week.
The narrowed gap between soybean oil and choice white grease suggests that a price ceiling could be near, but the limited nearby supply is supportive of the current price levels.
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