Spot prices for US palm oil and palm olein were steady to slightly lower on Tuesday July 23, with benchmark palm oil futures in Malaysia taking a breather from their recent uptrend.
On Tuesday, Fastmarkets assessed palm oil, refined, bleached and deodorized (RBD), fob US Gulf at $0.50-0.51 per lb and palm olein, RBD, fob US Gulf at $0.5025-0.5125 per lb, both down by $0.25 per lb from Monday July 22.
Still, palm oil and palm olein prices were up week on week and month on month at a three-month high.
The price spread between palm oil and tallow has virtually closed. Fastmarkets assessed packer-grade bleachable fancy tallow (BFT) at $0.51 per lb Chicago basis on Tuesday, unchanged from Monday.
Earlier in 2024, higher palm oil prices, when compared with BFT, led to livestock reformulations in the US feed industry, with many switching from palm oil to cheaper animal fats.
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