Two cars of choice white grease (CWG) traded down to 42.5 cents per lb Chicago on Tuesday October 15, on what was otherwise a very quiet day.
CWG FOB Missouri River was indicated in a range of 40-44 cents per lb, with the bulk of action falling within the printed range.
With the American Fats and Oils Association (AFOA) meeting set to kick off in Nashville, Tennessee, on Wednesday October 16, many market participants were out of the office.
The general market tone is one of weakness based on a pronounced lack of demand for the fourth quarter of 2024.
Due to uncertainty over the biofuel tax credit heading into the New Year, buyers have commented that any commitment to specific feedstocks could be costly given the lack of direction from the Department of Treasury on the 45Z tax credit.
Currently, a blender using 100% soy methyl ester biodiesel (SME) qualifies for the blenders tax credit of $1 per gallon.
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