The choice white grease (CWG) market continued to trade higher on Wednesday January 22 with deals done as high as 42 cents per lb FOB Missouri River, but the bulk of trading done within the assessed range of 38-41 cents per lb.
Sources have said that demand from the renewable fuel sector is very strong, which has driven the price rebound over the last two weeks.
Th assessment has increased by 17% from the average daily price on January 14.
The rapid jump in prices caused some market participants to step back and take an increasingly cautious approach to trading, especially with heating oil and soybean oil futures falling over the last two trading sessions.
“We’ve got to be careful of the cash market running into the futures,” one source said about the convergence of the two markets.
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