05.17.2024
Uncertainty with 45z tax credit may affect Q1 2025 biofuel contracts
The expiring BTC provides a one dollar per gallon blenders credit up front with an additional 30 to 40 cents of credit to producers on the backend. Crimson...
Animal Proteins – International
Slower production rates out of exporting countries are driving prices higher into Indonesia, China and the Southeast Asia market in general. Prices into Indonesia were up US$40 CIF this week and there are expectations for reformulations in the near term. Trading into China was as high as US$585 CIF, but again, there are expectations for reformulations due to high prices and reports of demand already starting to slow.
Australian trading was steady this week with no changes reported. Production remains tight with cattle slaughter down 13 percent compared to year ago levels. Lamb and sheep slaughter are down 20 percent compared to year ago levels and there is risk in the market for higher ovine meal prices in the near term.
Ovine meal out of New Zealand was us NZ$150 compared to the last traded level. Tight production and strong demand from the pet food sector have contributed to the rally. Limited production has also driven…