05.02.2024
UCO, heating oil spread widens
Yellow grease traded as low as 34 cents per lb delivered Carolinas on Thursday May 2, with additional volume heard at 36 cents per lb. Despite the decrease, offers...
A wait-and-see attitude was held by most participants today with volatility in the markets due to a combination of the upcoming harvest yields and quality as well as renewed fears of the Delta COVID variant. Porcine bloodmeal (BM-P) witnessed support with accounts of thinner offerings in the market from slower line movement and active demand. Ruminant bloodmeal (BM-R) had reports of diminished export offerings increasing the supply in the domestic market, however, locations remained rangebound for the day. BM-R Missouri River witnessed wide ranges for the middle of July with the current price for the month averaging $966.04/ST. Even though this is less than a one percent change from the prior month, this is an 83 percent increase year-over year and a 57 percent hike from the 3-year average. A seasonal decline can be witnessed below in Fig 1, with the 3-year average dropping 10 percent from June to July. Looking at Fig 2 below, one can see the percent of upward moves for the past…