Tallow and fat prices were higher out of the Australian and New Zealand markets to start the month. Prices have jumped on strong demand from the North American market, but the rally may short lived on some building fundamental pressure. Supply continues to be strong in the Australian market on a continued big cattle harvest in the country. The MLA estimated national slaughter for Australia at 124,875 head last week, up 87,075 last year. Sources have indicated that farmers have increased their pace of sales to packers as well.
Prices in the interior North American markets were lower this week on pressure from big drops in the heating oil (ULSD) market as well as a steady price erosion in the soybean oil futures market. The nearby NYMEX ULSD contract was off $53/mt on Wednesday and as of midday Thursday, it was trading was down another $41/mt. CBOT December soybean oil futures are off $305/mt since 21 August.
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