Animal By-Products report 24-Feb-14

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Monday, February 24, 2014

Australian dollar USD0.898

Soymeal USD445st March 2014 Chicago Board of Trade Futures

Palm Stearin USD780mt fob Malaysia

Animal protein prices largely firmer on since the start of the year with MBM trading in a broad range USD610-630mt CFR main SE Asian ports and largely defying the idea that a record South American( SAM) Soybean and Corn crop( now 5 percent harvested) will swamp world markets with excess supply of protein.

Feathermeal and Poultry by-product meal both firmer on last month. Feathermeal tracking mid USD700sMt CFR SE Asian main ports and PBP meal 65 up in the USD900sMt CFR.

Tallow markets are softer from December 2013 as the USA prepares to lower the mandate for required Biodiesel in Petroleum. Congress expected to pass this bill next 2 weeks. Bleachable Fancy grade Tallow is priced at around USD800mt fob US gulf. Australian values are higher as China buying heavily for FFA 2 percent Pure beef grade Tallow and this pulling up FFA 4 percent and above.

Outlook should be steady on both Tallow and Protein. Record crop in South America( SAM) has been factored into prices for the most part and could see prices start to rise for April / May for MBM. Tallow should soften further following the reduced mandate and the abundant of Soybean oil following SAM harvest. Should be interesting next couple of months in Agri markets

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