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Ridley Corporation's broker note cites MLA data showing Australian tallow prices rose from about A$1000/ton in February 2021 to roughly A$2680/ton in November 2022, then fell to about A$2007/ton by February 2023. The note links the earlier spike to the lowest cattle slaughter in two decades and the recent recovery in slaughter rates.
Tallow is a rendering co-product that feeds biofuel and feed markets, so its falling price and rising slaughter supply point to softer rendered fat and protein meal values. Tighter biofuel demand growth from the IEA also reduces support for tallow.
listcorp.comApr 26, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
