LONDON (ICIS)--European kosher non-genetically modified (non-GMO) crude glycerine values are increasing as a major biodiesel producer has changed its feedstock, according to a source late on Wednesday.
“[Company name] changed from rapeseed to canola so the [byproduct] crude [glycerine] will not be non-GMO. It must be that kosher non-GMO crude glycerine will increase in price,” the source said.
“If you’re selling mid-April to May prices are above €300/tonne ex works. [Company name] have changed to canola as it's cheaper than rapeseed,” the source added.
However, other sources did not echo such price increases and the ICIS spot crude glycerine price range is assessed unchanged at €250-310/tonne FD (free delivered) NWE (northwest Europe) pending further market feedback.
Canola is a type of rapeseed that is usually grown in the US and Canada and tends to be genetically modified.
Crude glycerine is usually refined and goes into sectors such as the food, cosmetic and pharmaceutical industries where buyers usually prefer that the product they purchase is kosher and non-GMO.