The labour shortage has also contributed to rising meat prices.
The project ultimately aims to enable locally grown hemp food products to compete with imported varieties.
The average price for commodities fell 0.9 percent overnight.
Farmers in the UK say a free trade deal would "spell the end" for them.
Seafood company Sanford's half-year profit has fallen as it continues to be affected by COVID-19 challenges.
"Farmers and growers can't control the weather, commodity prices, or shifts in consumers' shopping habits, but they can plan and prepare for change."
The average price for commodities dropped 0.2 percent.
If it's successful, it will give farmers another tool to fight climate change.
The grease is a by-product of wool scouring and is used in cosmetics, skincare and medicines.