AbstractLard was treated at several temperatures with sodium methoxide catalyst. Samples were taken frequently during the course of the reaction and were subjected to measurements of glyceride distribution, especially the trisaturated triglyceride fraction, in terms of melting point, cooling curve, aniline point, and x‐ray diffraction pattern. The over‐all reaction could be broken down into several phases. Catalyst Formation. The sodium methoxide reacts with a fat to form an active catalyst. Infrared spectra show the formation ofbeta‐keto esters during the reaction, probably intermediates in the ester‐ester interchange. Crystal Modification. This phase is characterized by a complete and permanent change in crystal structure with a simultaneous loss of GS2U peak in the cooling curve. The GS3 content is only slightly increased from the original lard at this point. IV, etc. Interesterification. During these phases the fatty acids of the triglycerides approach random distribution. Intra‐esterification occurs simultaneously but at a different rate. These phases are distinguishable from each other by their apparent GS3 contents, which increase beyond that of phase II.