Farmer's Report

SOY, CANOLA & PALM OIL Trends - May 29, 2020


• Soybean oil futures have ranged up and down 100 points over the last week. As of May 27, 2020, they were up +80 points from Monday’s open at $26.73

Reported market drivers:

  • NOPA released their April domestic soybean crush estimate at 171.8 million bushels, above the average trade guess of 170.5 million. Oil yield was unchanged from March at 11.56 pounds per bushel crushed
  • Chinese customs reported April soybean imports at 6.7 million metric tons, down 12% from last year’s 7.6 MMT but up from 4.28 MMT in March. China has been a more active buyer of U.S. soybeans since the beginning of May and also bought 20,000 metric tons of U.S. soybean oil last Friday
  • Crude oil prices continued to edge higher the week of May 11, 2020, trading back up above $29 per barrel on Friday, May 15, 2019 as U.S. stockpiles showed a monthly decline for the first time since January
  • U.S. soybean planting was reported at 23% the week of May 4, 2020, up from 8% the previous week and well above the five-year average of 11% for the date


Canola seed prices have continued edging higher over the past few weeks, which analysts are stating is tied to increased Chinese imports from Canada.


The Malaysian Palm Oil Board reported end of April palm oil stocks at 2.045 million metric tons. The number was above the average trade estimate at 1.910 MMT, up sharply from 1.730 MMT in March but still below year-ago April stocks of 2.729 MMT.

The data contained in the Farmer’s Report is provided for informational purposes only, is not tailored to your specific purchasing needs, and is not intended as a substitute for any other publicly-available market data or information. The Farmer’s Report is compiled from the last-received market data provided by the United States Department of Agriculture (USDA) and/or other market sources, and is subject to change without notice. Nothing herein is the opinion of US Foods®. US Foods neither assumes any legal liability nor makes any warranty or guaranty, either express or implied, regarding the completeness, accuracy or usefulness of this information.