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COMMODITY OIL TRENDS

Farmer's Report

SOY, CANOLA & PALM OIL Trends - April 19, 2024

SOY OIL

Soybean oil futures were lower on Wednesday, compared to Wednesday of the prior week.

Reported market drivers:

  • The Brazilian soybean harvest is wrapping up, while the Argentine harvest is 10% complete, according to analysts
  • The USDA raised its estimate of 2023/2024 soybean ending stocks to 340 million bushels on its April report, up from 315 million in March, and raised its estimate of soybean oil stocks by 45 million pounds
  • The National Oilseed Processors Association estimated end-of-March domestic soybean oil stocks at 1.851 billion pounds, which is above the average trade estimate, and is up from 1.690 billion in February
  • Soybean oil’s spot share of product value fell back below 40% this week for the first time since February, as domestic soybean crush margins continued to improve from the recent lows
  • U.S. crude and refined soybean oil basis offers continue to be weak, as domestic soybean oil supplies have historically peaked during the month of April
  • WTI crude oil futures continued to trade near the high end of the recent range, as tensions in the Middle East and lower OPEC production support the market, according to analysts

CANOLA

  • The spot canola seed futures were lower this week, following the lead of the soybean complex
  • Canola oil basis offers were mostly steady this week, and remain at a slight premium to refined soybean oil
  • U.S. demand for Canadian canola oil remains steady for both food and fuel use, according to analysts

PALM OIL

  • The palm oil futures market was lower through Wednesday of this week vs. the prior week, and has now dropped 9% since early April
  • Palm oil’s seasonal production cycle turned higher at the beginning of April
  • The Malaysian Palm Oil Board estimated that end-of-March palm oil stocks were 1.715 million metric tons, down from 1.920 million in February, but still above the 1.673 million posted in March 2023

Mayo & Margarine

  • The soybean oil and palm oil markets moved lower this week, while butter prices were steady

 

 

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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.