Soybean Oil
- CME soybean oil futures were steady through Wednesday, compared to Wednesday of the prior week
- Speculative fund traders came into the week with a record net long position of over 150,000 contracts, according to last Friday’s CFTC Commitment of Traders report
- The USDA left its 2025/2026 soybean ending stocks estimate unchanged at 350 million bushels in its April Supply/Demand report. Soybean oil ending stocks were raised 60 million pounds on the report
- The National Oil Processors Association was scheduled to release its March domestic soybean crush numbers on April 15. Per a Reuters poll, end-of-March soybean oil stocks were expected to come in at 2.173 billion pounds, up from 2.080 billion in February, and compared to 1.5 billion in March 2025
- Energy prices fell sharply mid-week, as hopes grew for a pathway towards peace between the U.S. and Iran before the current cease fire ends. The softer energy markets provided some headwinds for the vegetable oil markets, according to analysts
Canola
- The Intercontinental Exchange spot canola seed futures were steady this week and continue to look to the soybean complex for direction, according to analysts
- Traders continue to closely monitor Canadian canola planting intentions, as input costs such as fertilizer and fuel have soared over the past month, and wet conditions prevail across much of the southern Prairies, according to analysts
- Canola oil basis offers remained firm through Q3 this week, as the U.S. biofuel program continues to support imports, as reported by cash dealers
Palm Oil
- Palm oil prices on the Kuala Lumpur Commodity Exchange moved lower this week, widening their discount to soybean oil on the global cash market
- Per the Malaysian Palm Oil Board, March Malaysian palm oil stocks were 2.267 million metric tons, which was the highest level for the month in seven years despite a sharp 437,000-ton monthly draw. Inventories are currently running nearly 45% above year-ago levels
- According to IDNFinancials, Indonesia will implement the mandatory Biodiesel B50 policy starting 1 July, following nearly six months of trials that have shown positive results. This should lead to increased feedstock demand, according to analysts
Mayo & Margarine
- The CME soybean oil market and palm oil prices on the Kuala Lumpur Commodity Exchange were steady to lower this week, while the USDA butter market was higher