Soybean Oil
- CME spot soybean oil futures were solidly higher through Wednesday of this week, compared to Wednesday of the prior week
- In its weekly Crop Progress Report, the USDA rated the soybean crop 64% good-to-excellent, compared to 65% last week and 66% a year ago. Drier weather forecasts have lent some market support, according to analysts
- The USDA reported that the May domestic soybean crush was a monthly record of 213.1 million bushels, slightly below trade expectations, and that end-of-May domestic soybean oil stocks were 2.315 billion pounds, down from 2.436 billion in April, but above the 1.876 billion last year
- Energy prices rose well above their recent low this week, providing some tailwinds for the vegetable oil markets, according to analysts
- The USDA is scheduled to release its July Supply/Demand reports on July 10. Average trade estimates for 2026/2027 soybean and soybean oil ending stocks show little change from their June numbers
Canola
- The Intercontinental Exchange spot November canola seed futures were higher through Wednesday of this week, following the lead of soybean oil
- Statistics Canada estimated their 2026/2027 planted canola at 23.442 million acres, well above both the average trade estimate of 22.831 million and the 21.623 million last year
- Canola oil basis offers remained firm this week, as the U.S. biofuel program and solid food demand continue to support the market, as reported by cash dealers
Palm Oil
- Palm oil prices on the Kuala Lumpur Commodity Exchange were higher through Wednesday of this week, as weather conditions have turned drier in Malaysia and Indonesia, according to analysts
- The Indonesian Palm Oil Association reported that their end-of-April palm oil stocks were the lowest for the month in nine years at 2.56 million metric tons. compared to 2.57 million in March and 3.05 million in April 2025
- According to Market Screener, Indonesian state planter PT Agrinas Palma Nusantara plans to open biodiesel and bioethanol plants to support the government's renewable energy agenda, its chief executive said
Mayo & Margarine
- The CME soybean oil market and palm oil prices on the Kuala Lumpur Commodity Exchange were higher this week, while the USDA butter market was steady