Soybean Oil
- CME soybean oil futures were higher through Wednesday, compared to Wednesday of the prior week, and made a new contract high
- Per the USDA’s weekly progress update, domestic soybean planting is 87% complete, up from 79% the previous week and above the five-year average of 80%
- In its first weekly Crop Progress report of the season, the USDA rated the soybean crop 66% good-to-excellent, below the 67% rating a year ago but above the five-year average of 64%
- The USDA estimated the April domestic soybean crush at another monthly record of 218.5 million bushels. End-of-April domestic soybean oil stocks were estimated at 2.443 billion pounds, down from a revised 2.603 billion in March and compared to 1.976 billion in April 2025
- The Energy Information Administration said biomass diesel feedstock consumption in March was 3.183 billion pounds, up 29% from February, while vegetable oil demand was up 37% month-over-month, to 2.262 billion pounds
- Energy prices moved higher early in the week, helping to support the vegetable oil markets
Canola
- The Intercontinental Exchange spot canola seed futures made a new contract high this week following the lead of the soybean oil market
- Above-normal temperatures and dryness across the Canadian prairies are raising early stress concerns for spring crops, boosting canola values, according to analysts
- Canola oil basis offers remained firm this week, as the demand pull from the U.S. biofuel program continues to support the market, as reported by cash dealers
Palm Oil
- Palm oil prices on the Kuala Lumpur Commodity Exchange were higher this week, but remain at a steep discount to soybean oil on the global cash markets
- According to Business Recorder, India’s palm oil imports rose to 551,000 metric tons in May from 513,403 tons in April, May soy oil imports surged 38% to 497,000 tons (the highest total in five months), and May sunflower oil shipments fell 32.3% to 294,000 tons
Mayo & Margarine
- The CME soybean oil market, palm oil prices on the Kuala Lumpur Commodity Exchange and the USDA butter market were all higher this week