Soy, Canola & Palm Oil Trends 

Soybean Oil

• CME spot soybean oil futures were steady through Wednesday of this week, compared to Wednesday of the prior week
• The USDA reported that the soybean harvest is 92% complete as of November 9, compared to 88% the prior week and 91% as the five-year average, and that the Brazilian soybean crop is now over 65% planted, compared to the five-year average of 60%
• The current vessel import line-up for used cooking oil and tallow looks solid through the end of the calendar year now, helping to support U.S. renewable diesel production, according to analysts
• The American Soybean Association is warning against requests from several states with large petroleum interests that are petitioning for a rollback of Renewable Fuel Standard volumes. These requests, if acted on, could negatively impact domestic soybean markets.
• In its November World Agricultural Supply and Demand Estimates (WASDE) report, the USDA reduced the 2026/2027 ending stocks projections for both soybeans and soybean oil. The reductions came due to a higher export number for soybeans and lower old-crop carry-in stocks for soybean oil. It also lowered the average soybean oil cash price for the crop year by $.02 cents per pound
• Energy prices began to stabilize this week following the sharp break that ensued at the beginning of November, helping to support vegetable oil markets due to improved margins, according to analysts    

Canola Oil

• The Intercontinental Exchange spot canola seed futures contract was steady this week, drawing support from a steadier soybean oil market, according to analysts
• According to Newsweek, Canada and China have agreed to extend an existing trade deal until the end of 2028. China will continue charging lower tariffs on Canadian products, including canola meal
• Canola oil basis offers were mostly steady 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 modestly lower through Wednesday of this week, and remain at a discount to soybean oil on the global cash market
• According to CMB News, palm oil prices are drawing support from stronger demand and tightening substitute supplies, even as high inventories have capped near-term rallies
• According to The Edge Malaysia, palm oil stocks rose for a seventh consecutive month to a record high of 3.62 million tons in October, up 3.15% from the previous record of 3.51 million tons in September, data from the Malaysian Palm Oil Board (MPOB) showed. The figure missed expectations of 3.75 million tons in a Reuters survey. Exports surged 55.8% to 1.71 million tons

Mayo & Margarine

• The CME soybean oil market and the USDA butter market were steady this week, while palm oil prices on the Kuala Lumpur Commodity Exchange were slightly lower