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Soy, Canola & Palm Oil Trends 

Farmer's Report - February 20, 2026
 

Soybean Oil

  • CME soybean oil futures were higher through Wednesday, compared to Wednesday of the prior week. They have risen 21.7% since late December, reaching their highest level since October 2023
  • The U.S. Environmental Protection Agency is expected to submit proposed biofuel blending quotas for 2026 to the White House this week for final review, according to Reuters
  • The National Oilseed Processors Association (NOPA) estimated that the January domestic soybean crush was a monthly record 221.56 million bushels, down from 225 million in December, but still well above the 200.4 million in January 2025. It also estimated that end-of-January soybean oil stocks were 1.9 billion pounds, up from 1.642 billion in December and 1.274 billion in January 2025
  • Brazilian crop agency CONAB raised its estimate for this year’s Brazilian soybean production to 178.0 million metric tons, up from 176.1 million previously. The Rosario Grain Exchange raised its estimate of this year’s Argentine soybean production to 48.0 million metric tons, up from 47.0 million previously, due to improved rainfall over the past week
  • Energy prices held mostly firm this week, providing some tailwinds for the soybean oil market, due to improved renewable diesel margins, according to analysts
  • The USDA was scheduled to release its baseline numbers late this week at its annual Ag Outlook Forum, with acreage numbers being the primary focus, according to analysts

 

Canola

  • The Intercontinental Exchange spot canola seed futures were higher this week, continuing to follow the lead of the soybean complex
  • Canola oil basis offers through Q3 remained steady this week, as reported by cash dealers

Palm Oil

  • Palm oil prices on the Kuala Lumpur Commodity Exchange were higher this week
  • Cash palm oil is trading at a significant discount to soybean oil in the global cash markets
  • The Malaysian Palm Oil Board reported its end-of-January palm oil stocks at 2.815 million metric tons, down 7.7% from 3.051 million in December, but still up significantly from 1.580 million in January 2025, and the highest for the month in seven years       

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

Commodity Trends at Your Fingertips: Dive into the Farmer's Report

    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.