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Farmer's Report

Soy, Canola & Palm Oil Trends 

January 9, 2026
 

Soybean Futures  ↗

Palm Oil Prices Steady

USDA Butter Market ↘

CME Soybean Oil Market ↗

Soyabean Oil

  • CME soybean oil futures were higher through Wednesday, compared to Wednesday of the prior week
  • The USDA is scheduled to issue updated Supply/Demand numbers, along with the Quarterly Grain Stocks in all Positions report, on Monday, January 12
  • China's state stockpiler Sinograin bought 10 U.S. soybean cargoes this week, three traders told Reuters on Tuesday, as the world's top buyer continues purchasing from the United States following a late October trade truce
  • The USDA reported that the November domestic soybean crush was 220.5 million bushels, about 5 million below pre-report estimates, but still up 5% year-over-year. It also reported that end-of-November domestic soybean oil stocks were 2.164 billion pounds, well above the average trade estimate of 1.905 billion, and a record high monthly build of over 375 million pounds from October, despite a lower-than-expected crush number. Usage from the renewable diesel sector continues to lag, with no final renewable diesel program numbers from the EPA   
  • Weather conditions remain mostly favorable for the soybean crop in Brazil, while southern Argentina has seen a drier-than-normal pattern over the last few weeks, according to analysts
  • Heating oil prices were lower this week, providing additional headwinds for the soybean oil market, due to lower margins for renewable diesel, according to analysts

Canola

  • The Intercontinental Exchange spot canola seed futures were higher this week, following the lead of the soybean oil market
  • China continues to impose 100% tariffs on Canadian canola oil and meal, and a duty of 75.8% on Canadian canola seed shipments
  • Canola oil basis offers through Q1 2026 were slightly lower this week, as reported by cash dealers

Palm

  • Palm oil prices on the Kuala Lumpur Commodity Exchange were steady this week, with cash palm oil still trading at a discount to soybean oil in the global cash markets
  • According to the Hellenic Shipping News, Malaysia’s December palm oil inventories are expected to have risen to their highest level in almost seven years, as strong monthly production overpowered a modest improvement in exports, a Reuters survey showed    

Mayo & Margarine

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

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.