Soybean Oil
- CME soybean oil futures were higher through Wednesday, compared to Wednesday of the prior week. They have risen more than 44% since late December
- High energy prices continue to be the primary source of strength for the soybean oil market, according to analysts
- The U.S. soybean crush set another monthly record in January with no signs of slowing, as margins remain elevated and soybean supplies are readily available, according to analysts
- In its March Supply/Demand report, the USDA raised its 2025/2026 soybean oil ending stocks estimate by 30 million pounds, based on lower use for biodiesel
- The Brazilian soybean harvest is now more than 50% complete, with most private analysts still calling for near record production
Canola
- The Intercontinental Exchange spot canola seed futures were higher again this week, continuing to follow the lead of the soybean complex
- Statistics Canada estimated their 2026 canola planting at 21.838 million acres, modestly below the trade estimate of 22.3 million, but up slightly from 21.623 million last year
- 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 moved higher this week, again following the lead of the soybean oil market
- Cash palm oil continues to trade at a significant discount to soybean oil in the global cash markets
- The Malaysian Palm Oil Board estimates that end-of-February Malaysian palm oil stocks were 2.704 million metric tons, down 3.9% from 2.815 million in January. Stocks at the end of February 2025 were 1.510 million metric tons
- According to The Edge Malaysia, palm oil export orders for new shipments have moderated after the U.S.-Israeli war with Iran drove up logistics and insurance costs, Indonesia's leading producers' body GAPKI 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 lower