Soybean Oil
- CME soybean oil futures were slightly higher through Wednesday, compared to Wednesday of the prior week
- Per the USDA’s weekly progress update, domestic soybean planting is 79% complete, up from 67% the previous week and above the five-year average of 68%
- Alternative renewable diesel feedstocks such as tallow, corn oil and used cooking oil continue to trade at a premium, lending underlying support to the soybean oil market, according to analysts
- Energy prices have declined over the past week, providing some modest headwinds for the vegetable oil markets, according to analysts
Canola
- The Intercontinental Exchange spot canola seed futures were higher this week, following the lead of the soybean oil market
- According to the Western Producer, well-above-normal temperatures continued to push across the Canadian Prairies, providing farmers with an opportunity to catch up on their delayed spring canola planting
- 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 steady this week, and remain at a historic discount to soybean oil on the global cash markets
- The Indonesian Palm Oil Association reported their end-of-March palm oil stocks at 2.57 million metric tons, up from 2.03 million in February and 2.25 million in March 2025. Palm oil production of 4.821 million metric tons in March was in line with March 2025
Mayo & Margarine
- The CME soybean oil market and palm oil prices on the Kuala Lumpur Commodity Exchange were mixed to higher this week, while the USDA butter market was steady