Soy, Canola & Palm Oil Trends 

Soybean Oil

• CME spot soybean oil futures were lower through Wednesday of this week, compared to Wednesday of the prior week
• The USDA reported that the soybean harvest is 88% complete as of November 2, compared to 79% the prior week and 84% as the five-year average, and that the Brazilian soybean crop is now over 55% planted, compared to the five-year average of 52%
• The USDA reported the September domestic soybean crush at 198.8 million bushels, down from 210 million in August and below trade expectations. It also estimated end-of-September domestic soybean oil stocks at a 12-year low of 1.458 billion pounds, down from 1.696 billion in August and 1.747 billion in September 2025
• The USDA is scheduled to release its November supply/demand report on Tuesday, November 10. A Reuters poll of private industry analysts shows that most market participants expect a slight increase in the national average soybean yield in the report
• Energy prices have moved lower over the last week, providing some headwinds for the vegetable oil markets, due to contracting biofuel margins, according to analysts   

Canola Oil

• The Intercontinental Exchange spot canola seed futures contract was lower this week, following the lead of the soybean oil market
• According to The Western Producer, the canola harvest has wrapped up across most of Western Canada, limiting farmer selling pressure
• 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 lower through Wednesday of this week, and remain at a significant discount to soybean oil on the global cash market
• According to Malaya Business Insight, Malaysia's palm oil inventories are set to climb to an all-time high in October, as a rebound in exports failed to offset another month of record production, a Reuters survey showed. Palm oil stockpiles are projected to have risen 6.8% from September's record 3.51 million metric tons, to 3.75 million metric tons, marking a seventh consecutive monthly increase
• According to The Economic Times, Indian palm oil imports surged to their highest level in more than a year in October, while soybean oil purchases hit a record high, as lower prices prompted refiners to step up buying to build stocks ahead of the festive season, five dealers said

Mayo & Margarine

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