Soybean Oil
- CME spot soybean oil futures were slightly lower through Wednesday of this week, compared to Wednesday of the prior week
- According to DTN Progressive Farmer, Chinese President Xi Jinping is expected to visit the U.S. on Sept. 24, and the meeting could offer another test of China's commitments to buy U.S. soybeans
- In its weekly Crop Conditions report, the USDA rated the soybean crop 58% good-to-excellent, compared to 58% last week and 64% a year ago. The crop is now in its final phase of the pod setting cycle
- The USDA’s September World Agricultural Supply and Demand Estimates report is scheduled to be released on September 11, with average trade estimates calling for a slight reduction in the national average soybean yield due to the uneven finishing weather for some of the crops
- Early planting for the 2026/2027 South American soybean crop is now underway with the market paying close attention to the El Niño weather pattern, according to analysts
- Higher energy prices contributed to the strength in the vegetable oil markets this week, according to analysts
Canola
- The Intercontinental Exchange November canola seed futures were higher for a second consecutive week
- According to Morningstar, heavy rains across the Canadian Prairies last weekend added to the strength in canola, as the untimely moisture flooded some fields and raised concerns over potential harvest delays
- Canola oil basis offers remained 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 modestly lower through Wednesday of this week
- According to Bloomberg, palm oil dipped ahead of Malaysian data due September 10 that was expected to show rising stockpiles and weaker exports from the world’s second-biggest grower
- Traders continue to monitor the development of a very strong El Niño weather pattern, as strong El Niños have a history of reducing palm production in Malaysia and Indonesia, according to analysts
Mayo & Margarine
- The CME soybean oil market and palm oil prices on the Kuala Lumpur Commodity Exchange were modestly lower this week, while the USDA butter market was steady