Soybean Oil
- CME spot soybean oil futures were higher through Wednesday of this week, compared to Wednesday of the prior week, drawing strength from higher energy prices, according to analysts
- In its weekly Crop Progress report, the USDA rated the soybean crop 65% good-to-excellent, compared to 64% last week and 70% a year ago
- Weather forecasts are drawing increased attention now, according to analysts, as we are quickly approaching the critical “pod setting” stage for the U.S. soybean crop in early August
- The National Oilseed Processors Association (NOPA) is set to release its domestic soybean crush data for June, with the average trade estimate calling for a 100 million pound month-over-month decline in soybean oil stocks
- Prices for alternative renewable diesel feedstocks, such as used cooking oil and tallow, have flattened out over the past few weeks
- There were no significant changes to the 2026/2027 ending stocks estimates for soybeans or soybean oil on the USDA’s World Agricultural Supply and Demand Estimates (WASDE) report released July 10
Canola
- The Intercontinental Exchange November canola seed futures were higher through Wednesday of this week, following the lead of soybean oil
- Early summer heat in Canada has stressed the canola crops, and persistent wet conditions on the Prairies threaten to leave some acres unharvested, according to analysts
- Canola oil basis offers remained firm 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 steady through Wednesday of this week
- According to the Business Recorder, India’s palm oil imports fell 11
% month-over-month to a 14-month low in June, as demand collapsed and a narrowing discount to rival oils prompted buyers to cut purchases, a leading industry body said - According to The Edge Malaysia, palm oil reserves climbed to the highest level since February, alongside an 8% surge in production, according to official data released last week
Mayo & Margarine
- The CME soybean oil market was higher this week, while palm oil prices on the Kuala Lumpur Commodity Exchange and the USDA butter market were steady