Soybean Oil
- CME soybean oil futures were lower through Wednesday, compared to Wednesday of the prior week
- Speculative fund traders came into the week with a record net long position, according to last Friday’s CFTC Commitment of Traders report
- The USDA estimated that end-of-February domestic soybean oil stocks were 2.600 billion pounds, up from 2.433 billion in January and over 35% higher than the 1.924 billion posted in February 2025. This was the highest month end stocks number since April 2020
- Energy prices fell sharply mid-week as a two-week ceasefire between the U.S. and Iran was announced, prompting a break in the soybean oil market, due to decreased biofuel margins, according to analysts
- The USDA was scheduled to release its April Supply/Demand report on April 10, with the average trade estimate for 2025/2026 soybean ending stocks at 350 million bushels, unchanged from March
- Brazilian crop agency CONAB reported that the Brazilian soybean harvest was 82%,, complete, compared to 85% last year and the five-year average of 78%
Canola
- The Intercontinental Exchange spot canola seed futures were lower this week and continue to look to the soybean complex for direction, according to analysts
- Traders continue to closely monitor Canadian canola planting intentions, as input costs such as fertilizer and fuel continue to soar, according to analysts
- Canola oil basis offers remained firm through Q3 this week, as the U.S. biofuel program will support imports, as reported by cash dealers
Palm Oil
- Palm oil prices on the Kuala Lumpur Commodity Exchange moved lower this week, following the lead of soybean oil
- According to Advanced Biofuels USA, Indonesia will implement B50 biodiesel starting July 1, after nearly six months of trials showed positive results, Energy Minister Bahlil Lahadalia said on Monday
- According to Bursa Marketplace, Malaysia’s palm oil inventories likely dropped in March by the most in three years, as a surge in exports more than offset a modest increase in output. Palm oil stocks are expected to decline for a third straight month, to 2.18 million metric tons, 19.2% lower than February, according to the median estimate of 11 traders, planters, and analysts polled by Reuters
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