Soybean Oil
- CME spot soybean oil futures were slightly lower through Wednesday of this week, compared to Wednesday of the prior week
- In its weekly Crop Conditions report, the USDA rated the soybean crop 63% good-to-excellent, compared to 63% last week and 69% a year ago. The report also showed that 62% of the soybean crop is setting pods, compared to 47% the prior week and the five-year average of 55%
- According to Reuters, the U.S. Department of Agriculture on Monday confirmed Chinese purchases of nearly half a million tons of soybeans, after traders said earlier that Chinese state trading companies had bought 14-16 cargoes on Friday, totaling one million tons
- Lower energy prices provided some headwinds for the soybean oil market over the past week, according to analysts
- The USDA reported end-of-June domestic soybean oil stocks at 2.097 billion pounds, down from 2.316 billion in May, but still above 1.894 billion in June 2025
- According to Reuters, the U.S. Environmental Protection Agency on Monday granted a Delek US Holdings refinery full exemption from federal biofuel blending requirements for 2024, while declaring hardship waiver petitions for two refineries owned by HF Sinclair ineligible, according to agency documents
- The USDA is scheduled to issue its August supply/demand report on Wednesday, August 12
Canola
- The Intercontinental Exchange November canola seed futures were modestly lower over this week, with lighter trading volume due to the Civic Holiday in Canada on August 3
- Cooler-than-normal temperatures and moderate rainfall across the Canadian Prairies are offering relief to heat-stressed crops and supporting a more favorable yield outlook, according to analysts
- 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 steady through Wednesday of this week. Palm oil’s discount to soybean oil on the global cash market narrowed significantly last week
- According to Business Recorder, a Reuters survey showed that Malaysia’s palm oil exports jumped 14.8% in July, as production increased by 7.4%, pushing inventories to a five-month high. The Malaysian Palm Oil Board is expected to release its monthly supply-and-demand data on August 10
- According to Reuters, India’s palm oil imports jumped 50% from a month ago, to 733,000 metric tons in July, the highest in five months, dealers' average estimates showed
Mayo & Margarine
- The CME soybean oil market and palm oil prices on the Kuala Lumpur Commodity Exchange were steady to slightly lower this week, while the USDA butter market was higher