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Edible Oil Market Update

(08/08/2022)

VENTURA NEWS & VIEWS
August 8, 2022 

Soybean Oil Summary

Soybean oil futures ended the week with a sharp move higher on Friday, but still managed to post a small decline on the week. After 6 consecutive weeks of deteriorating conditions, the soybean crop unexpectedly improved this week as the good-to-excellent rating ticked 1% higher to reach 60%. 

Canola Oil Summary

Another week of favorable weather throughout most of the Canadian Prairies has maintained canola production estimates near 20MMT. If realized, this would be an increase of 67% over last year’s production of 12MMT, which was a 10-year low. 

Palm Oil Summary

The palm oil market took a breather this week as BMD futures fell 441 ringgit, giving back more than half of last week’s gains. Burdensome Indonesian stocks and a recovery in Malaysian inventory levels to near 8-month highs weighed on prices. Lack of clarity around Indonesia’s export program has impeded physical flows out of the country, which continues to cause supply issues and could provide underlying price support.

Source: Ventura Foods News & Views