Milling & Baking News - April 18, 2023 - 47

SPOT SOYBEAN OIL
SPOT CANOLA OIL
45
56
67
78
89
100
AJ OJ
Previous Year
Edible Oils
Bookings of edible oils and fats were limited
last week. Prices were steady to lower.
Soybean oil prices declined. Soybean oil
futures pulled back as the other soy complex
components climbed after the April
11 US Department of Agriculture's World
Agricultural Supply and Demand Estimates
report slashed 2022-23 soybean production
in Argentina by 18% to 27 million tonnes, a
23-year low. Argentina had been the world's
leading exporter of soybean meal for more
than 25 years before recently handing that
title over to Brazil, which is expected to
produce a record soybean harvest. Rallying
crude oil prices tempered losses.
The domestic cash basis on soybean oil
was steady. Coverage was complete through
the second quarter. July through September
coverage was about 80% completed, but
buyers continued to hold back on extending
coverage through December, hoping to
assess planting progress before committing.
Flat price coverage for soybean oil users was
steady at 75 to 80 days.
The USDA in its April 11 WASDE report left
its forecast for the carryover of soybean oil
on Oct. 1, 2023, unchanged at 1,936 million lbs,
Current Year
60
80
100
120
AJ OJ
Previous Year
Current Year
CHICAGO SOYBEAN OIL FUTURES
- Change from -
Delivery
May
July
August
September
October
December
Apr. 14
close
53.66
53.77
53.58
53.28
52.86
52.63
Bulk in tank cars, cents per lb
down 2.8%, from 1,991 million lbs in 2022. Use
of soybean oil in 2022-23 for the manufacture
of biofuels also was unchanged at 11,600 million
lbs.
In its April Oilseeds World Markets and
Trade report, the USDA forecast soybean
oil imports to sink to a five-year low, mainly
due to the sharp decrease in Argentina's
drought-devastated soybean crop.
Somewhat offsetting the diminished outlook
for the Argentina crop was the recent
forecast by CONAB for Brazil to produce a
record-shattering 153.6 million tonnes of
soybeans. At least one analyst expects the
final production to near 155 million tonnes.
But recent policy changes may interfere
with the country's soybean oil export potential.
Brazil recently raised its biodiesel blend
mandate to 12%, up from 10%.
The USDA in its weekly Export Sales
report said there was a net sales reduction
in the week ended April 6 of 400 tonnes of
soybean oil for delivery in 2022-23.
Palm oil prices receded on healthy supplies
and weakening export demand.
The premium to soybean oil futures asked
for refined canola oil in the Midwest narrowed
to 9¢ a lb through the second quarter. MBN
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Delivery
April
May
June
July
August
September
October
CRUDE SOYBEAN OIL
Decatur, Ill.
57.16 @ 57.66
57.16 @ 57.66
57.21 @ 57.71
57.77 @ 58.27
57.58 @ 58.08
57.28 @ 57.78
57.57 @ 58.07
Bulk in tank cars, cents per lb
EDIBLE OILS
Apr. 14
Soybean oil,
Decatur
Loose lard, Chicago
Edible tallow,
Chicago
Cottonseed oil,
Miss. PBSY
Palm oil (RBD),
ports
Palm kernel oil
(RBD), ports
Coconut oil
Sunflowerseed oil,
Midwest
Canola oil, Midwest
Bulk, cents per lb
57.75
61.00
64.00
93.25
-.75
-
-
-.25
49.25 -1.00
78.00 -2.00
65.00
Peanut oil, Southeast 82.00
Corn oil, Decatur
-
-
76.00 -3.00
74.00 -3.00
62.75 -1.00
Apr. 6
-.87
-.96
-.91
-.85
-.83
-.85
Mar. 31
-1.83
-1.85
-1.66
-1.50
-1.40
-1.37
Year
ago
78.91
76.89
74.45
72.84
71.39
70.78
Western points
57.16 @ 57.66
57.16 @ 57.66
57.21 @ 57.71
57.77 @ 58.27
57.58 @ 58.08
57.28 @ 57.78
57.57 @ 58.07
- Change from - Year
Apr. 6
Mar. 31
-
ago
-1.75 86.00
81.50
- 82.75
-1.75 118.50
+.75
81.50
- 112.00
- 110.00
-1.00 115.00
-2.00 94.00
-2.00 118.00
-1.25 103.00
Decatur, Ill., bulk, cents per lb
Refined, Midwest, bulk, cents per lb
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Milling & Baking News - April 18, 2023

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