Milling & Baking News - June 20, 2017 - 49

X
Edible Oils
Bookings of edible oils and fats were
limited last week. Prices of most fats and
oils were raised.
Soybean oil prices were raised. Soybean
oil futures advanced even as the rest of the
soy complex weakened. The cash basis on
soybean oil continued to strengthen.
Soybean oil users' coverage extended
about 50 days on average compared
with 60 days or more just a couple of
weeks earlier. Advancing soybean oil futures assured booking interest was tepid.
Soybean oil users also held back from
extending basis coverage. Indications
were basis coverage for July-September
held at about 70%, and fourth-quarter
2017 coverage was about 15%. It was expected interest in booking fourth-quarter basis will remain light until the 2017
crop's prospects become clearer.
The National Oilseed Processors Association indicated the May soybean crush
totaled 149,246,000 bus, which was the second-largest May crush on record. The May
2017 crush was up from the 139,134,000
bus crushed in April but fell shy of the
152,280,000 bus crushed in May 2016. Prereport trade estimates for the May crush

averaged about 143.2 million bus. Soybean
oil stocks at the end of May totaled 1,749
million lbs compared with 1,725 million
lbs at the end of April and 1,994 million lbs
in May 2016. The trade had expected May
stocks of about 1,745 million lbs.
The U.S. Department of Agriculture
indicated net export sales of soybean oil
during the week ended June 8 totaled
30,300 tonnes, up 72% from the previous
week and up 86% from the prior fourweek average.
The premium to soybean oil futures
asked for refined canola oil in the Midwest held at 6c a lb. The market weighed
improved weather across the Canadian
Prairies against tightening old crop seed
stocks that may underpin the market until the fall harvest.
Peanut oil pricing remained firm on a
tight old crop peanut supply. The market
eagerly awaited the harvest of what was
expected to be a large 2017 crop.
Palm oil pricing largely was a follower
to soybean oil. World demand for palm
oil declined after Ramadan demand was
filled. At the same time, there were concerns production may decline in June because of Ramadan observances. MBN

Spot soybean oil

Spot canola oil

Decatur, Ill., bulk, cents per lb

Reﬁned, Midwest, bulk, cents per lb
39.00

44.00

34.00

40.00
29.00

36.00

24.00
19.00
J

D
Previous Year

M
Current Year

32.00
J

Ingredient Week

Chicago soybean oil futures
Bulk in tank cars, cents per lb
June 16
- Change from -
Delivery
close
June 9
June 2
July
33.11
+.82
+2.10
August
33.24
+.83
+2.09
September 33.37
+.84
+2.09
October
33.46
+.87
+2.06
December 33.65
+.91
+2.03
January
33.76
+.86
+2.00

Year
ago
31.93
32.06
32.19
32.31
32.60
32.76

Crude soybean oil
Bulk in tank cars, cents per lb
Delivery
June
July
August
September
October
November
December

Decatur, Ill.
32.86 @33.11
32.86 @33.11
32.99 @33.24
33.12 @33.37
32.96 @33.21
33.06 @33.31
33.15 @33.40

Western points
32.36 @32.61
32.36 @32.61
32.49 @32.74
32.62 @32.87
32.21 @32.46
32.31 @32.56
32.40 @32.65

Edible oils
Bulk, cents per lb
- Change from - Year
June 16 June 9 June 2 ago
Soybean oil,
Decatur
Loose lard, Chicago
Edible tallow,
Chicago
Cottonseed oil,
Miss. PBSY
Palm oil, ports
Palm kernel oil,
ports
Coconut oil
Peanut oil,
Southeast
Corn oil, Decatur
Sunﬂowerseed oil,
Midwest
Canola oil, Midwest

33.00
34.50

+.75
+2.00

+2.75 31.00
+2.25 33.00

36.50

+1.50 33.50

39.50
35.50

+.75
+.50

+2.00 45.75
-.50 32.50

39.00
82.00

+.50
-

-
-4.00

74.75
41.00

-2.75
+.25

-1.25 61.50
+1.25 44.50

50.00
39.00

-2.00
+1.75

-
54.00
+2.50 35.50

36.00
69.00

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Milling & Baking News - June 20, 2017

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