Milling & Baking News - February 21, 2023 - 55

SPOT SOYBEAN OIL
SPOT CANOLA OIL
38
54
70
86
102
FM AN
Previous Year
Edible Oils
Bookings of edible oils and fats were limited
last week. Prices were mixed.
Both cash and futures prices advanced in
soybean oil, boosted by lower-than-expected
crush numbers from the most recent
monthly report. Support also came from
beneficial rains forecast to fall over portions
of the parched soybean crop in Argentina,
which added pressure to the soybean and
soybean meal markets, giving a lift to the
soybean oil portion of the soy complex.
One analyst did not expect the rally to
sustain itself given rising domestic soybean
supplies, seasonally slow demand for
cooking oils and the progressing Brazilian
soybean harvest, which caught up to prior
harvest-pace averages after being delayed
several weeks by heavy rains.
The soybean oil cash basis was weaker as
supplies remained readily available. Basis
coverage was said to be nearly complete
through March and hovered around 80%
through June. Coverage through September
was about 15% completed. Flat-price coverage
held steady at about 75 to 80 days.
The National Oilseed Processors Association
said 179,007,000 bus of soybeans were
Current Year
40
60
80
100
120
FM AN
Previous Year
Current Year
CHICAGO SOYBEAN OIL FUTURES
Feb. 17
- Change from -
Delivery
March
May
July
August
September
October
close
61.51
61.75
61.49
60.95
60.32
59.65
Bulk in tank cars, cents per lb
crushed in January, up from 177,505,000 bus in
December but below trade expectations that
averaged 181,660,000 bus. Soybean oil stocks
on Jan. 31 totaled 1,829 million lbs, up from
1,791 million lbs in December but below trade
expectations averaging 1,906 million lbs.
The US Department of Agriculture in its
weekly Export Sales report said net export
sales of soybean oil in the week ended Feb. 9
for delivery in 2022-23 totaled 8,300 tonnes,
up noticeably from both the previous week
and the prior four-week average. Colombia
accounted for more than half of the sales.
Palm oil and palm kernel oil prices
firmed. The government in Indonesia,
the world's leading producer of palm oil,
recently suspended 66% of active palm oil
export permits through May 1 with the
intent of shoring up domestic supplies ahead
of the Ramadan and Eid festivities when the
nation's cooking oil consumption tends to
reach peak levels.
The premium to soybean oil futures asked
for refined canola oil in the Midwest widened
slightly to 7.50¢ a lb, up from 7¢ a lb the prior
week. Ample supply kept a lid on nearby
canola prices despite rising interest from the
biofuel sector. Later months were firmer. MBN
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February
March
April
May
June
July
August
CRUDE SOYBEAN OIL
Decatur, Ill.
64.51 @ 65.01
64.51 @ 65.01
64.63 @ 65.13
64.75 @ 65.25
64.62 @ 65.12
64.99 @ 65.49
64.45 @ 64.95
Bulk in tank cars, cents per lb
EDIBLE OILS
Feb. 17
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
65.00 +.50
61.00
102.00 +2.50
48.25
77.50
65.00
Peanut oil, Southeast 87.00
Corn oil, Decatur
86.00
+.75
+.50
-
-
-
80.00 -1.00
Canola oil, Midwest 69.00 +1.50
Bulk, cents per lb
Feb. 10
+.97
+1.09
+.90
+.80
+.70
+.59
Feb. 3
+2.45
+2.37
+2.06
+1.71
+1.40
+1.10
Year
ago
67.57
67.61
67.32
66.34
65.18
64.07
Western points
64.51 @ 65.01
64.51 @ 65.01
64.63 @ 65.13
64.75 @ 65.25
64.62 @ 65.12
64.99 @ 65.49
64.45 @ 64.95
- Change from -
Feb. 10
Feb. 3
+1.75
Year
ago
71.50
- -10.00 79.50
63.00 -1.00 -12.00 79.50
+4.00 101.00
+1.50
73.75
+1.50 99.50
- 103.00
-3.00 105.00
-2.00 84.00
-3.00 116.00
+2.00 84.50
Decatur, Ill., bulk, cents per lb
Refined, Midwest, bulk, cents per lb
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Milling & Baking News - February 21, 2023

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