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Vegoils markets ended the week moving in opposite directions, with soyoil futures declining for a sixth consecutive session on the Chicago Mercantile Exchange (CME), while in Asia crude palm oil (CPO) futures closed higher on gains in related oils, a weaker Malaysian ringgit and concerns about production.
Soybean futures changed directions and ended the week in negative territory on the Chicago Mercantile Exchange on Friday February 28, as concerns over retaliation against US agricultural exports mount. South America’s favorable weather and increasing harvest also pressured soybeans.
US wheat futures fell for a fifth day on Friday February 28, with market participants expressing concern that markets could be disrupted if US President Trump’s 25% tariffs on Canada and Mexico go into effect as planned on March 4.
Corn futures in the US and global markets were mixed on Friday February 28, with Chicago prices declining amid higher USDA projections for corn output, while Chinese futures remained supported.
Fastmarkets’ weekly recap of the main movements in global cash markets.
Palm oil supply in the next two to three months is expected to be tight due to yields being affected by floods in Sabah in Malaysia and by Indonesia starting its newly increased biofuel mandate, palm industry experts said during the annual Bursa Malaysia Palm Oil conference in Kuala Lumpur this week.
The soybean harvest has begun in some areas of the Brazilian state of Rio Grande do Sul, and reached 1% of the 6.8 million hectares planted in the week to Thursday February 27, state agency Emater said in its weekly report released late on that day.
Rain continued to bring optimism to soybean producers in Argentina, as it has improved water conditions in crops, and it is expected to continue next week in the country’s core agricultural region; meanwhile, the corn harvest has started in the core region, the Buenos Aires Grains Exchange (BAGE) said in its weekly report released on Thursday February 27.
The soybean CFR China (Brazil) basis assessment for April shipment was assessed..
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Russia has lowered its export duties on wheat, corn and barley for March 5-11, the country’s agriculture ministry said on Friday February 28.
Newly appointment US Secretary of Agriculture Brooke Rollins said that reducing the country’s $45.5 billion agriculture trade deficit would be a major focus during her tenure, in remarks to the US Department of Agriculture’s Annual Agricultural Outlook Forum on Friday February 28.
Tunisia’s state grain importer, Office des Céréales (ODC), has purchased 25,000 tonnes of milling wheat in an international tender that closed on Friday February 28, Fastmarkets understands.
Canada’s overall weekly grain exports went down in the week to Sunday February 23, with those for barley, corn and canola increasing, while soybean, wheat and durum exports decreased, according to the latest data published by the Canadian Grain Commission on Friday February 28.
Indonesia has set the crude palm oil (CPO) reference price for March at $954.50 per tonne, marginally lower from February’s $955.44 per tonne, according to a regulation issued by the trade ministry on Friday February 28.
Russia’s wheat exports from Black Sea ports remained below average in the two-week period ended Thursday February 27, totaling 721,780 tonnes, according to Fastmarkets analytics data published on Friday February 28.
French farm agency FranceAgriMer's latest crop report for the week of February 18–24 showed a slight decline in wheat conditions, while spring barley sowing reached 56% completion.
Sales of Argentine soybean rose on both old and new crop in the week to February 19, while that of corn and wheat were mixed, according to data released by Argentina’s agriculture secretariat on Wednesday February 26.
Palm oil exports from Indonesia, the world’s largest producer of palm oil, are expected to fall in 2025 on the back of higher domestic consumption despite higher production, a senior official from the Indonesian Palm Oil Association (Gapki) said on Wednesday February 26 at the annual Bursa Malaysia Palm Oil conference in Kuala Lumpur.
Vegoil markets traded largely in negative territory on Thursday February 27 as soyoil futures dropped on the Chicago Mercantile Exchange following the USDA Outlook report. In Asia, crude palm oil (CPO) futures fell sharply on Thursday as weakness in related vegoils and external markets pushed the most active third month contract to a two-week low.