U.S. 2020 edible oil imports were close to 2019’s record

The U.S. imported around 4.76 MMT of edible oils last year, down just 1% from 2019 imports, which were near 4.83 MMT. USDA expects imports to continue to drift lower this year, with the edible oils complex seeing about a 2 percent decline in [...]

FAO: World food prices up nearly 8.8% YOY in January

FAO reported its January food price index up 2.7 percent from December and up 8.8 percent YOY (adjusted for inflation). Month on month, its component subindexes were either up (cereals, oils, sugar) or nearly flat (meat, dairy). Year on year, nearly all subindexes made [...]

December refined corn oil stocks near three-year high

In the February Fats and Oils report, USDA reported that production of refined corn oil totaled 182.2 million lbs in December, up 33.6 million pounds or 23 percent from November but down 7 percent from a year ago. U.S. stocks of refined corn oil [...]

Soybeans correct after soaring higher on bullish WASDE

Last week was interesting for the soy complex as prices rallied before correcting a bit on Friday. A bullish WASDE report sent soy complex futures to new highs with the Mar-21 contract surpassing $14 per bushel for the first time since 2014. Likewise, soybean [...]

FAO food price index up 3.6% in 2020

FAO reported the world food price index for 2020 up 3.6 percent from 2019 (adjusted for inflation). This follows a modest annual increase of 1.4 percent in 2019 after the price index hit a 12-year low in 2018. The key subindexes showing growth in [...]

Use of canola oil ramps up as corn oil supply dwindles

In the Fats and Oils report for October, USDA noted disappearance of refined canola for processing was close to 172.4 million pounds, down just 2 million pounds from September (which was the second highest monthly U.S. use recorded). Demand for canola oil has been [...]

World food prices up 6.5%

FAO’s Food Price Index (FPI) for October was up 3.1 percent from the previous month. Year on year, the October FPI was up 6.5 percent. (All figures are adjusted for inflation; the index baseline comes from 2014 to 2016 prices.) Nearly all the price [...]

Soybean oil stocks rise slightly despite record-smashing October crush

NOPA members reported crushing 185.2 million bushels of soybeans in October, up 15 percent from September, up 6 percent year over year, and beating the previous record volume by almost 4.0 million bushels. Crush topped expectations, which averaged around 176 million bushels and maxed [...]

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