Global oilseed supply exceeds demand

Global oilseed markets are facing downward pressure due to abundant supplies, with record soybean harvests in the United States and strong rapeseed production in Canada contributing to lower prices. The U.S. raised its soybean harvest estimate to 124.15 million tonnes, and favorable weather in the U.S. and Brazil continues to support high production levels.

India's soybean harvest declines

India’s 2026 kharif soybean harvest is expected to fall to 10.79 million tonnes, down from 11.03 million tonnes the previous year, due to drought in several states. This decline may provide some upward pressure on soybean prices, but it is currently overshadowed by the overall surplus in global markets.

Soybean prices drop on U.S. exchanges

Soybean prices on the Chicago Board of Trade (CBOT) fell again on Tuesday, with losses ranging from 1 to more than 5 cents per bushel depending on the contracts. The November 2026 contract lost 5.25 cents to reach 1248.25 cents per bushel, while the January 2027 contract also showed a loss of 5.25 cents per bushel to 1263.5 cents per bushel.

U.S. exports and meal prices fall

The U.S. reported new sales of 612,000 tonnes of soybeans to China for the 2026-2027 campaign. Soybean meal prices also fell, with the December 2026 contract decreasing by 6.10 euros per ton to 348.7 euros per ton, and the January 2027 contract losing 5.40 euros per ton to 347.5 euros per ton.

High global soybean meal availability

Global soybean meal availability is high due to increased soy crushing driven by demand for oil used in biofuels. Crushing margins are currently favorable, which supports continued production but also contributes to downward pressure on prices.

Rapeseed meal remains competitive

Rapeseed meal remains well positioned compared to soybean meal, with a price of 323 euros per ton for the February 2027 contract departing from Brest or Lorient. This highlights the continued competitiveness of rapeseed meal in the market.

Soybean oil prices show slight gains

Soybean oil prices in Chicago showed slight changes, with the November 2026 contract gaining 0.04 cents per pound to 66.73 cents per pound and the January 2027 contract increasing by 0.08 cents per pound to 66.91 cents per pound. However, U.S. soybean oil stocks have fallen to their lowest level since 2014, reflecting sustained demand from the biofuel sector.

Crude palm oil prices rise

Crude palm oil prices rose on all near contracts, supported by high energy prices. On the MDEX, the price of crude soybean oil on the January 2027 contract crossed the 4800 ringgits per ton threshold to 4817 ringgits per ton, while the December 2026 contract crossed the 4700 ringgit per ton threshold to 4732 ringgits per ton.

Malaysia’s palm oil stocks rise

Malaysia’s palm oil stocks rose by 24.5 percent month-on-month to 3.51 million tonnes in September, one of the highest levels ever recorded in the country. Malaysia is considering temporarily suspending its 10 percent tax on crude palm oil (CPO) exports to reduce these record stocks and restore competitiveness against Indonesia.

Sunflower market stabilizes

The global sunflower market is undergoing a consolidation phase due to the arrival of new harvests in the Black Sea and South Africa. Harvests are progressing under good conditions in Ukraine, Russia, and South Africa, favoring an improvement in supply and putting downward pressure on prices.

Rapeseed and canola prices fall

Rapeseed and canola prices fell under the pressure of the Canadian harvest. On the ICE in Winnipeg, the canola price lost 4 to 7 Canadian dollars per ton depending on the contracts after its decline the previous day. The January 2027 contract fell by 6 Canadian dollars per ton to 781 Canadian dollars per ton.

Canadian canola harvest progresses

The canola harvest is accelerating in Canada, with 89 percent of the area harvested in Saskatchewan, 86 percent in Manitoba, and 74 percent in Alberta as of October 12. The 2026/27 Canadian production is estimated around 22.1 million tonnes, thanks to a record area close to 23 million acres.

European rapeseed prices decline

On Euronext, the rapeseed price fell by less than 1 to more than 3 euros per ton depending on the contracts. The February 2027 contract fell by 1.50 euros per ton to 545 euros per ton. Rapeseed remains under pressure due to international competition, particularly from Canadian canola.

EU rapeseed imports decline

Rapeseed imports into the European Union amounted to 1,088,203 tonnes as of October 18, compared to 1,766,726 tonnes. Ukraine remains the leading supplier in 2026 with 44.7 percent of the imports, although this is a decrease compared to the previous campaign.

European rapeseed exports fall

The European Union exported only 3,250 tonnes of rapeseed during the week ending October 18 compared to more than 8,000 tonnes at the same period last year. However, heat and drought have reduced the 2026/27 production potential of rapeseed in several European countries, and rapeseed imports should increase to supply crushing facilities.

Chinese used cooking oil exports rise

Chinese used cooking oil (UCO) exports have increased significantly in 2026, with a 55 percent increase year-on-year to 2.57 million tonnes. The European Union has become the main market, absorbing 850,000 tonnes, a third of Chinese exports.

Competition affects rapeseed oil demand

Used cooking oil from China is used in biodiesel, HVO, and SAF production, directly competing with rapeseed oil. The increasing arrival of imported used oils could potentially reduce the demand for virgin vegetable oils and could limit the growth of rapeseed oil demand in Europe.

Physical market prices in France

Physical market quotations in France on October 20, 2026, show soybean meal delivered to Montoir at 466 euros per ton, with sunflower oil quotations at 610 euros per ton delivered to Bordeaux and Saint-Nazaire. Rapeseed prices delivered to Rouen and Fob Moselle are at 539 euros per ton and 546-548 euros per ton, respectively.

Currency and energy prices fluctuate

The dollar slightly depreciated against the euro on Tuesday after the easing of tensions in several European countries, favoring U.S. exports. Energy prices, including the December 2026 Brent contract and the November 2026 WTI contract, showed slight fluctuations, with Brent prices rising slightly on Wednesday morning.