Indonesia has decided to expand its edible oil export ban to include crude palm oil and used cooking oil to ensure the measure can safeguard local supply.
The ban is set out in a rule issued on Wednesday, Coordinating Minister for Economic Affairs Airlangga Hartarto said in a press briefing. Yesterday, he announced the export ban would only apply to refined, bleached and deodorized palm olein.
Mpls wheat making new highs yesterday as slow planting and cool/wet extended forecasts add risk premium to the market
Funds are record long Mpls wheat futures
The grains and oilseeds continue to ebb and flow but overall strength remains as soybeans and soybean oil take the lead this morning with the latter at record highs.
Extended maps are now stretching into the middle of May with out a real break in cold and wet Midwest weather
Safrinha corn dryness remains in Brazil; and feed grain concerns persist in war torn Ukraine
Algeria bought an estimated 230-250k tonnes of durum wheat in their tender closing yesterday, with Mexico likely the main origin; prices were thought to be in the $570-590/tonne range for shipment from late May through June.
Jordan has a 120k tonne wheat tender closing today but they only received one offer this time around; results are still pending.
Thailand is believed to have passed on their international tender for feed wheat, seeking shipment of up to one cargo each from June through October; their lowest offer came in in the low $380’s per tonne C&F for June.
China has stopped sales of wheat from state reserves, earlier than they sus-pended state auctions last year when stocks were higher.
Brazilian exporting association Anec is estimated April soybean exports at 12.09 MMT, up from 11.98 MMT seen previously; corn exports of 850k tonnes are unchanged from last week, with wheat steady at 156k tonnes.
The European Union crop monitor cut their 2022 soft wheat yield estimate from 6.02 to 5.95 tonnes per hectare (89.5 to 88.5 bushels per acre), now down 1.5% from last year.
European Commission data showed cumulative soft wheat exports at 21.61 MMT, down from 22.41 MMT over the same span in 2020/21. Corn imports through April 24 stand at 13.12 MMT, up from 12.68 MMT last season
Mpls wheat -8
KC wheat -9
Chic wheat -8
Matif wheat +1
Soybean oil +272