Benchmark Malaysian palm oil futures rallied 3% on that news on Friday, though prices have eased more than 12% since the day before the ban took effect. But prices are still about 50% steeper than a year ago, which had featured record levels for the date.
CBOT oilshare, measuring soyoil’s share of value in the soy products, had reached record levels on May 12, and that eased last week.Money managers had trimmed their CBOT soybean oil net long in the week ended May 17 by a little more than 2,000 contracts, resulting in 86,237 futures and options contracts.
Indonesia said Thursday that the ban would end yesterday despite domestic cooking oil prices remaining well above the target levels suggested. But prices are still about 50% steeper than a year ago, which had featured record levels for the date. Top corn exporter Argentina said on Thursday it may raise its 2021-2022 corn export cap to 35 million tonnes from 30 million tonnes currently.
India had been set to ship a record volume of wheat in 2022-2023, at least 8.5 million tonnes, some 4% of global exports.
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