Indonesia bans edible oil exports

Corn had its first real negative day across the curve with Dec 22 and Dec 23 pulling back as well. Soybeans were slightly higher as planting delays are keeping early soybeans out of the ground and with the smaller South American crop keeping balance sheets on the tight side. Indonesia has implemented a ban on edible oil exports starting next Friday due to local shortages. This will stay in effect until the shortage is nullified. This jumped soybean oil and soybeans this morning and look for higher trading the rest of the day. Corn and wheat are being pulled as well over worries that more protectionism could happen as food prices rise. We feel this is an isolated incident and that it will not be the typical response by most governments. Expect the overnight highs to be challenged across the board early in the day session and it will be surprising if the overnight lows are taken out today. Flash sale of 1.347 million metric tons of corn to China. NFC Grain Comments 4.22.22 (6)

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