Indonesia expands its edible oil export ban

Soybeans are higher overnight as the edible oils market popped on Indonesia expanding its export ban to crude palm oil in addition to the refined palm oil that is already banned for export. They plan to keep the ban in place to boost domestic supply and bring prices down. Weather issues dominate the US plantings season as more rain is forecasted for the corn belt later this week and the Southern Plains remain dry. Planting progress has been slow but we are far from losing any significant yield potential. The real problem is how tight the balance sheets are going into the growing season and lack of demand destruction from higher prices. The reaction to the expanded palm oil ban will dominate this morning’s trade but we will watch 7.92 and 16.66 for support in July contracts. NFC Grain Comments 4.27.22 (1)