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GRAINS-Chicago soyoil nears 2008 high as Indonesia bans palm oil exports
calendar25-04-2022 | linkwww.agriculture.com | Share This Post:

24.04.2022 (www.agriculture.com) -

* Soybean oil futures rise, trade close to highest since 2008

* Indonesia's palm oil export ban seen tightening supplies
* Chicago wheat futures firm, corn prices edge lower (Adds quote in paragraph 3, details on wheat market)
By Naveen Thukral
SINGAPORE, April 25 (Reuters) - Chicago soyoil futures gained more ground on Monday to trade near their highest since 2008, as Indonesia's decision to ban exports of rival palm oil heightened concerns about global edible oil supplies.
The most-active soybean oil contract on the Chicago Board of Trade (CBOT) added 1.3% to 81.59 cents per pound, as of 0201 GMT. Dalian palm oil futures rose 3.5%, while soyoil added 1.5%.
"Prices in key consuming countries such India are likely to jump as supplies will tighten," said one Singapore-based palm oil trader.
Indonesia, the world's top palm oil producer, announced plans to ban exports of the most widely used vegetable oil on Friday, in a shock move that could further inflame surging global food inflation.
The halting of shipments of the cooking oil and its raw material, widely used in products ranging from cakes to cosmetics, could raise costs for packaged food producers globally and force governments to choose between using vegetable oils in food or for biofuel. Indonesia counts for more than half of global palm oil supply.
In other agricultural markets, wheat prices gained ground amid worries about supplies from the Black Sea region.
Ukraine's state-owned railway company has extended temporary restrictions on the transportation of some agricultural goods over the border to Poland, analysts and officials said on Friday.
Ukraine, a major agricultural producer, used to export most of its goods through seaports but since Russia's invasion in February has been forced to export by train via its western border.
Chicago wheat futures rose 0.5% to $10.80-1/2 a bushel.
An estimated 91% of the French soft wheat crop was in good or excellent condition in the week to April 18, down from 92% the previous week but above the 85% at the same point last year, farm office FranceAgriMer said on Friday.
Some 32% of the expected grain maize area had been planted, compared with 8% a week earlier and 37% a year ago, the office said in a weekly cereal crop report.
Corn slid 0.3% to $7.87 a bushel.
Large speculators raised their net long position in CBOT corn futures in the week to April 19, regulatory data released on Friday showed.
The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and net long position in soybeans. (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)
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