Malaysian Palm Oil Council Russia's Post

GRAINS-Chicago soyoil edges higher after Indonesia widens palm oil export ban

BEIJING, April 28 (Reuters) - Chicago soyoil futures edged higher on Thursday after rallying to a record high after Indonesian ban on palm oil exports.
Corn and soybean prices rose further.

FUNDAMENTALS
July soyoil futures BON2 on the Chicago Board of Trade (CBOT) settled up 0.53 cents at 85.25 cents per lb.

The most-active corn contract on CBOT Cv1 added 0.65% to 8.17-1/2 a bushel, while soybeans Sv1 climbed 0.21% to $16.96-1/4 a bushel.

The world's top palm oil exporter Indonesia widened its export ban on raw materials for cooking oil to fight food inflation, pushing up global edible oils prices.

Forecasts of cold and wet weather in key production areas in the United States continued to threaten corn planting and harvest.

Brazil's top grain-producing state is facing its driest April in 17 years, threatening a key second corn crop in the agricultural powerhouse.

Global agriculture trading house Bunge Ltd BG.N on Wednesday raised its full-year earnings forecast on robust demand and tighter supplies of essential crops since Russia's invasion of Ukraine.

MARKET NEWS
Key U.S. equity indexes ended higher after choppy trade on Wednesday, on a boost from strong earnings from Microsoft and Visa, as commodity stocks lifted European shares to their first gain in four sessions.
By: via Malaysian Palm Oil Council Russia