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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.
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VEGOILS-Palm takes breather after soaring on harsher Indonesian export ban

KUALA LUMPUR, April 28 (Reuters) - Malaysian palm oil futures ticked down on Thursday after surging in the previous session, as market participants digested top producer Indonesia's latest policy reversal that included a ban on crude and refined grades.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange fell 33 ringgit, or 0.47%, to 6,954 ringgit ($1,595.69) a tonne, retreating from a seven-week high scaled earlier in the session.

The contract hit its upper daily price limit of 10% on Wednesday, after Indonesia widened the scope of its export ban to include crude palm oil, refined palm oil and used cooking oil, among other palm oil products.

FUNDAMENTALS
Indonesian President Joko Widodo said on Wednesday that meeting public demand for affordable food takes priority over securing tax and export revenues, and that he would lift the ban once domestic needs are met.

The ban will remove 1.52 million tonnes of palm oil products a month from global supply, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics. "Expectation is the ban will be lifted in three weeks."

Dalian's most-active soyoil contract DBYcv1 rose 1.6%, while its palm oil contract DCPcv1 gained 4%. Soyoil prices on the Chicago Board of Trade BOcv1 extended gains after rallying to a record high in the previous session.

Palm oil may retest a resistance at 7,107 ringgit a tonne, a break above which could lead to a gain to the range of 7,239-7,419 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS
Share markets steadied on Thursday, taking comfort in technology earnings, though an energy crisis in Europe and China's lengthy lockdowns kept the mood cautious and have propelled the dollar close to 20-year highs as investors seek out safety and yield.
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Indonesia stuns markets as it widens ban to include CPO, refined palm oil
https://mpoc.org.my/indonesia-stuns-markets-as-it-widens-ban-to-include-cpo-refined-palm-oil/

JAKARTA/MUMBAI (April 27): Indonesia widened the scope of its export ban on raw materials for cooking oil to include crude and refined palm oil, its chief economic minister said on Wednesday, leaving markets in shock over the latest policy reversal. The announcement flipped the minister’s statement a day earlier, in which he had said the […]
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Palm oil rallies 10% as market prepares for Indonesia export ban
https://mpoc.org.my/palm-oil-rallies-10-as-market-prepares-for-indonesia-export-ban/

(April 27): Palm oil jumped 10% while rival soybean oil hit a fresh record high as traders prepare for the start of Indonesia’s export halt. Malaysia, the world’s second-biggest producer, is set to see a surge in demand for its products after top grower Indonesia said it will ban exports of RBD palm olein from […]
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How much vitamin A do we need?
https://mpoc.org.my/how-much-vitamin-a-do-we-need/

Red palm oil (RPO) is rich in many phytonutrients, such as carotenoids and vitamin E tocotrienols.
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*INDONESIA CHIEF ECON MINISTER: EXPORT BAN FROM MIDNIGHT WILL BE APPLIED ON CPO, RTO, RBD PALM OIL*
27-Apr-2022 08:34:34 PM

- INDONESIA CHIEF ECON MINISTER: IMPLEMENTATIONS OF THE EXPORT BAN WILL BE AS PREVIOUSLY EXPLAINED

- INDONESIA CHIEF ECON MINISTER: TRADE MINISTRY REGULATION ON EXPORT BAN IS ISSUED TODAY
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Malaysian Palm Oil Council Russia's Post

3 vessels all got caught:
1. MT W BLOSSOOM – Wilmar load 8k RBD Palm Olein, sailed out on 27 Apr at 01.00 pulled back to anchorage by Navy at 09.00
2. MT World Progress – Riya International - load 30K RBD Palm Olein, sailed out 26 Apr 23.00, stopped at Morong (outer anchorage Dumai) by Navy at 07.00 today
3. MT Castor in kumai got detained by navy. Navy said although she finished today, she will not clear indon waters by 28. So it's called smuggling

Hearing there are ships in Dumai being stopped by navy from sailing out after loading olein. Hearing got ship stuck in indo loadport with palm olein . If miss the dateline they may be required to discharge back to tank
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GRAINS-Wheat prices ease after rally, tight supplies limit losses

SINGAPORE, April 27 (Reuters) - Chicago wheat futures ticked lower on Wednesday after climbing more than 2% in the previous session, although concerns over tightening world supplies limited losses.
Corn prices eased, while soybean edged higher.

FUNDAMENTALS
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 fell 0.5% to $10.89-1/2 a bushel, as of 0017 GMT. Corn Cv1 gave up 0.2% to $8.00-1/4 a bushel, while soybeans Sv1 added 0.1% to $16.72-3/4 a bushel.

Global supplies of key crop staples will remain tight for at least two years after harvest shortfalls in some countries and shipping disruptions triggered by Russia's invasion of Ukraine, Archer-Daniels-Midland Co ADM.N said on Tuesday.

Demand will likely outpace supplies until at least 2024, resulting in high crop prices that will draw grain stocks out of storage and encourage South American farmers to plant more, the grains merchant said after posting a better-than-expected quarterly profit.

Soybean futures are facing pressure after Brazil's Anec raised its outlook for the country's export forecast for the oilseed. Losses were kept in check by signs that the United States remains competitive for deals with top buyer China.

Private exporters reported the sale of 132,000 tonnes of soybeans to China for delivery in the 2022/23 marketing year, the U.S. Department of Agriculture (USDA) said on Tuesday morning.

The USDA on Monday afternoon rated 27% of U.S. winter wheat in good-to-excellent condition, down 3 percentage points from a week ago and the lowest for this time of year since 1989, as drought persists in the Plains wheat belt.

The USDA said that corn planting was 7% complete as of April 24, below the average analyst estimate of 9% and the five-year average of 15%

Indonesia will ban exports of RBD palm olein from midnight on April 28 until prices of bulk cooking oil drop to 14,000 rupiah ($0.9715) per litre, a senior minister said on Tuesday, while a document showed it was prepared to widen the ban if there are shortages.

Commodity funds were net buyers of CBOT wheat, soyoil, corn and soybean futures contracts on Tuesday, traders said. They were net sellers of CBOT soymeal, traders said.

MARKET NEWS
U.S. shares tumbled on Tuesday, with the Nasdaq posting its steepest one-day rout since September 2020, while European stocks extended losses for a third session as investors warily awaited U.S. tech earnings and fretted over global growth.
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VEGOILS-Palm oil gains 2.5% ahead of Indonesia's export ban

JAKARTA, April 27 (Reuters) - Malaysian palm oil futures extended gains to a second session on Wednesday as investors assess the impact of top producer Indonesia's decision to curb exports of refined, bleached and deodorized palm olein.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange gained 166 ringgit, or 2.59%, to 6,566 ringgit ($1,507.35) a tonne in early trade.

FUNDAMENTALS
Indonesia will ban exports of RBD palm olein from midnight on April 28 until prices of bulk cooking oil drop to 14,000 rupiah per litre, a senior minister said on Tuesday, while a document showed it was prepared to widen the ban if there are shortages.

EU palm oil imports in 2021/22 stood at 4.02 million tonnes versus 4.42 million tonnes.

Exports of Malaysian palm oil products for April 1-25 fell 12.9% to 897,683 tonnes from the same period last month, cargo surveyor Societe Generale de Surveillance said.

Dalian's most-active soyoil contract DBYcv1 rose 2.71%, while its palm oil contract DCPcv1 gained 3.86%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.06%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Palm oil FCPOc3 may retest a resistance at 6,548 ringgit a tonne, a break could lead to a gain in the range of 6,686 ringgit to 6,797 ringgit.

MARKET NEWS
Oil prices extended gains in early Asian trade as geopolitical tensions simmered with Russia warning of gas supply cuts to Poland and Bulgaria while hopes of Chinese economic stimulus buoyed oil demand outlook.

A global stocks sell-off extended into the Asia morning, as global economic slowdown fears forced investors to dump riskier assets in favour of safe havens such as the U.S. dollar and government bonds.
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Update

The govt will not hesitate to extend the ban to cover RBD
palm oil and CPO in addition to olein if domestic supply continued to be short especially heading into the Eid festival at end of this week.
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Alerts History
* 26-Apr-2022 04:52:55 PM - BANGLADESH WILL CUT IMPORT TAXES ON CANOLA OIL, SUNOIL, OLIVE OIL TO 10% FROM 32% - GOVT SOURCE


Bangladesh will cut edible-oil taxes as Indonesia limits exports - official source - Reuters News

26-Apr-2022 04:53:02 PMBANGLADESH-VEGOILS/ (URGENT)

DHAKA, April 26 (Reuters) - Bangladesh will cut import taxes
on canola, sunflower and olive oil to 10% from 32% as it
desperately tries to augment supplies following Indonesia's
banning of exports of refined palm oil, a senior commerce
ministry official said on Tuesday.
The tax cut will be implemented very soon, said the
official, who had knowledge of the matter but asked not to be
identified.
Indonesia, the world's biggest palm oil exporter, plans from
Thursday to stop shipments of refined, bleached and deodorized
palm olein but will allow exports of crude palm oil or other
derivative products.
"We are looking for alternative suppliers, such as Canada,
the U.S.A. and China, for sunflower oil, canola oil and soybean
oil," the official said.
Bangladesh's Ministry of Commerce did not immediately
respond to a request for comment.
Indonesia usually supplies more than 85% of Bangladesh's
annual palm oil imports of around 1.5 million tonnes. Bangladesh
also imports around 750,000 tonnes a year of soyoil, mainly from
Argentina.
To calm vegetable oil prices, the country last month slashed
value added tax on imported soyoil and palm oil to 5% from 15%.
"Countries like Bangladesh that rely on imported edible oil
will have no choice but to pay higher prices to secure
supplies," the official said. "We're making frantic efforts to
cool prices in the domestic market."
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GRAINS-Wheat firms on U.S. crop concerns; corn rises for second session

SINGAPORE, April 26 (Reuters) - Chicago wheat futures rose on Tuesday as a decline in U.S. winter crop conditions heightened concerns over global supplies, which have already been hit by Russia's invasion of Ukraine.

Corn rose for a second session as a slow start to U.S. planting underpinned prices.

FUNDAMENTALS
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 0.8% at $10.81-1/4 a bushel, as of 0036 GMT. Corn Cv1 rose 0.3% to $8.00-1/2 a bushel and soybeans Sv1 were unmoved at $16.75-1/4 a bushel.

The U.S. Department of Agriculture (USDA) on Monday rated 27% of U.S. winter wheat in good-to-excellent condition, down three percentage points from a week ago and the lowest for this time of year since 1989, as drought persists in the Plains wheat belt.

The figure also fell below the lowest in a range of analyst expectations. Twelve analysts surveyed by Reuters on average had expected the government to rate 30% of the crop as good-to-excellent, with estimates ranging from 28% to 34%.

Tightening global wheat supplies and the conflict between Ukraine and Russia, two major wheat exporters, have heightened the significance of U.S. winter wheat production prospects.

In the U.S. Midwest, cool and wet conditions slowed corn and soybean planting. The USDA said the U.S. corn crop was 7% seeded by Sunday, below the average analyst estimate of 9% and the five-year average of 15%.

U.S. soybean planting was 3% complete, matching trade expectations but behind the five-year average of 5%.

Indonesia's agriculture ministry said on Monday crude palm oil shipments would be excluded from a planned palm oil export ban, according to a copy of an official letter sent to local government leaders.

Though an exemption of crude palm oil from the export curbs will be positive for global markets, the majority of Indonesia's palm exports are in the form of processed oils that remain affected by the ban.

Commodity funds were net sellers of CBOT soybean, wheat, soymeal and soyoil futures contracts on Monday and net buyers of corn futures, traders said.

MARKET NEWS
European stocks slid to a one-month low and commodity prices dropped on Monday on renewed concerns about rising interest rates and China's sputtering economy, while Wall Street shares rose, reversing losses after Twitter agreed to be bought by billionaire Elon Musk.
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VEGOILS-Palm rises over 2% after volatile Monday

KUALA LUMPUR, April 26 (Reuters) - Malaysian palm oil futures rebounded on Tuesday as more details emerged about top producer Indonesia's ban on palm exports, easing fears of a blanket ban on the shipment of all products.

The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange gained 169 ringgit, or 2.71%, to 6,398 ringgit ($1,471.82) a tonne in early trade.

The contract fell 2% on Monday after rising nearly 7% earlier in the day.

FUNDAMENTALS
Indonesia will only ban exports of refined, bleached and deodorized palm olein starting Thursday, while the ban will not include crude palm oil or other forms of derivative products, senior government official Musdhalifah Machmud said.

However, further export bans can be carried out if there is a shortage of refined palm oil, according to a presentation the Indonesian government gave to companies.

Exports of Malaysian palm oil products for April 1-25 fell 12.9% to 897,683 tonnes from the same period in March, cargo surveyor Societe Generale de Surveillance said.

Dalian's most-active soyoil contract DBYcv1 fell 2.1%, while its palm oil contract DCPcv1 lost 0.5%. Soyoil prices on the Chicago Board of Trade BOcv1 were up 0.9%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Palm oil may bounce into a range of 6,326-6,392 ringgit a tonne, following its stabilisation around a support at 6,104 ringgit, Reuters technical analyst Wang Tao said.

MARKET NEWS
Asian shares were cautiously higher on Tuesday after a late revival on Wall street, though global growth fears stoked by China's stringent COVID-19 curbs and an expected streak of aggressive Federal Reserve tightening sapped risk appetite.
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