Indonesia will lift its palm oil export ban from Monday as the welfare of the palm oil industry is considered, and stocks build. The ban was assumed to have been temporary, due to rapidly building stocks and consumption well below that of production.
Paris rapeseed Nov-22 continued yesterday’s fall, briefly touching €800/t, before a slight pull back. €800/t has been a strong level of resistance having already been tested at the start of the month.
In weekly US export data, corn and soybean data provides confidence for demand, while wheat sales were again very minimal.
US weekly corn export sales gave a degree of confidence to markets at 435.3Kt up from last week’s disappointing sales. Pre-harvest sales were also encouraging at 588.5kt, and exports at 1380.4kt.
US weekly soybean sales continue to highlight the continued strong levels of demand, especially from China. Net sales of 752.7Kt for 2021/22 were up noticeably from last week, and up 65% above the 4-week average. Exports of 957.2Kt were also impressive alongside 149.5Kt of new crop sales.
This week however highlighted another week of disappointing US wheat export data at just 8.5Kt of old crop demand, a marketing year low. Exports of prior commitments did however pick up to 345.4Kt, and new crop sales of 325.6Kt were more encouraging.
In Brazil and temperatures are falling, risking widespread frosts potentially damaging for second corn prospects.