May-22 soybean meal futures ended last week at $458.80 per short ton, down 1.5 percent from Monday’s close. The May soybean oil contract set a new high of $0.8326 per pound.
S&D and fundamental factors
The Rosario Grain Exchange raised its 2021/22 soybean production forecast from 40.0 to 41.2 MMT. USDA pegged Argentina’s 2021/22 crop at 43.5 MMT in the last WASDE report.
Weather, macro indicators, and news
Indonesia announced a new ban on palm oil exports effective Apr. 28, with no indication of its duration. President Joko Widodo cited domestic food security as the rationale behind the sudden policy change. Thus far in 2022, Indonesia has implemented several short-lived policies covering palm oil exports, such as export ceilings and higher tariffs.
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