Wild week of strength for soy, support for palm oil
Nearing expiration, May-22 soybean futures closed Friday at $16.55 per bushel, down about $0.53 per bushel from the start of the week. Nov-22 soybeans ended the week down $0.44 at $14.7075 per bushel.
S&D and fundamental factors
U.S. soybean plantings were 8 percent complete as of May 1, down from 22 percent a year ago and the five-year average of 13 percent.
There is market speculation that Indonesia will end its palm oil export ban later in May, creating pressure for palm oil prices.
Weather, macro indicators, and news
Russia has raised its export duty on sunflower oil from $152.80 to $525 per MT—up 41 percent—citing runaway prices for sunflower oil domestically. Export duties have been in place since Mar. 27, 2021 and are tied to a floating index that pegs prices at $1,750 per MT ($0.79 per pound).
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