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Indonesia announced they will allocate 1 million tons of palm oil for the export market, but no details or timeline were provided. We see little reaction in soybean oil futures from this news. Palm oil did sell off. Soybeans are trading near contract highs and profit taking is not out of the question today. Expect a light trade ahead of the US holiday weekend. US markets will resume trading Monday evening (CT). The USD is lower and WTI crude oil is off nearly $0.60. The models for the US and EU weather forecasts improved for the short term. Expect good US Midwest plantings next week. South Korea bought a variety of 124,700 tons of wheat from Canada, US, and Australia. French wheat conditions again deteriorated. French soft wheat was rated 69% G/E versus 73% previous week and 80% year ago. The rating is down 20 points over the past three weeks. USDA could possibly issue their initial US corn crop condition next week. Corn emerged generally needs to be around 50 percent for conditions to be reported and as of May 22, corn was at 39 percent. We are eying 70 percent good/excellent for initial 2022 ratings, same as the 5-year average and down from 76 year ago. We look for US wheat harvest to be reported at around 2 percent as of this Sunday. Malaysian palm oil ended 180 ringgit per ton lower at 6,353 and cash was down $10/ton at $1,555 ton. China September soybean futures were up 0.2%, meal up 2.3%, SBO 1.4% higher and China palm oil up 2.8%. Offshore values were leading SBO 92 points lower (90 higher for the week to date) and meal $2.40 short ton higher (0.30 higher for the week).
Past 7 days
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
One Lincoln Center
18 W 140 Butterfield Rd.
Oakbrook Terrace, Il. 60181
W: 312.604.1366
ICE IM: treilly1
Skype: fi.treilly
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deliverable-commodities-under-registration052622.xls
Section03_Agricultural_Futures052622.pdf