Credit: REUTERS/Bryan WoolstonBy Mark Weinraub
CHICAGO, April 25 (Reuters) - Chicago Board of Trade soyoil futures fell on Monday, retreating from all-time highs after Indonesia's agriculture ministry said that crude palm oil shipments would be excluded from a planned palm oil export ban.
The weakness in soyoil pressured soybeans and soymeal, which also faced bearish headwinds from a sharp drop in crude oil prices and worries that lockdowns to stem the spread of COVID-19 could cool demand from top buyer China.
"There are also concerns about the Chinese economy as
the COVID lockdowns there have a negative impact on their economy and potentially their demand for U.S. commodities and for crude oil," Tomm Pfitzenmaier, analyst for Summit Commodity Brokerage in Iowa, said in a note to clients.
Wheat futures ended mixed, with the most-active CBOT soft red contracts weakening on concerns about poor export demand. K.C. hard red winter wheat futures 0#KW: rose on concerns about dry conditions limiting crop potential in the southern U.S. Plains and spring wheat futures rose on expectations for slow planting in the northern U.S. Plains.
Corn futures firmed, recovering from early weakness on better-than-expected export data.
Chicago Board of Trade July soyoil BON2 settled down 0.43 cents at 80.08 cents per lb, well above its session low of 78 cents.
CBOT July soybeans SN2 were off 12-3/4 cents at $16.75-1/4 a bushel.
CBOT July soft red winter wheat WN2 was down 2-3/4 cents at $10.72-1/2 a bushel.
The U.S. Agriculture Department said on Monday morning that weekly export inspections of wheat totaled 287,997 tonnes, below market forecasts.
CBOT July corn futures CN2 were up 9 cents at $7.98 a bushel.
Corn export inspections of 1.651 million tonnes were 40% higher than a week earlier and above analysts' estimates.
After the close, USDA said good-to-excellent ratings for the U.S. winter wheat crop fell to 27% and corn planting was 7% complete. Both were below market expectations.
( Reporting by Mark Weinraub in Chicago Additional reporting by Nigel Hunt in London, Naveen Thukral in Singapore and Mei Mei Chu in Kuala Lumpur Editing by Matthew Lewis and Marguerita Choy)
((mark.weinraub@thomsonreuters.com; +1 313 484 5282; Reuters Messaging: mark.weinraub.thomsonreuters.com@reuters.net))
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