Reuters reporting that #Indonesia's #palmoil export ban will cover refined, bleached, deodorized (RBD) palm olein but not crude palm oil (CPO). Refinitiv data shows Indonesia's average monthly shipments in 2021 were 620kt for RBD, 100kt for CPO.
reuters.comREFILE- UPDATE 1-Indonesia export ban will not include crude palm oil - sourcesIndonesian government officials told palm oil companies on Monday that an export ban announced late last week would cover shipments of refined, bleached, deodorized (RBD) palm olein but not c
#Indonesia will ban exports of RBD palm olein (accounts for ~40% of total palm oil product shipments) from midnight on April 28. #PalmOil is Indonesia's top export (ag & non-ag), so any ban could hit the economy.
reuters.comIndonesia may widen palm export ban to combat shortagesIndonesia is prepared to widen its ban on exports of refined palm olein if it faces domestic shortages of derivatives used in the production of cooking oil, according to details presented at a...
It's fair to combine corn/soybeans because they are both equally higher than normal. New crop #corn sales are up 61% YOY and #soybeans up 64%. Separating a little further, China is 65% of the soybeans and 37% of the corn.
Export sales of U.S. #corn & #soybeans for 2022/23 were well ahead of normal (record?) as of April 21 at 14.95 million tonnes or 560 million bushels, up 63% from a year ago. #China accounted for 57% of the corn+soy total, unknown destinations 20%, #Mexico 15%.
These countries, including Indonesia, have a lower share of overall production. The highest is North America in feed grain, which is predominantly US corn. But remember, most of the non-exported crops grown globally are already spoken for. That's why we focus on the exporters.
The president on Wednesday reiterated the "people before exports" stance, which likely factored into the decision to widen the ban.
The ban is wider. #Indonesia on Wednesday said its #palmoil export ban will cover crude palm oil, refined palm oil and used cooking oil, among other palm products. That's a reversal of its prior claim that it would only cover refined products.