Palm oil rallies oilseeds January 20, 2022
Palm oil prices pushed on a new high again. This was the second day of support from concerns for a potential Indonesian palm oil export restriction. Along with that, the US trade is rumors again of potential Chinese purchases. The trade ignored a slightly better forecast for South America. Soybeans soared to a new high for this uptrend in place since 12/15. It also posted a new high close for the uptrend. Believe it or not but the March is now just 23 3/4 cents from retested the all-time high from June. New crop November did push to new all-time highs today but closed "only" at second best.
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Possible light fund short covering yesterday
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Funds sellers of 21K, slightly higher support due to exports
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SA maps still look solid for rains in the 10 day
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Trade expects strong exports and more 8 AM announcements
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Open interest continues to fall drastically
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