COM - Soyoil futures edge off all-time highs pulling soybeans lower

Chicago soybean oil futures pulled back from all-time highs Monday after Indonesia's agriculture ministry said crude palm oil shipments would be excluded from a planned palm oil export ban. The weakness in soyoil pressured soybeans and soymeal, which also were weighed by a sharp drop in crude oil prices and worries that COVID-19 lockdowns in China would hurt demand from the world's top buyer, Reuters reports. Soybeans (S_1:COM) for July delivery settled -0.8% to $16.75 1/4 per bushel, while July corn (C_1:COM) closed +1.1% to $7.98 per bushel - as traders believed weather over the weekend would keep corn planting limited - and July wheat (W_1:COM) for July delivery ended -0.3% to $10.72 1/2 a bushel. ETFs: (NYSEARCA:SOYB), (CORN), (WEAT) Prices for corn could rally to as high as $10 per bushel, Daniel Flynn of Price Futures Group said, which would easily beat the all-time record of nearly $8.40 in

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Soyoil futures edge off all-time highs, pulling soybeans lower