Benchmark Malaysian palm oil futures rallied 3% on that news on Friday, though prices have eased more than 12% since the day before the ban took effect. But prices are still about 50% steeper than a year ago, which had featured record levels for the date.
SPECULATORS continued selling Chicago-traded soybean meal at a hot pace last week as prices dipped near four-month lows, but they continue carrying a hefty long position in corn.
According to the United States Commodity Futures Trading Commission, money managers slashed their net long in Chicago Board of Trade (CBOT) soybean meal futures and options to 35,923 contracts through May 17 from 52,314 a week earlier.
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