Nirmal Narayanan
RIYADH: Chicago wheat futures rose on Tuesday as a decline in US winter crop conditions heightened concerns over global supplies, which have already been hit by Russia’s invasion of Ukraine.
Corn rose for a second straight session as a slow start to US planting underpinned prices.
The most-active wheat contract on the Chicago Board of Trade rose 1.2 percent to $10.85-3/4 a bushel, as of 0216 GMT.
Corn gained 0.4 percent to $8.01-1/2 a bushel, while soybeans were largely unchanged at $16.75 a bushel.
Gold, palladium regain
Gold rose on Tuesday as the dollar edged lower, with palladium also rebounding after concerns over reduced demand due to COVID lockdowns in China drove prices to a near one-month low in the previous session.
Spot gold was up 0.3 percent at $1,903.97 per ounce, as of 0437 GMT, after hitting its lowest level since March 29 in the previous session.
US gold futures gained 0.4 percent at $1,903.70.
Spot silver gained 0.8 percent to $23.79 per ounce, platinum rose 1.1 percent to $930.87, and palladium advanced 2.8 percent to $2,203.25.
Palladium prices fell nearly 13 percent on Monday to their lowest since end-March as fears of further COVID-19 lockdowns in key consumer China reduced demand prospects for the metal, which is used in vehicle exhausts to curb emissions.
Indonesia may widen ban on palm oil exports
Indonesia is prepared to widen a palm oil export ban, which currently only applies to refined palm olein, if local shortages of derivative products used in cooking oil occur, according to details of an official meeting with companies.
The world’s biggest palm oil exporter plans from Thursday to stop shipments of refined, bleached and deodorized palm olein but will allow exports of crude palm oil or other derivative products, senior government official Musdhalifah Machmud said on Tuesday.
However, authorities will strictly monitor the domestic supply of refined palm oil and crude palm oil, which are used as raw materials to make RBD olein, according to details in a government presentation which was verified by Machmud.
“If there is shortage of refined palm oil, then further export bans can be carried out,” read one slide, which was presented to palm oil companies on Monday.
President Joko Widodo announced the export ban on exports of cooking oil and its raw material on Friday in an effort to control soaring local prices, but at the time provided no details.
(With inputs from Reuters)
