Corn, soybeans lower Friday

Soybeans were sharply lower on profit taking and technical selling, still finishing higher for the week, with nearby months outgaining deferred contracts. Soybean followed bean meal, taking profits, even as bean oil was mostly higher on Indonesia’s decision to ban palm oil exports starting April 28th. That ban comes in the face of tight global vegetable oil supplies, exacerbated by the lack of sunflower oil exports from Ukraine. Ukraine’s Ministry of Ag says 13.8% of this year’s sunflower crop has been planted, with APK-Inform projecting exports to Europe through the end of the marketing year at 745,000 tons.

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