Palm oil futures extended higher on Tuesday, with indications of stronger May exports and worries of tightening stocks underpinning modest price gains by the end of the day. Conversely, U.S. soybean oil prices declined for a second day this week thanks to early weakness in crude oil markets and rapid planting progress in the U.S. Midwest.

As of the week ending May 7, 35 percent of the U.S. soybean crop was planted, according to the USDA’s Crop Progress Report issued on Monday afternoon. This rate was up from 19 percent the week before and 11 percent during the corresponding period a year earlier. It was also higher than the five-year average of 21 percent. After some showers this in regions of the U.S. Midwest, forecasts for the Corn Belt include warmer and drier weather that should offer additional aid in planting in the critical weeks ahead. The key window for planting soybeans in the U.S. Midwest typcially runs from the first week of May to the…