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June 2nd- Midday Market Commentary

06/02/2022
June 2nd- Midday Market Commentary

Grains are seeing some recovery today:

July Corn -1 1/2 cents/bu (7.29 3/4)

July Soybeans + 32 ¼ cents/bu (17.22 1/2)

July Chi Wheat + 14 3/4 cents/bu (10.56)

Cdn $  +0.00340 (79.500 cents)

WTI Crude Oil +1.92/barrel (117.21)

Grains are rebounding after an exaggerated decline yesterday. After discussions of Ukrainian export potential hit the headlines yesterday, sellers flooded the market depressing both corn and wheat prices. Today, we are seeing an uptick on the price of both commodities, reflecting that yesterday’s movement may had been overstated as no resolutions have even come to fruition yet.

The export sales report is expected to be released tomorrow morning (it is usually Thursday mornings but was pushed back due to the American Holiday Monday). Estimates for the week ended May 26th are shown in the chart below.

The EIA report (normally a Wednesday report) was released this morning for the week ended May 27th. Commercial crude oil stocks decreased 5.1 million barrels to 414.7.Ethanol stocks decreased 0.8 million barrels to 23 million barrels while ethanol production increased 57 thousand barrels per day to 1,071 thousand barrels per day.

This morning we also saw a peculiar flash sale: 352,000mt of soybeans to Pakistan (55,000 for 2021/22 and 297,000 for 2022/23). Pakistan is a very uncommon buyer of U.S. commodities, and only amounts to 1% of the cumulative sale volume annually.

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