Thursday June 2, 2022

Markets got turned around again yesterday as wheat continued its fall from grace with the looming opportunity for Ukrainian grain to be back available to the global markets
Again attempting a slight recovery across the board this morning but we will see if the gains can hold through the day trade
India has allowed another nearly half a million MT of wheat shipments since banning exports last month
- It is reported there is an additional 1.7 MMT still at ports as well
StoneX updated their Brazilian soybean production estimate by 1 MMT to 124.4 MMT, corn also up slightly this month to 116.8 MMT
Ukraine’s grain traders union (UGA) estimated 2022 wheat production at 19.2 MMT – a year on year decline of 42%, corn down from 37.6 MMT to 26.1 MMT
- They are hoping to export 10 MMT of wheat and 15 MMT of corn through their harvest – however this would be dependent on export capacity doubling from current pace
U.S. soybean crush for April came in yesterday at 180.9 million bu – slightly above estimates but still lower than March
U.S. corn used for ethanol for April was also down from March coming in at 414.7 million bu, but still ahead of the same month last year