Thursday June 30, 2022

Markets are slightly lower this morning with the trade holding it’s breath for todays major data dump. We will send out a second update today post report to give a summary
Snobelen’s office will be closed tomorrow to observe Canada Day and the markets will be closed Monday for the US holiday
Russian consultancy agency SovEcon raised 22/23 wheat exports to a record 42.6 mmt from last months 42.3 mmt estimate and have pegged production at a record high 89.2 mmt. There is also reports that Russia have shipped “at least” 400 kmt of Ukrainian grain
Reuters average eight market analyst to estimate 22/23 Brazilian soy production at 147.9 mmt up 20 mmt yoy do to a 3% increase in acres and yield gains
Datagro estimates 2nd crop Brazilian corn at 91.25 mmt up from 89.5 mmt putting total production at 116.1 mmt up from previous estimates of 114.35 mmt
2 weeks of ethanol production released yesterday followed the recent trend of increased use. If this current pace continues we would surpass the end of year USDA estimates however gasoline demand is down 4% from the 5 ya with the upcoming historically peak driving month still seeing record high fuel prices