In this file:


·         Corn Faded into Close

·         Red Close for Beans



Corn Faded into Close


Alan Brugler, Barchart

Jun 15, 2022


Old crop futures and the cash market stayed firm on Wednesday, closing with +nickel gains each. New crop futures faded into the close to end the session fractionally mixed.


Corn bookings for 21/22 delivery are estimated to be 100 to 500,000 MT in tomorrow’s Export Sales report. Those surveyed also anticipate seeing between 50k and 400k MT of new crop sales.


Weekly ethanol production data from the EIA showed producers averaged 1.06m barrels per day through the week that ended 6/10. That was a 21k bpd increase from week to week, but was still below the CY high 1.071m barrels per day during 5/27. The stockpile shrank by 439k barrels to 23.197 million.


IHS Markit raised their projected corn planted acreage by 455k to 90.965m acres. They have the national average yield 2.5 bpa above USDA at 179.5.


USDA’s Ag Attache estimates the average ethanol blend rate for India’s petroleum at 9.3% for the year of 2022. Their domestic production is derived from excess sugar supplies, but at that rate the Attache has India bringing in 635m L of ethanol through 2022 – mostly U.S. sourced.


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Red Close for Beans


Alan Brugler, Barchart

Jun 15, 2022


Soybean futures ended the midweek session with 1 3/4 to 4 3/4 cent losses. Old crop futures were the weaker on the day. Meal prices stayed high on Wednesday, closing with $1.30 to $6.50/ton gains. Soybean oil futures were red on Wednesday and went home with 48 to 61 point losses.


USDA announced a private export cancelation this morning, as unknown destinations removed 100k MT of old crop from their books. Going into the weekly Export Sales report, those surveyed anticipate USDA will report between 100k and 500k MT of soybeans were sold during the week of 6/9. New crop bookings are estimated between 100k and 600k MT. 


NOPA members reported May’s soy crushing was 171.07 mbu. Estimates averaged 171.55 mbu. That was up 0.76% from April and was an all time high for the month of May. Soybean oil stocks were 1.774b lbs. That was up slightly from the expected 1.765b lbs, as soy oil yields matched the record at 12 lbs/bu. 


Cargill announced plans to cease operations with their rapeseed processing plant in Hull England. The plant currently processes 7,500 MT/day, and could lead to a 323k MT of canola oil deficit per year to be made up by other processors.


Argentina’s government is upping their biodiesel blend requirement to 12.5% during a 2 month window beginning immediately.


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