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Highlights, Broilers, Markets & Rain Days Update 6/2/22

Highlights


USDA announced yesterday morning the sales of:

66,000 mts of old crop beans to China

66,000 mts of new crop beans to China


The Biden administration is likely to raise 2021 US ethanol blending mandates to above the figure proposed in December. That sent US renewable fuel credit (RIN) prices up 5% yesterday. Yes, 2021… Only the US government can change rules after a marketing year is over. The good news for corn producers is the reoccurring rumor that the government will do away with or reduce the ethanol mandate is not going to happen.


The USDA reported 181 million bushels of soybeans were crushed in April; a half million more than the market expected. It is the second highest soybean crush ever for an April. Corn crush for ethanol in April was 414.7 million bushels, down about 39 million bushels from the March crush and below the 3.3 million implied by EIA weekly ethanol production. Monthly corn for ethanol needs to average 454 million the last four months of the marketing year to reach USDA's S&D demand estimate of 5,375 million. Energy Information Administration (EIA) predicts 5,320 million bushels of corn will be crushed for ethanol this marketing year.


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