Highlights, Crude Oil Refinery, Export Sales, Markets & Rain Days Update 6/10/22

Highlights

The USDA June S&D will be released at 11 AM Central time today. Do not expect many changes on the domestic S&D; we can certainly expect more soybean exports and probably more corn exports.

Yesterday morning, USDA announced the sale to unknown buyer of:

500 mts of old crop soybeans

142,500 mts of new crop soybeans

July soybean futures China’s Dalian Exchange made a new all-time yesterday at the equivalent of US$22.84 a bushel.

The rumor is Brazil’s government is considering increasing the blend of biodiesel 1% July and another 1% in August until 15% in December 2022.

And just like that, China put several areas of Shanghai back on partial COVID lockdown. So the crude oil rally may be over for a while.

US crude oil refinery capacity is 900,000 barrels a day less now than it was in 2019. Shell Oil announced yesterday they will shut down another refinery at the end of 2023. Lyondell Basell Industries announced in April it will permanently close its Houston crude oil refinery by the end of 2023. The refinery produces 89,000 barrels of gasoline, 92,600 barrels of diesel and 44,000 barrels of jet fuel every day.

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