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Highlights, Ethanol, Markets & Rain Days Update 6/3/22

Highlights


Yesterday morning, The USDA announced the sales of:

  • 55,000 mts of old crop soybeans to Pakistan

  • 297,000 mts of new crop soybeans to Pakistan


OPEC will increase crude oil production 648,000 barrels per day in July. That news pressured crude oil early yesterday, but the weekly energy report showed a larger than expected drawdown of crude and diesel inventories, which turned crude and diesel prices higher.


Corn futures price in China is $10.94. That is pretty close to making US corn a cheaper alternative.


Russia said it is willing to guarantee safe passage of vessels hauling Ukrainian grain. The problem is all of Ukraine’s harbors access channels have been heavily mined and it will take months to clear them. Turkey has agreed to help remove the mines, Turkey must be hurting for wheat.


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