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Highlights, Urea, Crude Oil, Broilers & Ethanol, Markets & Rain 6/9/22

Highlights


Tomorrow at 10 AM Mountain Time the USDA will issue its monthly S&D with revised world production numbers. Not much is expected other than soybean exports should be increased 25 to 30 million bushels. The USDA will wait until the Quarterly Stocks and Actual Planted Acres Reports on 30 June before making big changes on the July S&D.


India may get the UN nod to export 600,00 mt of wheat. Supposedly a big relief to traders, shippers, importers, and logistics partners.


Russia reported yesterday the mines have been cleared from the port area of Berdyansk, Ukraine. That was a quick six months… But Russia wants some sanction relief before it lets grain leave the port.


The World Bank is going to give Ukraine 1.49 billion US dollars.


Morocco has suspended tariffs on imports of sunflower, soybean, and rapeseed until further notice. Needs more imports.


CONAB raised their estimate of the Brazilian corn crop by 630,000 mt to 115.2 million mt.


Barchart sees the US 2022 corn production at 14.2 billion bu with a yield at 174 bu & soybean production at 4.4 billion bu with yield of 49.5 bu. Barchart’s track record on such predictions is absolutely the worst of anybody making predictions.


US container ship import demand is down about 36% since May 24. Where is that booming economy? Or is this first indications of major recession?

 

NOLA (New Orleans, Louisiana) urea has dropped to $470 per ton. Lot of global demand is going to be looking at that drop and asking their supplier "why not us as well?" When your supplier calls you suggesting you buy urea for 2023 at a price $280 below the $935 high, ask him the same question.


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