3 PDF’s attached
Soybean oil stocks up 135 mil pounds was the biggest surprise, in our opinion. USDA took 2019-20 soybean crush up 15 million bushels and to compliment new-crop, they raised 2020-21 US crush by 15. This added a combined 285 million pounds of soybean oil to supply. At 2.0 billion pounds ending stocks for 2020-19 and this year stocks forecast at 1.940 million, soybean oil prices fell further late this morning.
US corn ending stocks came in 47 million bushels below trade expectations, promoting bull spreading.
US soybean stocks for 2019-20 were near expectations and new-crop were reported 31 million below the trade guess.
US all-wheat stocks for 2020-21 came in 28 million bushels above trade expectations.
2019-20 world ending stocks for corn and soybeans tightened slightly, and world wheat was up slightly.
New-crop wheat stocks increased 6.0MMT.
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International │190 S LaSalle St., Suite 410│Chicago, IL 60603
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FI0620f.pdf