From: Terry Reilly
Sent: Tuesday, June 02, 2020 7:38:23 AM (UTC-06:00) Central Time (US & Canada)
Cc: Terry Reilly
Subject: FI Morning Grain Comments 06/02/20


PDF attached


China bought at least three cargoes of US soybeans Monday for Q4 out of the Gulf and PNW.  WTI was up about $0.90 earlier this morning after Russia and other members were said to favor a 1-month extension to OPEC+ cuts. USD was 25 lower.  Taiwan is in for
corn and Jordan for wheat.  US soybean oil stocks were reported well above trade expectations. 














World Weather Inc. and FI


World Weather Inc. and FI




Ag Calendar

June 2:

  • U.S.
    Purdue Agriculture Sentiment, 9:30am
  • New
    Zealand global dairy trade auction
  • EU
    weekly grain, oilseed import and export data (delayed because of holiday)

June 3:

  • EIA
    U.S. weekly ethanol inventories, production, 10:30am
  • China’s
    CNGOIC to publish monthly forecast on crop output, supply and demand

June 4:

  • USDA
    weekly crop net-export sales for corn, soybeans, wheat, cotton, 8:30am
  • FAO
    world food price index, 4am
  • Port
    of Rouen data on French grain exports
  • New
    Zealand commodity price

June 5:

  • ICE
    Futures Europe weekly commitments of traders report on coffee, cocoa, sugar positions
  • CFTC
    commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
  • FranceAgriMer
    weekly update on crop conditions
  • Malaysia’s
    palm oil export data for June 1-5

Bloomberg and FI





inspections versus Reuters trade range                                                    

499,353         versus   350000-600000  range

1,128,091     versus   800000-1200000                range

396,387         versus   350000-600000  range







Export Developments

  • Taiwan’s
    MFIG seeks up to 65,000 tons of corn (US, Brazil, Argentina or South Africa) on June 3 for Sep-Oct shipment.



reported the April corn for ethanol use at 245 million bushels during April, below 410 million during the month of March, and also well below 410 million during April 2019.  DDGS production dropped to 1.014 million short tons from 1.858 million year
earlier.  Sorghum use was about halved from a year ago. 




  • Soybean
    and Corn Advisor:

    • 2019/20
      Brazil Soybean Estimate Unchanged at 121.0 Million Tons
    • 2020
      Argentina Soybean Estimate Unchanged at 50.0 Million Tons


Export Developments


crush report

  • USDA
    reported the April 2020 soybean crush at 183.4 million bushels, 0.4 bushel below trade expectations, below 192.1 million during March and above 171.5 million for April 2019.  The daily crush rate was 6.11 bushels per acre, second largest behind the record
    established during March of 6.20 million bushels per day.
  • US
    soybean oil stocks at the end of April were reported at a very large 2.602 billion pounds, 190 million above trade expectations, 274 million above the previous month and 344 million above April 2019.  Last month US soybean oil stocks were near this level were
    April 2018 of 2.869 billion bushels.  The April soybean oil yield was 11.45, up from 11.46 pounds previous month.  Implied soybean oil use during April, even with the extra day, was much less than expected. 
  • US
    soybean meal stocks at the end of April fell to 386,000 short tons from 415,000 short tons.  The meal yield was unchanged from the previous month at 47.03 pounds per bushel from the previous month and compares to 46.90 pounds a year ago. 






  • Egypt seeks wheat for July 10-25 shipment. 
  • Jordan’s state grains buyer seeks 120,000 tons of optional origin hard milling
    wheat on June 3.
  • Syria looks to sell 100,000 tons of feed barley.  Offers are due June 23. 



  • The Philippines seeks 300,000 tons of rice on June 8. 




Terry Reilly

Senior Commodity Analyst – Grain and Oilseeds

Futures International │190 S LaSalle St., Suite 410│Chicago, IL  60603

W: 312.604.1366

AIM: fi_treilly


Skype: fi.treilly


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