6/2/2022
Jun 02, 2022
Corn managed to mostly stop the bleeding today and traded inside the range of 9-12 cents. Soybeans bounced back in a big way during the day session after the USDA announced the sale of 352,000 tonnes of soybeans for delivery to Pakistan with 55,000 tonnes delivered in 2021/22 and 297,000 tonnes delivered in 2022/23. Soybeans are now back within 10-15 cents of Tuesday's highs, which they traded before turning extremely lower that day. Much of this week's risk-off and liquidation was partially spurred into motion by weather forecasts that appear encouraging for wrapping up planting season. Weekly ethanol data showed output up 57,000 barrels/day to 1.07 mln bpd and stocks off 751,000 barrels down to 22.96 mln bbls. One of the more interesting headlines as of late was the Ukrainian embassy in Beirut announcing that Russia had shipped an estimated 100,000 tonnes of stolen Ukrainian wheat to Syria. Shortly after the midday point, Russia announced that it is ready to guarantee safety of vessels carrying grain from Ukraine but the market seemed unaffected and took it in stride.