Market recap (changes on week):
- July corn up $.04 at $7.67
- December corn down $.08 at $7.10
- July soybeans down $.34 at $16.81
- November soybeans down $.28 at $15.10
- July soybean oil down 7.31 cents/ pound at 72.48 cents
- July soybean meal up $15 a short ton at $433.80
- July wheat down $.37 at $10.19
Highlights:
- US ethanol production was up 21 thousand barrels per day last week at 1.060 million barrels per week. Corn use was estimated to be nearly 105 million bushels running 8.3% higher than last year’s total at this time.
- The national oilseed processors association reported their members crushed 171.1 million bushels in the month of May, which was 0.5 million bellow trade estimates but up from the 163.5 million in April and the 169.8 million in May of 2021. Cumulative crush sits 21 million bushels ahead of last years pace well below USDA’s current crush estimate.
- Soybean oil stocks of 1774 million pounds were above trader expectations but down month over month.
- The Federal Reserve increased their federal funds rate 75 basis points last Wednesday- that was the largest
- Export sales last Thursday were soft across the board. Old crop corn export sales put in a new marketing year low of 5.5 million bushels. Soybeans, grain sorghum, and wheat were all down week over week. Another 15 million bushels of new crop soybean sales add to an impressive build for 2022/23 soybean sales.
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