Crude Oil Continues to Sink Hitting Three Week Low

Published on: 13:19PM Jun 02, 2017

Grains were mixed overnight with modest changes heading into the morning break. In outside markets, crude oil continued to sink to hitting its lowest mark in three weeks.

 

USDA reported the sale of 200,000 MT of soybeans to Spain this morning. The deal was for 70,000 MT of OC 2016 delivery and the remaining 130,000 MT for NC 2017.

 

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US weather is leaning towards the dry side which should aid the Southern Plains wheat harvest. Meanwhile in France, the wheat crop there declined slightly as FranceAgriMer estimated that 75 percent of soft wheat was in good or excellent condition by Monday compared with 76 percent a week earlier. Last week’s heatwave may have impacted the crop there.

 

Yesterday after the market closed USDA reported their monthly industrial crushing data. That showed soy crushings in April of 149.8 MB vs expectations of 148.1 MB. For corn, 432.8 MB were used for fuel alcohol in April, that is up from 400.7 MB in the same month last year.

South Korea feed buyer NOFI bought 138,000 MT of corn and 64,000 MT of feed wheat. The source is optional origin. Weekly export sales released this morning by USDA were strong for NC wheat and OC soybeans, but otherwise at the low end of expectations or below expectations.
 

Export Sales-

 

Actual

Estimated

Wheat - OC

-29

(100)-100

Wheat - NC

810

250-450

Corn - OC

412

450-650

Corn - NC

139

0-200

Soybeans-OC

610

200-400

Soybeans-NC

16

0-150

 

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