Grains Report - Tuesday, June 2

The USDA said 245 mil bu of corn was used for fuel alcohol in April, up from 410,000 mil a month ago and 441 mil last year.
—DDGS production in April was 1.014 mt versus 1.647 mt last month and 1.858 mt a year ago

General Comments Soybeans were a little lower as Chinese demand came once again into question. Overnight wire reports said that China had told its state owned traders not to purchase any more US Soybeans, but during the day the wires said that China had bought 3 to 5 cargoes of US beans. No one knows what to think about all of this. China is looking to curb the dissent in Hong Kong over moves to bring the city more under central government control from Beijing. The world has objected and the US has now imposed some additional sanctions on the country. The sanctions seem designed to keep trade flowing between the countries but the Chinese moves might upend all of that. China has remained a very active buyer in South America even as it has increased Soybeans buying here in the US, so the overall amount taken from the US might not match the hopes of the trade. Brazil prices have been creeping higher for thee rest of the world as it starts to run out of Soybeans to export, so China and the rest of the world will look to the US and Argentina for additional supplies.
Overnight News: China bought 132,000 tons of US Soybeans.
Chart Analysis: Trends in Soybeans are mixed. Support is at 834, 818, and 812 July, and resistance is at 849, 852, and 862 July. Trends in Soybean Meal are mixed. Support is at 280.00, 277.00, and 274.00 July, and resistance is at 286.00, 288.00, and 290.00 July. Trends in Soybean Oil are mixed to up with objectives of 2840 and 3020 July. Support is at 2690, 2660, and 2630 July, with resistance at 2770, 2810, and 2860 July.

China buys at least 3 cargoes U.S. soybeans for Oct or Nov shipment – traders – Reuters News
01-Jun-2020 12:24:52 PM
To view this story on Eikon, click here
June 1 (Reuters) – Chinese state-owned firms bought at least three bulk shipments of U.S. soybeans on Monday, or at least 180,000 tonnes, for shipment in October or November from U.S. Pacific Northwest ports, three U.S. traders familiar with the deals said.
Two traders said at least three cargoes had traded while a third said five cargoes, or about 300,000 tonnes, were sold.

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