Grains Report - Tuesday, June 2

The USDA April soybean crush was pegged at 183 mil bu (estimate was 183 mil bu) versus 192 mil a month ago and 172 last year
—Soyoil stocks were 2.602 bil lbs (estimate was 2.532 bil) versus 2.328 bil last month and 2.258 bil a year ago
—Soymeal stocks were 342,000t versus 369,000t last month and 337,000t a year ago

CANOLA AND PALM OIL
General Comments: World vegetable oils markets were lower. Palm Oil closed higher on ideas of reduced production and reports of better export demand. Palm Oil has been hoping for better demand from importers as world economies slowly open after being closed by the Coronavirus epidemic. A government change in Malaysia helped open the Indian market to Malaysian imports again. China is also buying. Southern Malaysia producers reported a sharp drop in production and there are ideas that all of Malaysia will come in below previous months. Indonesia continues to focus its Palm Oil on internal demand for bio fuels. Canola fell on improved growing conditions in the Canadian Prairies. Canola has found support from the recent recovery in Soybeans and Soybean Oil along with a weaker Canadian Dollar. Canola is more of a food oil than the others, although it also has bio fuels uses. A BC judge ruled against the release of the Huawei executive last week and this renewed trade tensions between Canada and China. The weather has been warmer the past couple of weeks after weeks of cold and wet weather.
Overnight News:
Chart Analysis: Trends in Canola are down with no objectives. Support is at 456.00, 452.00, and 449.00 July, with resistance at 462.00, 468.00, and 470.00 July. Trends in Palm Oil are mixed to up with objectives of 2340 August. Support is at 2240, 2210, and 2120 August, with resistance at 2310, 2350, and 2390 August.

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