Corn Morning Update & Commentary

<div><font face="arial" size="3">Corn Morning Update &amp; Commentary</font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3">QT News - Top News&nbsp;</font></div><div><font face="arial" size="3">-- The Korea Feed Association (KFA) in South Korea purchased about 65,000 tonnes of animal feed corn expected to be sourced from South America in a private deal without issuing an international tender, European traders said on Tuesday.</font></div><div><font face="arial" size="3">-- Grain trade sources Monday reported 65,000 mt of South American origin feed Corn was bought by Korea Feed Association in their snap tender today.&nbsp; They reportedly paid $384.21/mt cf.&nbsp; The grain is for delivery by August 10th.</font></div><div><font face="arial" size="3">-- President Joe Biden said on Tuesday discussions are ongoing about potentially dropping U.S. trade tariffs on China</font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3">Analysts Expectations for May 2022 USDA-WASDE Supply/Demand Report</font></div><div><font face="arial" size="3">Analysts and traders are forecasting US 22/23 Corn Production at 14.78 billion bushels ahead of Thursday's monthly USDA crop report.&nbsp; Last year's crop was 15.115 bln bu.&nbsp; Yields for the 22/23 season are forecast at 179.9 bushels per acre, that compares to last season's 177.0 bushels per acre.</font></div><div><font face="arial" size="3">Ahead of Thursday's monthly USDA crop report, analysts are forecasting US 21/22 Corn ending stockpiles at 1.412 billion bushels, that compares to the April report figure at 1.440 bln bu.</font></div><div><font face="arial" size="3">Ahead of Thursday's monthly USDA crop report, analysts first look at US 22/23 Corn ending stockpiles are at 1.352 billion bushels</font></div><div><font face="arial" size="3">Analysts are forecasting Thursday's monthly USDA crop report to show 21/22 Global Corn ending stockpiles at 303.8 mln mt, that compares to April's figure at 305.46 mln mt.&nbsp; In a first look at 22/23 global ending stocks, analysts expect them at 296.9 mln mt.</font></div><div><font face="arial" size="3">Survey of analysts shows they expect the 21/22 Argentina Corn crop at 51.8 mln mt in Thursday's monthly USDA crop report, that is off from the 53.0 mln mt in the April report.&nbsp; The 21/22 Brazil Corn crop is seen at 113.6 mln mt off from the 116.0 mln mt predicted last month.</font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3">Pending Tenders</font></div><div><font face="arial" size="3">-- Pending Tender:&nbsp; Grain trade sources on Wednesday reported Jordan announced yet another tender seeking 120,000 mt of feed grade Barley, the offer deadline is May 10th.&nbsp; The grain is for shipment in August or September.</font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3">-- Euronext Paris June corn futures on Wednesday are trading +1.00 euros higher at 360.50 euros/mt</font></div><div><font face="arial" size="3">-- Dalian Sept corn futures on Wednesday traded flat ending at 2,971 yuan/mt</font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3">-- Outside markets.&nbsp;</font></div><div><font face="arial" size="3">Gold<span style="white-space:pre">	</span>1,852.30<span style="white-space:pre">	</span>11.30<span style="white-space:pre">	</span>0.61%<span style="white-space:pre">	</span></font></div><div><font face="arial" size="3">Silver<span style="white-space:pre">	</span>21.765<span style="white-space:pre">	</span>0.341<span style="white-space:pre">	</span>1.59%<span style="white-space:pre">	</span></font></div><div><font face="arial" size="3">Crude Oil<span style="white-space:pre">	</span>103.82<span style="white-space:pre">	</span>4.06<span style="white-space:pre">	</span>4.07%<span style="white-space:pre">	</span></font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3"><br></font></div><div><font face="arial" size="3">QT News Cash Markets</font></div><div><br></div><img src="https://download.qtmarketcenter.com/jay/2022-05-11_5-55-22.jpg">