PDF attached

 

Good
morning.
 

 

USDA
report day. Reuters convenience table is attached.

 

 

Soybeans
turned mixed before the electronic close. Higher meal supported nearby soybeans. Soybean oil is slightly lower on follow through product spreading. Corn was near unchanged and light technical buying lifted wheat higher. Turkey said the Black Sea grain deal
extension is nearing. Two days of talks in Istanbul ended without an agreement but negotiations will continue online. China in their monthly S&D update increased both corn and soybean 2023-24 production from 2022-23, and lowered corn and soybean imports for
the 2023-24 season from current. Third month Malaysian palm oil futures increased 45 ringgit to 3648, and cash increased $5.00 to $877.50/ton.  Offshore values were leading SBO higher by about 71 points this morning (34 higher for the week to date) and meal
$2.40 short ton higher $0.80 higher for the week). 

 

Rain
will fall across West Texas through the weekend, improving topsoil moisture but don’t discount local flooding. The northern US Plains will trend wetter through the weekend. The central US Great Plains will see net drying to some light rain. Weather is favorable
for much of the Midwest, but a couple light frost events may occur bias north over the next week. Brazil will remain dry over the next 10 days. Europe will experience heavy rain and flooding during the coming week from Italy into the eastern Adriatic Sea region.

 

Fund
estimates as of May 11

 

 

Weather

A map of the world

Description automatically generated with low confidence

 

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World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR MAY 12, 2023

  • Somewhat
    greater rain was advertised in North Africa during the week next week and into the following weekend, although some of that moisture is coming a little late to seriously change wheat and barley production
  • Abundant
    rain will continue to impact south-central Europe during the coming week as well
  • Argentina
    is advertised a little wetter beginning late next week and continuing through the following weekend and the moisture may be good for winter wheat planting
  • Brazil’s
    center south and center west crop areas will be dry through the next ten days which is not unusual at this time of year, although the ground is firming up
  • Rain
    will fall in Rio Grande do Sul and Paraguay late next week and into the following weekend bolstering soil moisture once again
  • The
    ECMWF model is promoting rain in West Texas from Saturday through Tuesday of next week with significant amounts expected
    • The
      GFS is less wet, but planting moisture will be substantially improved for corn, sorghum and cotton
  • Beneficial
    moisture has already brought notable relief to dryness in southwestern Nebraska, northwestern Kansas and northeastern Colorado and it is now raining favorably in the western Dakotas, eastern Montana and southeastern Saskatchewan where a notable boost in precipitation
    is also expected
  • U.S.
    Midwest, Delta and southeastern states will see a favorable mix of moisture
  • Recent
    rain in Alberta, Canada has brought on pockets of relief and more rain is needed, but not likely for a while
  • Canada’s
    Prairies will be dry and unusually warm to hot after rain ends in the southeast Saturday for most of the following week
  • Ontario
    and Quebec are warming up beneficially for corn and soybean planting
  • India,
    China, Australia and South Africa weather has not changed much from that suggested Thursday

Source:
World Weather, INC.

 

Bloomberg
Ag calendar

Friday,
May 12: