PDF attached

 

Good
morning.
 

 

USDA:
Private exporters reported sales of 100,000 metric tons of soybean meal for delivery to Poland during the 2022/2023 marketing year.

 

US
debt ceiling talks are progressing, and more meeting will take place this week. The USD is 24 points lower, WTI 33 cents higher and US equity futures higher.

 

US
weather was good over the weekend, but some drought areas of the Great Plains missed out of on rain (KS). Rain fell the most in southwestern Minnesota, northern Iowa, northern Nebraska, central Oklahoma and central and southern Texas. The European model and
lessor extend GFS model, removed rain from the West Texas for this week. On Friday there might be some light frosts across the Dakota’s.  All US. crop areas will get rain at one time or another in the next ten days.
Canada’s
western Saskatchewan and east-central Alberta will remain mostly dry over the next 7-10 days. Brazil’s center west and center south crop areas will remain mostly dry. Australia will see net drying
this week.

 

Grains
are higher led by KC wheat after USDA reported a very large abandonment for the US crop on Friday. The 2023 Hard Winter Wheat Quality Tour starts today (May 15-18). The tour will cover Kansas and parts of Oklahoma. Soybeans are higher led by soybean meal from
ongoing Argentina crop concerns. Meal is gaining over soybean oil. NOPA crush is due out today and the trade looks for 174.2 million bushels, up from 169.8 million year ago. Malaysia palm futures decreased 32 ringgit to 3616, and cash decreased $12.50 to $865.00/ton.
Offshore values were leading SBO higher by about 45 points this morning and meal $1.40 short ton higher.

 

 

Fund
estimates as of May 12

 

 

Weather

A map of the united states

Description automatically generated with medium confidence

 

 

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR MAY 15, 2023

  • Rain
    was removed for West Texas this week as the European model which was so insistent that rain was going to fall heavily in this coming week backed off the outlook during the weekend. The GFS model also backed out of some of its rain predicted
    • Opportunities
      for rain will return to the southwestern Plains late this week and next week
  • Weekend
    precipitation was heavy in southwestern Minnesota, northern Iowa, northern Nebraska, central Oklahoma and central and southern Texas; many areas that had been a little too dry got relief
  • Kansas
    was left dry during the weekend, but should get rain this week – first in the east early this week and then in the west late this week and into the weekend
  • Canada’s
    Prairies in western Saskatchewan and east-central Alberta will remain in a drought for the next ten days with little to no rain and warm temperatures prevailing
  • Other
    areas in the Prairies will also dry down, but soil moisture is better in those areas
  • There
    is potential for frost and a light freeze or two in the eastern Canada Prairies late this week and frost would be possible in a few counties in North Dakota and northern Minnesota, although the impact should be low in all areas
  • All
    U.S. crop areas will get rain at one time or another in the next ten days supporting early season crop development and yet enough dry weather will support planting at times
  • Argentina
    wheat areas will get rain periodically starting in the second half of this week and continuing through next week
  • Brazil’s
    center west and center south crop areas will be dry biased for the next ten days which is normal for this time of year
  • South-central
    Europe will continue to receive too much rain too often during the next week to ten days
  • Australia
    wheat, barley and canola areas will be left drier than usual in the next ten days
  • Tropical
    Cyclone Mocha moved into northwestern Myanmar Sunday morning producing 122 mph wind speeds, torrential rain and flooding

Source:
World Weather, INC.

 

Bloomberg
Ag calendar

Monday,
May 15: