PDF attached

 

Good
morning.
 

 

The
USD was down 26 points earlier and WTI crude up $1.00.
A
stronger pre-holiday trade. CBOT markets will reopen Monday evening. US weather concerns and Black Sea shipping uncertainty continues to support CBOT agriculture markets. The Russian/Ukraine conflict intensified. Blasts damaged buildings in Russia’s southern
city of Krasnodar. USDA will update crop progress on Monday. We look for a good jump in planting progress, a slight increase in US winter wheat conditions, and near average for US corn conditions, although drought conditions across the WCB could drag the US
aggregate below the 71 percent 5-year average. Malaysian palm ended the week 2.1% higher on long term weather concerns (El Nino) and talk of increasing demand by China and India. Third month (Aug) Malaysia palm futures increased 66 ringgit to 3559 and Aug.
cash increased $7.50 to $827.50/ton. Offshore values were leading SBO higher by about 27 points this morning (145 points lower for the week to date) and meal $2.50 short ton lower ($8.10 lower for the week).

 

 

Fund
estimates as of May 25

 

 

Weather

A map of the united states

Description automatically generated with low confidence

 

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR MAY 26, 2023

  • Not
    many changes overnight
  • Frost
    and freezes occurred in the Great Lakes region this morning with temperatures to 28 Fahrenheit in central Michigan
  • Alberta
    Canada’s drought region and western Saskatchewan may have an opportunity for rain during the last part of next week and into the following weekend – that would prove to be a very important event since some of that region missed the significant rain of earlier
    this week and many emerged crops are struggle with the dryness
  • Other
    areas in Canada’s Prairies either have already received significant rain this week or soon will.
  • U.S.
    Midwest will continue drier than usual over the next ten days with the heart of the Midwest possibly receiving minimal amounts of moisture for two full weeks
    • The
      U.S. National Climate Center believes a “flash drought” is possible from Illinois into parts of Ohio and Kentucky as time moves along in these next few weeks
  • U.S.
    Midwest and Great Plains temperatures will reach the 80s Fahrenheit frequently in the next week to ten days and some eventual lower 90-degree readings will be possible – that will accelerate the drying even if a few showers pop up periodically
  • Rain
    will continue to fall frequently in the U.S. west-central and southwestern Plains during the next ten days with some of that expected to expand northwest into Montana, Alberta and southwestern Saskatchewan in time
  • Improving
    rainfall is expected in Idaho, Montana, Wyoming and northeastern Colorado impacting dry bean and sugarbeet areas as well as other crops
  • Argentina
    soil moisture is more favorable for wheat planting and additional rain in the next two weeks will perpetuate the favorable environment except in the southwest where net drying is still possible
  • Northern
    Europe will continue drier than usual for at least the next ten days, although temperatures will not be excessively warm
  • Southern
    Europe will continue to receive frequent rain along with parts of North Africa
  • Eastern
    Russia’s New Lands will be dry biased and warm for one more week and then some showers and a chance for rain will scatter across parts of the region in the second week of the outlook
  • Western
    Ukraine, Poland, Belarus and the Baltic States will continue dry biased during the next ten days, although soil moisture is still sufficient to carry on normal crop development
  • No
    big changes were noted for India, China or Australia
    • Northern
      India will be wetter than usual while early monsoonal precipitation in the south is limited for a while
    • All
      of China will get rain periodically; Xinjiang temperatures will remain milder than usual
    • Southern
      Australia will receive periodic rain, but interior areas of South Australia, northeastern Western Australia crop areas and areas from northern New South Wales to Queensland will experience net drying
  • Mainland
    areas of Southeast Asia will trend wetter
  • Today’s
    forecast for Malaysia and Indonesia is a little wetter than that of earlier this week in the second week of the forecast

Source:
World Weather, INC.

 

Bloomberg
Ag calendar