PDF attached

 

Good
morning.
 

 

US
energies are higher this morning and USD about 15 points lower. The Goldman Roll starts today, lasting for 5 business days. US agriculture futures are mixed with light bull spreading in play. US weather, slowing US export demand, and Black Sea supply concerns
were noted this morning. The Great Plains will see rain over the next week. The heart of the US will see rain Friday through Sunday. The northwestern Midwest will turn drier next week while the southeast turns wetter. Black Sea grain export deal talks resume
Friday in Geneva. Earlier this week Russia said it saw no prospects to extend the deal. China May soybean imports jumped to a record 12.02 million tons despite tighter inspection protocols. Offshore values were leading SBO lower by about 107 points this morning
and meal $1.70 short ton lower. A Bloomberg poll looks for weekly US ethanol production to be up 13,000 thousand barrels to 1017k (1000-1026 range) from the previous week and stocks up 72,000 barrels to 22.404 million.

 

 

Fund
estimates as of June 6 (net in 000)

 

Weather

A map of the united states

Description automatically generated with medium confidence

 

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR JUNE 07, 2023

  • Cooler
    temperatures in U.S. crop areas of the Midwest during the coming week will help conserve soil moisture, although anticipated rainfall will be restricted
    • Most
      areas will get “some” rain, but a general soaking will elude the key production areas
    • The
      environment will help keep crops viable, but in need of more rain
  • Drought
    in eastern and southern Alberta and some neighboring areas of western Saskatchewan continues and is not likely to be seriously eased for a while, but the high  pressure ridge over the heart of Canada’s Prairies is expected to abate this weekend and next week
    which will raise the potential for rain in the driest areas, but there is no guarantee that enough rain will fall to begin supporting crops better
  • Northern
    Europe is still quite dry, and the Baltic Sea region is not likely to see much rain for another week; some rain is expected in the North Sea region, especially in the U.K. and parts of northern France within the next week
  • Eastern
    Russia New Lands and neighboring Kazakhstan will receive some needed shower and thunderstorm activity in this coming week and the rain distribution will have to be closely monitored because of the potential for erratic rainfall and only partial relief from
    dryness
  • India’s
    monsoon will continue to perform poorly because of a tropical cyclone in the Arabian Sea disrupting the normal southwest monsoon flow that brings rain to the nation.  This problem will continue for another five to six days
  • Northeast
    and southern China will remain plenty wet over the next ten days while some drying occurs in the Yellow River basin and North China Plain
  • Australia
    weather will remain largely good as it will be in Brazil; Rain is needed in Argentina especially in the west

Source:
World Weather, INC.

 

Bloomberg
Ag calendar

Wednesday,
June 7:

  • China’s
    1st batch of May trade data, including soybean, edible oil, rubber and meat & offal imports
  • EIA
    weekly US ethanol inventories, production, 10:30am
  • Russia
    grain union conference in Gelendzhik, day 2

Thursday,
June 8:

  • USDA
    weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
  • Port
    of Rouen data on French grain exports
  • Russia
    grain union conference in Gelendzhik, day 3
  • HOLIDAY:
    Brazil

Friday,
June 9:

  • USDA’s
    World Agricultural Supply & Demand Estimates (WASDE), 12pm
  • China’s
    agriculture ministry (CASDE) releases monthly supply and demand report