PDF attached

 

Good
morning.

 

Minneapolis
wheat is leading Chicago and KC wheat lower this morning from follow through correction in spreads.  Soybeans and corn are lower on technical selling and lower outside markets.  Malaysian palm oil traded sharply lower by 178 points (5-week low) and cash was
off $35/ton to $1,015. The trade will get 4 major reports on Thursday so expect positioning today. 

 

Upper
MN and southern WI saw rain over the past day.  A good portion of the ECB was wet.   It will be another hot one for much of the US today.  Canadian Prairies weather improves through Friday with an increase in rainfall.  The Northern Great Plains will see more
local rains through Friday as indicated in the evening GFS model.  Rain for the Northern Plains over the past day was near expectations.  The morning weather forecast is largely unchanged for the US.  The Midwest will see rain bias the southeastern areas through
Friday, some rain in the northwest Friday and central areas Saturday.  Brazil’s MGDS, southern Minas, southern Goias, Sao Paulo, through RGDS will see rain through the end of the workweek.

 

 

 

Weather

 

 

 

World
Weather, Inc.

WORLD
WEATHER HIGHLIGHTS FOR JUNE 9, 2021

  • More
    rain is slated for the northern U.S. Plains and Canada’s Prairies during the next few days, but this is not a “long term” trend changer and more drying will return to these areas beginning late this weekend and lasting for an extended period of time.
    • Crop
      improvement will certainly occur for a little while.
  • Western
    U.S. Corn Belt crop areas will experience erratic rainfall that may result in a dry bias later this month and that will need to be closely monitored.
  • China
    weather still looks to be improving in east-central parts of the nation
  • India’s
    predicted monsoon depression has lost some intensity, but will still bring significant rain from Odisha to Madhya Pradesh.
  • South
    America’s weather was unchanged overnight
    • Argentina
      still has need for rain in its winter wheat production region
    • Brazil’s
      Safrinha corn areas are experiencing little weather change leaving northern areas dry
      • Most
        of the crop is filling and maturing with harvesting expected to begin soon
      • Changes
        in production potential should not change much from this point forward
  • The
    Russian southern New Lands and northern Kazakhstan dryness is expected to continue for a while. 
  • A
    Sukhovei is still expected briefly in Russia and Kazakhstan early to mid-week next week resulting in a strong east to northeasterly drying wind occurring across western Kazakhstan and some Russia Southern region production areas while temperatures are in the
    90s Fahrenheit and a few extremes over 100 Fahrenheit
    • This
      will be most significant early to mid-week next week
  • Western
    Europe will be drying down for a while, but no excessive heat is expected; the need for rain will be rising over time, though
  • Western
    Russia and Ukraine are expecting waves of rain for a while longer keeping the ground wet
  • Australia
    will see a mix of rain and sunshine; there is still need for greater rain in South Australia, Queensland, northwestern Victoria and western New South Wales
  • Canada’s
    Prairies are getting some relief from dryness and more is expected over the next few days
  • Southeastern
    Canada’s corn, soybean and wheat areas are experiencing mostly good weather
  • A
    tropical cyclone will form in the South China Sea Friday and move across Hainan, China and the inland near the Vietnam/China border
  • A
    tropical disturbance will form along the Guatemala Pacific Coast later this week generating a boost in rainfall in that nation and parts of southern Mexico and El Salvador

Source:
World Weather, Inc.

 

Bloomberg
Ag Calendar

Wednesday,
June 9:

  • EIA
    weekly U.S. ethanol inventories, production
  • International
    Grains Council Conference, day 2
  • FranceAgriMer
    releases monthly grains report

Thursday,
June 10:

  • USDA’s
    monthly World Agricultural Supply and Demand (WASDE) report, 12pm
  • USDA
    weekly crop net-export sales for corn, soybeans, wheat, cotton, pork, beef, 8:30am
  • China’s
    agriculture ministry (CASDE) releases monthly report on supply and demand for corn and soybeans
  • Malaysian
    Palm Oil Board inventory, output and export data for May
  • Brazil’s
    Conab releases output, yield and acreage data for corn and soybeans
  • Port
    of Rouen data on French grain exports
  • Malaysia
    June 1-10 palm oil export data

Friday,
June 11:

  • ICE
    Futures Europe weekly commitments of traders report (6:30pm London)
  • CFTC
    commitments of traders weekly report on positions for various U.S. futures and options, 3:30pm
  • FranceAgriMer
    weekly update on crop conditions

Source:
Bloomberg and FI

 

 

 

 

Macros

US
MBA Mortgage Applications Jun 4: -3.1% (prev -4.0%

Mexican
CPI Core (M/M) May: 0.53% (est 0.48%; prev 0.37%)