PDF attached

 

Good
morning.

 

Week
to date

 

 

USD
was up 7 points and WTI 59 cents higher. Ahead of a three day weekend, US grains
and
the soybean complex are higher on follow through buying over dry US weather concerns and higher outside grain and oilseed markets. NOPA’s US crush and soybean oil stocks for the US implied demand was strong last month. We look for a decline in US soybean and
corn ratings when updated next week, and wheat to remain steady.
Palm
oil futures were up 11 percent on the week. August Malaysia palm futures traded 245 ringgit higher (7%) to 3766 and Aug. cash increased $47.50/ton to $860.00/ton. Offshore values were leading SBO lower by 53 points this morning (211 lower for the week) and
meal $6.50 lower ($7.10 higher for the week).

 

 

Fund
estimates as of June 15 (net in 000)

 

Weather

A map of the united states

Description automatically generated with medium confidence

 

World
Weather Inc.

WORLD
WEATHER HIGHLIGHTS FOR JUNE 16, 2023

  • Excessive
    rain fell in northern Florida and a few counties in far southern Georgia Thursday and overnight with 3.00 to 7.60 inches and Pensacola, Fla. reporting 9.84 inches
    • Additional
      waves of heavy rain will fall in these same areas during the coming week to ten days resulting in more flooding and possible crop damage
  • Central
    and eastern Midwest crop areas are unlikely to get much rain for the next ten days; the area includes eastern Iowa and southern Wisconsin through Illinois to Michigan, Ohio and some northern Kentucky locations
    • The
      areas already hurting from dryness are most significant in Illinois, eastern Iowa and some areas in southeastern Minnesota and southwestern Wisconsin
  • Excessive
    rain is expected in western Alberta, Canada Sunday through Tuesday while drought remains in interior southern and east-central parts of the same province
  • Texas
    weather will be hot and mostly dry during the next ten days
  • Mexico’s
    drought will not be seriously eased in the next ten days
  • No
    changes were noted in South America overnight leaving western wheat areas in Argentina dry and southern Brazil wet
  • Europe
    will remain warmer than usual during the next ten days with improving chances for rain in drier areas of the north
  • Russia’s
    Eastern New Lands will be quite cold this weekend into next week resulting in some unusually late frost and freezes
  • Rain
    is expected in eastern Russia’s New Lands and northern Kazakhstan in this coming week to help ease dryness
  • India
    will get heavy rain from Gujarat to Uttar Pradesh this weekend and early next week
  • India’s
    monsoon will begin improving late next week and continuing into early July, but it will take a while for “normal” rain to evolve
  • China’s
    North China Plain and northern half of the Yellow River Basin will experience lighter than usual rain for much of the next two weeks and temperatures will be warm enough for net drying, despite some showers
  • Southern
    China will receive too much rain over the next two weeks resulting in concerns for rice and sugarcane
  • No
    changes of significance were noted for Southeast Asia, Australia or South Africa