announced 250,371 tons of soybeans to Mexico and 132,000 tons of soybeans to China. USD was down 67 earlier this morning, and gold up a strong amount. US weather looks very good over the next 10 days with no excessive high-pressure ridge and no prolonged
periods of hot temperatures. Malaysian palm futures traded sharply lower on Monday apparently on forecasts for higher palm oil production and profit taking. China corn futures (one point up 4.3% overnight) reached a record high on tight supplies even after
record reserves auction volumes. We didn’t see any major global tender business over the weekend. Argentina’s export licenses were very good at the end of last week at 570,000. It’s hard to source corn out of Brazil. Some weather concerns for the Black
Sea persistent dryness may continue to gain attention this week. IKAR increased their production forecast for Russia’s wheat crop to 78 million tons from 76.5 million previous, in part to an upward revision to the government’s planted area estimate.
The government pegged the area for harvesting at 29.4 million hectares, the most since at least 1990 and up about 5% from a year earlier.