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equities are now suggesting a lower open. The USD was down 30 points earlier and WTI crude oil $0.06 higher. US agriculture markets are higher from short covering, Black Sea shipping concerns and renewed US weather concerns. The US weather forecast turned
slightly negative for the US Midwest. The northern Midwest and western IA will see rain through Friday. Overall, the US Midwest will dry down over the next ten days with temperatures above normal. US Great Plains will continue to improve with precipitation
over the next week. China’s largest producing state of Henan is forecast to receive additional rain over the next week. Soybeans and wheat are leading the charge higher this morning. The recent slump in prices attracted global import tenders. Malaysian palm
futures ended higher on technical buying after dropping more than 10 percent during the Monday-Wednesday period. Offshore values were leading SBO higher by about 51 points this morning and meal $0.20 short ton higher. A Bloomberg poll looks for weekly US ethanol
production to be up 15,000 thousand barrels to 998k (990-1010 range) from the previous week and stocks down 63,000 barrels to 21.979 million.


estimates as of May 31



A map of the united states

Description automatically generated with medium confidence


Weather Inc.


  • Not
    many changes overnight
  • Northern
    Europe will continue unusually dry for at least another ten days,  though no extreme temperatures are expected
  • Eastern
    Russia’s New Lands will be dry for a few more days before rain scatters through the production region, but rain is expected next week offering “some” relief to recent drying
  • Kazakhstan
    will continue dry biased throughout the next ten days
  • Western
    Australia received some welcome rain overnight with locally heavy amounts in the south
  • All
    of Australia still has a very good chance for additional needed moisture in each of the major wheat, barley and canola production areas during the coming ten days
  • North
    Africa and southern Europe will continue wetter than usual
  • India’s
    monsoon will perform poorly in the first half of this month in southern and eastern parts of the nation
  • Tropical
    cyclones may evolve next week in the Arabian Sea, Bay of Bengal and South China Sea
  • U.S.
    Midwest crop areas will continue to dry down over the next ten days with temperatures very warm through the weekend and then a little milder briefly next week
  • U.S.
    Great Plains weather will continue wettest from western Texas to Montana
  • Saskatchewan,
    Canada will receive frequent rainfall during the next ten days except in the southeast where net drying is likely
  • Southern
    Manitoba, Canada will be drying out for a while as well while the biggest concern remains in eastern and southern Alberta where drought remains a serious concern

World Weather, INC.


Ag calendar

June 1:

  • EIA
    weekly US ethanol inventories, production, 11am
  • USDA
    soybean crush, corn for ethanol, DDGS production, 3pm
  • Port
    of Rouen data on French grain exports

June 2:

  • FAO
    food price index, monthly grains report
  • USDA
    weekly net- export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
  • ICE
    Futures Europe weekly commitments of traders report
  • CFTC
    commitments of traders weekly report on positions for various US futures and options, 3:30pm
  • FranceAgriMer’s
    weekly crop condition report
    Italy, Indonesia