- Grain and energy markets mostly weaker this morning. US$ and gold are weaker, while CD$ slightly firmer.
- Crop progress and conditions report out Monday afternoon.
- Goldman Roll begins next Friday.
- Updated US and world balance sheets to be released Wednesday, June 11.
- The Corn market traded lower overnight on mostly favorable weather conditions for the newly seeded crop. The December contract appears to dictate market direction.
- Weekly export sales estimate: 450-850tmt.
- Weekly crop conditions are expected to be 60-70% G/E on Monday afternoon’s report.
- Spreads: Mostly firmer on lack of selling interest, improving cash markets and decent demand. N/U 1 cent firmer at a 7 ¼ cent inverse, N/Z 1 ½ firmer at an 8 cent inverse, U/Z ½ cent firmer at a ¾ cent inverse and the Z/N narrowed slightly to a 21 ½ cent carry.
- The soy complex traded both sides, with the July failing to hold above $15.00 and the November contract unable to push through $12.50.
- Weekly export sales estimates: 400-800tmt for beans, 150-350tmt for meal and 0-35tmt for soyoil.
- Planting progress is expected to be 75-85% complete
- August palm oil closed down 38 at 2423 ringgit. China bean market was weaker overnight while soymeal was a bit firmer.
- The wheat market traded lower overnight on technical weakness and thoughts of a big SRW crop being harvested. Today marks the last trading day for the 2013-14 marketing year (for wheat).
- Weekly export sales estimate: 200-600tmt.
- Spring wheat planting progress should be 80-85% complete. ND and MN should be 70-72% complete as well. Continued wet conditions is slowing planting in the far northern areas.
- There has been significant basis depreciation in the KC and Mpls spot markets this week.
- Weather conditions remain mostly good for the US and Europe but there are concerns about dryness in parts of Russia.