– Prices down $0.02-$0.03
– July24 support at $4.38 ¼
– Dec-24 support at $4.58 ¼
– US plantings at 95%, emergence at 85%
– Ratings: 74% G/E (-1%), good (-2%), excellent & poor (+1% each)
– Highest ratings since 2018
– 9 states ratings up, 8 down, 1 unchanged
– EU imports (as of Jun 9): 17.5 mmt (-31.5% YoY)
– Some looking for USDA to cut Argentine production to 50 mmt (-3 mmt)

Soybeans & Soy Products:
– Beans down $0.07-$0.11, meal down $5-$9, oil unchanged
– July-24 beans resistance below $12, support at $11.74 ¼
– July-24 oil support above $43.03
– Spot board crush margins down $0.09 to $0.92 ½/bu
– Soybean plantings at 87%, emergence at 70%
– Initial ratings: 72% G/E (highest since 2018)
– EU imports (as of Jun 9): 12.1 mmt beans, 14.7 mmt meal (both -3% YoY)
– USDA may raise 23/24 stocks by 15 mil bu

Wheat:
– Chicago up $0.10-$0.19, KC up $0.08-$0.11, MGEX up $0.03-$0.05
– July-24 Chicago support above $6.03 ¾ (100-day MA)
– July-24 KC support at $6.44 ¾ (50-day MA)
– Winter wheat: 47% G/E (-2%), highest since 2021
– Harvest 12% complete
– Expect USDA to raise WW production to 1.295 bil bu (+17 mil)
– Jordan bought 60k mt milling wheat at $272/mt
– Egypt’s GASC bought 400k mt wheat (180k Romania, 120k Ukraine, 100k Bulgaria)

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