– Wheat, corn, and soybean futures are down overnight and for the week

– Year-to-date, most crop futures are down except HRW wheat

– Chinese and Malaysian palm oil futures are up

– No major changes in futures open interest or registrations

– Weather outlook:

    – Northern Plains: Drier through the weekend, patchy rainfall early next week

    – Central/Southern Plains: Showers and storms Friday into early next week

    – Midwest: Drier pattern allowing for remaining planting and replanting

    – Delta: Drier through next week with mild temperatures

    – Canadian Prairies: Mostly dry with improved soil moisture

    – Brazil: Dry and unfavorable for immature safrinha corn, early harvest started

    – Argentina: Dry, unfavorable for winter wheat planting and establishment

– Funds: Net sellers of wheat and soybeans; buyers of corn, soymeal, and soyoil

– Various international tenders and purchases of corn, wheat, and barley

– U.S. Gulf Coast basis bids mostly steady to weaker for corn, steady to higher for soybeans

– U.S. Midwest basis bids mostly steady for corn and soybeans

– Hard red winter wheat basis unchanged; protein premiums up for some grades

– Surveys show expectations for U.S. and global ending stocks, production, and exports

– China’s May soybean imports down 15% year-on-year, but up from April

– Surprise tax change in Brazil upends crop trading as top traders withdraw offers

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