-USDA reports modest soybean sale to unknown
-Indian monsoon off to strong start
-US weather remains non-problematic
-EIA data later this morning
News is exceptionally light this morning leaving soybeans to continue yesterday’s strength with modest additional gains overnight, while corn continues to trade uneventfully and wheat searches for direction. The USDA’s Crop Production and WASDE reports will be out next Thursday, June 11, providing an update on the U.S. winter wheat crop, but the first spring wheat crop estimate isn’t made until July. There doesn’t appear to be any compelling argument for this month’s U.S. balance sheet revisions to provide supportive elements to the markets as the USDA’s corn for ethanol estimate remains too high and their soybean export estimate remains questionable without additional old crop purchases by China, which are doubtful. The USDA’s winter wheat crop estimate could be bumped lower given the overall decline in crop conditions over the last month, but is unlikely to be so by a meaningful degree. EIA’s weekly ethanol data later this morning will be watched closely, as has been the case of late, with continued modestly rebounding production expected, while a close eye will be kept on gasoline demand, as well.
 USDA reported the sale of 186k tonnes of soybeans to unknown this morning, 66k for 2019/20 and 120k tonnes for 2020/21. We would note several wire services reflected the sales being to China, but the USDA’s official posting of the sale is to unknown.
ï‚· Malaysian palm oil exports for the month of May were estimated at 1.247 MMT by SGS vs 1.236 MMT in April and 1.715 MMT last year May.
 Kazakhstan sees this year’s total grain/leguminous crop production at 18.5 MMT, an increase from their previous ideas to not exceed last year’s 17.4 MMT.
ï‚· Taiwan bought 65k tonnes of optional U.S. or Brazilian corn at +124.57 CZ0 (~$182/tonne) for September shipment.
 India’s first week of monsoon rains, for the week ended May 31, which occur in far southern locations, were 61% above the
long-term average.
Weather
Rains fell across most of MN, WI and northern IA yesterday with totals of .50-1†A front will continue to work through the Midwest today into tomorrow, with chances indicating some activity to linger into Friday. Overall, .25-.75†is expected for roughly 75% of MN and IA, with totals of .40-1†in most of MO and the southern ¾ of IL, IN and most of OH. Totals in the rest of IL, IN and into most of WI and MI look to be less than .30â€. Dry weather will then build into the region Friday from west to east. Most of the 6-10 day period looks quiet. Around midweek, a tropical system is expected to track up from the south and interact with a cold front moving in from the NW. The result of this will be for some heavy rains where the two meet. The European still sees the meeting place to be MO, IL, IN and OH, with totals of 1-2â€+ to occur in far SE MO, the SE 1/3 of IL, most of IN, MI and western OH. The front itself would bring rains of .40-1†to the eastern 2/3 of MN and IA. The GFS sees the meeting place to be MN, IA and MO, with .75-1.5â€+ to occur there. The GFS then sees rains of generally less than .30†to fall with coverage of around 65% in areas east of the MS River. The 11-16 day period shows ridging to re-develop and bring above average temps and below average precip to the Midwest for most of the period, with a flattening out late in the period allowing rains and cooler temps to return. Temps in the next week to ten days look to run above average across the belt for the next 5 days and then will cool some to average to a bit below for the 6-10 period.