Grains are mixed to higher. US stocks are higher. Gold is slightly lower. Crude is lower. USD is lower. USD could drop if US announces involvement to Israel/Iran conflict. Some south US ridging is now forecasted. South plains could be dry helping harvest. Weekend Midwest heat should dissipate second half of next week. West EU is dry. Dry China areas could see rains. In Trump first administration, US/China trade war cost US farmers $27 billion. US government gave farmers $23 billion in compensation. Tariffs threat could keep US Fed from lowering rates. Kraft Heinz will remove all artificial dyes. CBOT grains closed Wednesday night and Thursday for holiday. Will reopen Thursday night.
SU is over 10.60 resistance. BOU up against 55 cent resistance. Dalian soybean, soymeal, palmoil and soyoil were higher. One group looks for lower US 25/26 exports and carryout closer to 493. Argentina is low cost soybean and soymeal origin. Some est US June 1 soybean stocks near 984 mil bu vs 970 ly. Some say on farm stocks could be below last year. EU oilseed imports 21.0 mmt vs 18.8 ly. USDA announced 120 mt US soymeal to unknown for 2025/26.
CU is near 4.25. July options expire Friday. Dalian corn futures were higher. One group est US 2025/36 carryout closer to 2,027 mill bu due to lower exports. Argentina is low cost corn origin. Some est US June 1 corn stocks near 4,683 mil bu vs 4,997 ly. Some say on farm stocks could be below last year. EU feed grain imports 19 mmt up 7 pct vs last year. Exports down 41 pct vs ly. China May grain imports down from April.
WU is near 5.70. KWU is near 5.67. MWEU is near 6.47. Increase Mid East tension triggered fund short covering. Rains are forecast for ND and S Canada prairies. Some est US June 1 wheat stocks near 842 mil bu vs 696 ly. HRW 396 vs 274 ly, SRW 115 vs 126 ly and HRS 227 vs 190 ly. Some say on farm stocks could be below last year. Some feel WU range could be 5.20-5.80. KWU 5.00-5.60. MWU 5.80-6.60. EU wheat exports down 33 pct vs ly. Imports down 19 pct.
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