First day of June, first day of a new marketing year in wheat according to the USDA calendar!

Values were mostly negative to start out the week and month with corn shedding 2-3 cents and wheat down 4-8 cents depending on class. Soybeans closed flat on the day. Weekend news was negative for US/China relations with the Chinese government directing state agencies to halt purchases of US soybeans and farm goods, threatening the viability of the Phase 1 agreement. In corn, growing weather appears to be generally favorable across the US with warmth aiding emergence and widespread rains across much of the cornbelt in the extended forecast.  The large net short position held by money managers is a supportive input for corn. Weekly export inspections were generally negative relative to USDA projections.

After teh close, Egypt’s GASC issued a tender for optional origin wheat for July 10-25 shipment.