July Soybeans ended Fridays session a nickel higher while November soybeans ended Fridays session down 11 cents as that spread was once again the feature. Traders say the focus of activity was primarily concentrated in the spreads as once again we have moved into new highs. The July/Nov spread closed into new highs on Friday at 210 July over Nov. Volume was relatively heavy as traders prepare for tomorrows grain stocks and acreage report. Volume on Friday, Soybeans 152,316, Meal 73,349 Oil 79,928. Funds were net sellers of 3,000 Soybeans, 1,000 Oil and even in Meal.

Early opening call slightly higher. Traders expect a quiet day today ahead of the crop report tomorrow. Pre report expectations are expected to show soybean stocks at 585 mil bu. down 13% from a year ago and expectations are for plantings to be at a record high in response to this years strong pricing. Agronomists say last weeks heat wave in the US helped crops make up for lost time due to late planting. Now were going into a cooler dryer weather pattern according to new weather forecasts. Agronomists add that a prolonged stretch of above normal temperatures would not be good if it extended much longer. The 6 to 10 day forecast calls for normal to below normal precip and below normal to much below normal temps. Tomorrow is also first notice day for all July Grains. Overnight Chinese Soybeans, Meal and Oil futures closed lower.

Early Opening calls: Soybeans 3 to 5 higher, Oil .05 higher, Meal $1.00 to $2.00 higher.

Top News -- Analysts expect Tuesday's USDA quarterly Jun 1 grain stocks of Corn at 4.20 bln bu.; Soybean stocks at 585 mln bu; Wheat stocks at 670 mln bu -- In Tuesday's USDA acreage report analysts expect Soybean acreage at 78.1 mln acres; Corn acreage at 84.2 mln acres; Cotton acreage at 8.80 mln acres. -- USDA Ag Sec says credit crunch has put the ethanol industry in tenuous position -- USDA Ag Sec says he's stayed in contact with Sen Ag Chmn about Congress ensuring commodity market speculation helps those markets rather than hinder price signals, he made those comments during a Reuters interview -- Minister of Trade for Canada say he hopes his country can increase exports of ag goods to Saudi Arabia by 40% this year. -- The lower House of the Argentine Congressional race shows the President's majority was lost in weekend elections, while her husband also lost a high profile race in mid term elections -- Dry weather, lack of pasture, & potential for winter feed shortage prompts Alberta, Ca trade group to suggest ranchers will thin the herd by between 10 -25% this year to stay in business -- CME Group to begin Latin American Commercial Incentive Program in August to help rally reduced cost electronic trading for Latin American Ag Products on the CME & CBOT. -- CME announced June 5th that electronic trading hours for the CBOT grains, oilseeds and ethanol contracts will be expanded in the morning by one hour and fifteen minutes, until 7:15 a.m., beginning July 1. -- The KCBT Board of Directors approved the expansion of overnight electronic trading hours for the KCBT's hard red winter wheat futures and options contracts effective with the July 1, 2009 trade date. Hard red winter wheat futures and options will trade electronically from 6:00 p.m. to 7:15 a.m. CT Sunday through Friday -- Dalian Jan Soybean Futures down -25 yuan to settle at 3,637 yuan; Jan Meal down -20 yuan to 2,900 yuan; Jan Soy Oil down -146 yuan to 7,402 yuan. ($1=6.83 yuan) -- Malaysian Palm Oil Futures for September fell -25 ringgit to settle at 2,262 ringgit -- LIFFE Aug Rapeseed futures down -1.00 euro to 290 euro/mt -- eCBOT Soybean Vol. 122,908; Pit Vol. 18,534; Open Interest Change: -11,086 -- Weather: 6-10 Day Forecast: Normal to Below Temps. Normal to Above Precip. -- Outside markets. Energy +0.70 to 69.86; Gold & Silver: +1.6 to 942.6; US $ Slightly better than the Yen and Euro

Cash Markets -- CIF SR Wheat steady off 10. June -5 to -?? July -5 to -?? Aug. -10U to -??

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