Key facts
- Futures consolidated in early trading on Friday.
- Managed money liquidations removed risk premium from the market.
- Above-normal temperatures and scattered rains are forecast for the US next week.
- US is currently losing soil moisture at an elevated rate.
- The May jobs report showed 90,000 more jobs added than expected.
- Unemployment remains at 4.3%, with many new positions being rehires.
- Hourly wages fell short of expectations.
- The Philippines booked 190,000 metric tons of soy meal.
Agricultural futures experienced consolidation in early trading on Friday, with price swings this week being wide due to managed money liquidations that reduced the market's risk premium. Current US weather forecasts indicate above-normal temperatures over the next week with scattered rains, but soil moisture is being lost at an elevated rate. The May jobs report showed 90,000 more jobs added than expected, although the unemployment rate remains at 4.3%, with many of these positions being rehires. Hourly wages also fell short of expectations. In commodity news, the Philippines booked a purchase of 190,000 metric tons of soy meal.