Macroeconomics

1. [US Manufacturing PMI] Data from the Institute for Supply Management (ISM) shows that the US manufacturing PMI fell by 0.7 points to 53.3 in June. While this was below the expected 53.9, the figure remains near a four-year high. Driven by falling oil prices, the Prices Paid Index dropped sharply by 9.1 points to 73, marking the largest monthly decline since July 2022.

2. [US ADP Employment] US ADP employment rose by 98,000 in June—the smallest increase since March—falling short of the market expectation of 118,000.

3. [Eurozone CPI] Eurozone inflation cooled more than expected in June; headline CPI fell to 2.8% year-on-year, core CPI dropped to 2.4%, and services inflation eased from 3.5% to 3.2%. Following the data release, market bets on further interest rate hikes by the European Central Bank cooled significantly.

Agricultural Products

1. [Rapeseed/Canola] A seeded area report released by Statistics Canada on Tuesday indicates that Canada's rapeseed/canola planting area for the 2026/27 crop year is projected to hit a record high of 23.44 million acres. This surpasses the previous record of 23.01 million acres set in 2017, represents an 8.4% increase from last year's 21.62 million acres, and exceeds market expectations.

2. [Soybean Meal] The National Association of Grain Exporters of Brazil (ANEC) projects Brazil's soybean meal exports for June to reach 2.4 million tons, down from the previous week's estimate of 2.5 million tons.

3. [Corn] Brazil's National Supply Company (CONAB) reported that as of June 26, the harvest progress for the second corn crop (safrinha) stood at 18.8%, compared to 11.0% the previous week, 17.0% during the same period last year, and a five-year average of 24.6%.

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