Russia 12.5% protein wheat FOB Jun–Jul $245/mt, +$5 WoW; New‑season Jul $242/mt, +$2 (IKAR); May exports est 3.0–3.3 mln mt (IKAR); Sovecon 12.5% range $242–244/mt vs $240–242 prior week.

Domestic News 1. Xi Jinping meets with Pakistani Prime Minister Shahbaz. 2. Xi Jinping holds talks with Serbian President Aleksandar Vučić. 3. Pan Gongsheng, Governor of the People's Bank of China, meets with Bank of France Governor De Gallo. 4. Wang Yi meets with Pakistan's Chief of Defence Forces and Army Chief of Staff Munir. 5. Huawei releases its Semiconductor Theory: It is projected that by 2031, the transistor density of high-end chips based on this theory will reach the same level as 1.4-nanometer processes. 6. China responds to the four-month ban on heavy rare earth exports to Japan: China prohibits the export of dual-use items to Japanese military users and for military purposes in accordance with laws and regulations, aiming to curb Japan's "remilitarization" and nuclear ambitions. 7. China responds to the possibility of a US-Iran agreement: The door to dialogue, once opened, should not be closed again. The momentum of easing tensions should be maintained, the general direction of a political solution should be adhered to, and a solution that takes into account the concerns of all parties should be reached through dialogue and consultation. 8. Unitree Robotics' IPO on the Science and Technology Innovation Board will be reviewed on June 1st. International News 1. Khalibaf re-elected Speaker of the Iranian Islamic Parliament. 2. According to Yonhap News Agency: Samsung's non-chip division union has applied to halt the wage vote. 3. Guinea, the world's largest bauxite producer, will announce export control measures in June. 4. Energy and chip sectors lead gains; Italian stocks hit their first new high in 26 years. 5. According to TASS: The Russian Foreign Ministry stated that Russia has begun a series of strikes against Ukrainian defense industrial facilities in Kyiv. The Russian Foreign Ministry urged foreign citizens to leave Kyiv. 6. BlackRock stated that under the leadership of the new Federal Reserve Chairman Warsh, the Fed may have sufficient reason to support a rate cut rather than a rate hike. 7. Iran War – ① Iranian media: Neither Iran nor the US made any commitments regarding the nuclear issue in the draft agreement. ② Iranian Foreign Ministry spokesperson: We will not impose passage fees on the Strait of Hormuz. Charging for services is normal, but it should not be considered a transit fee. ③ Iranian Foreign Ministry Spokesperson: We have reached a framework, but no one can say for sure that the US and Iran will reach an agreement soon. The potential memorandum of understanding does not contain specific details regarding the management of the Strait of Hormuz. There are currently no plans to send a delegation to Pakistan. ④ The Iranian delegation concludes its talks in Qatar and will return to Tehran. ⑤ Air raid sirens sounded over Qeshm Island, Iran. ⑥ Trump stated that negotiations with Iran are progressing well and called on several Middle Eastern countries to join the Abraham Accords. ⑦ Qatari media: The Strait of Hormuz will be opened in phases. ⑧ US Secretary of State: The US and Iran have "credible solutions" for opening the Strait and the Iranian nuclear issue.

HEZBOLLAH Says 11:10 Local Monday In Dibil, Lebanon Ababil Attack Helicopter Targeted Israeli Merkava Tank; Hit Confirmed