Wheat inspections were near the upper end of expectations and last week’s tally was revised 75,091 MT higher versus what was initially reported. Soybean inspections, on the other hand, were even lighter than expected.
Grain and soy futures are sharply higher to start the week after a weekend frost. Live and feeder cattle futures are under pressure with lean hogs mixed.
Temperatures dipped below freezing over Memorial Day weekend in the Upper Midwest and Northern Plains, raising questions about slowed development and the possibility some replanting will be needed.
Andrey Sizov, head of SovEcon, says, “Spring weather conditions were favorable for the new winter wheat crop. However, there is a big question mark over the spring wheat crop now."
Harvest of China’s winter wheat crop got underway this month, which along with Chinese changes in recommended feed mixes could cool Chinese buying of corn near-term.
