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Grains, soy surge on first weather scare of year

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.

Frosts/freezes over the holiday weekend have grain and soy futures soaring to start the week.

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Grains seen trading lower, livestock steady to firmer.

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.

Grain and soy futures traded in a two-sided range overnight. Some expect the harvest of China’s wheat crop to temper its voracious corn buying.