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Quiet Consolidation After Volatile Price Week in Grains, Soybeans

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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.

“Reports indicate much of this week’s heavy rains was immediately absorbed by the severely dry soils, with no runoff into empty dugouts or ponds,” according to today’s Drought Monitor Summary.

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