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1. Wheat Futures Lower, Corn and Beans Turn Higher Wheat futures fell overnight as rain falls in parts of the southern Plains, providing moisture for growing hard-red winter crops. Some parts of the region, however, may see severe weather from the thunderstorms. The U.S. Department of Agriculture last week said the wheat crop in Kansas, the biggest producer of the grain, will grow 18% year-over-year to 331 million bushels. The average yield is pegged at 48 bushels an acre, up from 45 bushels a year earlier, the USDA said. Harvested acres are seen at about 6.9 million, up from roughly 6.25 million last year. About 38% of the U.S. winter-wheat crop was headed as of last week, which was behind the prior five-year average of 46%. The USDA will update its weekly crop progress report today.

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