Wheat futures surged in overnight trading on concerns that the hard-red winter wheat crop was damaged by frost over the weekend.
Temperatures dropped into the mid-20s for several hours in parts of the southern Plains, potentially causing damage to plants that lacked a protective layer of snow. In some areas, snow buried plants that had already headed.
Potential damage may shrink a historically small U.S. wheat crop. Growers are forecast to plant the least wheat in 108 years due to low prices and low profitability, according to the Department of Agriculture.
Wheat for July delivery jumped 9¢ to $4.41¼ a bushel overnight on the Chicago Board of Trade, and Kansas City futures surged 14½¢ to $4.51¾ a bushel.
Soybeans gained 7¾¢ to $9.64 a bushel in Chicago. Soy meal rose $2.70 to $318.50 a short ton, and soy oil added 0.11¢ to 31.82¢ a pound.
Corn futures for July delivery rose 4½¢ to $3.71 a bushel.