Monday is the Memorial Day holiday in the U.S. and all markets will be closed. The Memorial Day weekend signals the start of summer, which means we are also about to enter the guts of the Northern Hemisphere's growing season. Here are a few things to ponder over this long weekend.

The EU's wheat export pace has been quite phenomenal. The EU has exported about 5.5 MMT more wheat than in the previous marketing year. It will draw down ending supplies to less than 10 MMT, which will be a smart move as long as the 2013 wheat crop there is as large as some are currently projecting. Much of Western Europe has had a very cold and wet spring. That might have a negative impact on production if it doesn't warm up and dry out soon. U.S. farmers...