Wheat closed higher again today, if futures close higher tomorrow it will be a full week with a higher close. Corn futures were also higher today, and soybean futures closed mixed. Wet weather is poised to hit the midwest US over the weekend and it will slow planting progress. We could see short covering from the funds in tomorrow's trade ahead of the wet weather and slower planting progress. US weekly export sales were strong for corn at 51.18mil bu, much higher than last week's 19.73, and also above the weekly average of 15.26 mil bu needed to meet USDA's export projection. Soybean and wheat sales weren't strong at 7.75 mil bu and 3.01. Weekly averages needed to meet USDA's projection is 9.23 mil bu for soybeans, and 3.72 mil for wheat. |