Wheat futures closed higher again, with corn and soybeans closing sharply higher as the uptrend in the grain markets continued. Commodity funds were again on the buying side, covering about 10 million bu of their short position in wheat and adding 40 to 50 million bu to their long positions in the corn and soybean markets. Commercials were also on the buy side today. Export Sales this morning were bullish for corn and soybeans. Corn sales totaled 40.6 million bu and soybean sales came in at a strong 79.6 million bu. Wheat export sales actually came in on the low side of estimates at only 11 million bu including 1.7 million bu in White Wheat sales. Locally we have received some general rains over the last 24 hours and we have a good chance for more over the next 10 days.
Odessa Seed Plant Hours Mon - Fri 7:30 am to 3:30 pm
Harrington Seed Plant Hours Mon - Fri 7:30 am to 4:00 pm Saturday by Appointment
Market hours: AM 9:00-11:10, PM 3:00-4:30 No PM market on Fridays No PM Hard Wheat Markets
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There was relatively limited reaction Tuesday from commodity groups and lawmakers about USDA's announcement to roll out the Actual Production History yield exclusion for crop insurance. Still, anyone who has some total crop collapses in their cropping history could see some benefits -- at the potential cost of higher premiums for that extra protection level.