Corn: 4 to 6 cents higher; planting delays.
Wheat: 3 to 5 cents higher; positive outside markets.
Soybeans: 4 to 6 cents higher; dollar under pressure.
Meal: $2 to $3 higher; following soybeans, commodities.
Soyoil: 10 to 20 points higher; spillover from soybeans.

Grain futures were slightly higher overnight on support from continued weakness in the U.S. dollar index, which slipped to its lowest level since Aug. 8, 2008. Gold futures have trimmed gains after posting another all-time high earlier, with crude oil now choppy.

Corn futures were the leader to the upside overnight, being supported by a wet near-term weather forecast. This morning’s 30-day forecast calls for equal chances of below-, normal or above-normal precip for the Corn Belt in May, while wet conditions are expected across much of the Dakotas and below-normal precip is expected in southwest Kansas southward.

This morning’s weekly export sales data showed soybean sales above expectations, with sales of 349,000 metric tons (MT) reported for 2010-11 and sales of 206,300 MT for 2011-12. Corn sales of 613,400 MT for 2010-11 and sales of 243,900 MT for 2011-12 were within traders’ expectations. Wheat sales of 134,800 MT for 2010-11 and 168,400 MT for 2011-12 were below expectations.

Bron: CME