July corn traded 8 3/4 cents higher overnight. Outside markets were higher. The dollar was also higher.

Yesterday's surge into new all-time highs in corn was followed by new highs overnight in a session that saw steadily higher prices in the July contract right into the close. Today is a major report day with US and world Supply and Demand all due out at 7:30 Central, but the main market influence is still weather according to many traders. Wet conditions are on tap for today, Sunday and into next week for many areas of the Corn Belt, with cooler than normal temperatures extending out into many 6-10 day forecasts. This week's export sales, released before the open yesterday, came in at 337,200 tonnes for old crop and 63,300 for new crop. Sales of 403,300 tonnes are needed each week to reach the USDA projection. Total sales to date stand at 89.0% of the projected total compared to a 5-year average of 79.0%. Japan and Mexico were the biggest buyers. Basis levels at the Gulf were mostly lower for corn yesterday on weakness in export demand. Deliveries against the May corn contract totaled 517 contracts today.

Rain and more rain remains the pattern in major growing areas. Rains moved into Missouri and parts of Iowa again overnight. Today should see more rain across most of Missouri, western Iowa and extreme eastern Nebraska. Sunday is expected to bring at least a half inch to the entire Corn Belt from Chicago on south with the exception of the western and eastern edges. Parts of Missouri and west central Illinois could get in excess of 1 1/2 inches on Sunday. More rain is still forecast for next Wednesday, although this may be confined to the central and eastern growing areas and may only last for one day. Expectations of cooler than normal weather are starting to be a concern to agronomists. If current forecasts hold over the next week to ten days, it will be very difficult for the average yield to be as high as the trendline this year. Turkey is tendering for 150,000 tonnes of corn.