Corn and wheat futures rallied to their highest levels since mid-summer early last week

Corn and wheat futures rallied to their highest levels since mid-summer early last week, as speculative money actively flowed into the long side of both markets. But the fund buying dried up by late in the week and futures reversed course for lower weekly closes. We took advantage of strong price gains to boost old-crop wheat sales Feb. 15, prior to the sharp price reversal. Soybean futures also posted losses this week after earlier gains. Funds lightened some of their net long position in that market amid expectations the export window for U.S. soybeans will soon close, though that hasn't yet been reflected in export sales or shipments.