Soybeans were higher on fund and commercial buying, along with spillover from the outside markets. The dollar was mostly higher during the session but crude oil was up and the Dow hit a new all-time high, closing above 14,200 points. Unknown destinations bought 330,000 tons of old crop U.S. beans and China picked up 345,000 tons of U.S. beans for delivery next marketing year but that had been rumored earlier in the week. Soybean meal was up and oil was down on the adjustment of product spreads.

Corn was higher on commercial and fund buying, in addition to spillover from beans and the outside markets. There’s continued talk about new export demand, largely linked to optimism about China’s economy, and the cash basis remains at historically high levels. The nearby supply remains extremely tight with new supply and demand numbers out Friday. Ethanol futures were higher. South Korea’s Nonghyup Feed Agency rejected offers on a tender for 70,000 tons of optional origin corn citing high prices.

The wheat complex was higher on fund and technical buying, in addition spillover from corn, beans, and the outside markets. With the crop about to come out of dormancy, there are continued concerns about winter wheat conditions around the Plains and Midwest. USDA’s weekly national crop progress numbers start up for this year on Monday, April 1. European wheat was higher on expectations for good export demand going forward. Japan’s tendering for 133,057 tons of milling wheat (51,544 tons Canadian western red spring, 33,855 tons Australian standard white, 26,888 tons U.S. dark northern spring, 13,360 tons U.S. hard red winter, and 7,410 tons U.S. western white) and Lebanon is in the market for 50,000 tons of optional origin milling wheat.