Action elsewhere was modest but there was large volume in the wheat pits with a second day in a row of strong closes. Corn and soybeans gained a few pennies but remain well off from their highs.

USDA’s Export Sales report affirmed the demand for U.S. crops. Old crop wheat sales were higher, corn exports were as expected after China’s large purchases, old crop soybeans were higher than expected and both meal and oil sales were up over the previous week. 

The Biden Administration is concerned about inflation and especially in food prices, but it used the wrong policies to address the problem. Last week it proposed higher loan rates to try and address price risk but at half the levels already offered by the marketplace...