May corn traded 2 1/4 cents higher overnight. Crude oil is somewhat higher. The soybean complex was lower and wheat was higher overnight.

Corn edged higher overnight, staying in a very narrow range inside yesterday's trading range in old and new crop contracts. Funds were buyers again yesterday of about 5000 contracts in corn. Wheat lost sharply to corn yesterday in active trade, as many traders sought to even up ahead of Monday's Planting Intentions Report, according to floor traders. Wheat staged a modest recovery versus corn overnight. Traders believe corn acreage will be well under the 90 million acre preliminary estimate from the USDA at the February Outlook Conference, which is down from 93.6 million acres last year. Some estimates are even under 85 million. Heavy rains hit parts of central and southern Illinois and Indiana overnight and Ohio looks wet today. The systems have stalled out and could leave a bit more rain than was in the forecast, especially eastern and southern sections of the Midwest. While forecasts are generally for less rain in the northern and western Midwest than previously expected, the southern and eastern areas (which plant earlier) are receiving more rain on top of last week's heavy rains. A wet pattern, especially for the southern Midwest/northern delta region for the next 10 days, could slow the early planting season. Another system moves into the Midwest for early next week. Export sales will be out this morning. Traders are looking for figures in line with last week's export sales.

A few light showers or flurries are possible in the northern Midwest today, with mixed precipitation in the southern Midwest. Tomorrow, mostly dry with showers developing late on Saturday and some thunderstorms and showers on Sunday and into Monday, all of this mainly in the south. The extended models call for warmer and wetter than normal weather for the central and eastern Corn Belt. No new tenders have been announced so far this morning. Basis levels were mostly steady in the interior yesterday.

Weekly export sales for corn, released before the open, came in at 632,500 metric tonnes for the current marketing year and 87,800 for the next marketing year, for a total of 730,300.