The CBOT rally that started on Wednesday continued into Friday as traders bought back short positions and added slight length to positions heading into the weekend. The U.S. weather forecast has shifted to favor hotter, drier weather into August, which prompted most of this week’s recovery in corn and soybeans. The wheat market rallied as well, though fundamental news for the move was notably lacking. The trade is looking forward to next week’s WASDE report from USDA, to be released on Tuesday, and expectations are generally for a bearish report. 

The Export Sales report was once again bearish old crop corn and soybeans and bearish new crop wheat, with sales and exports of all three commodities missing their weekly t...