Soybean futures trended higher as optimism surrounding biofuels policy provided support to the Soybean Oil market. Corn futures also moved higher amid tightening global supplies outside of the U.S. and China. Traders monitored a four week price channel while awaiting the upcoming export sales report for further direction. Conversely, Wheat futures finished lower for the third consecutive session. Beneficial rain in eastern growing areas improved short term moisture levels, though forecasts suggested continued dryness ahead. May Wheat futures settled down as global supplies remained plentiful.