Corn and soybean futures posted solid gains on Thursday, ahead of the USDA’s monthly supply-demand update due for release tomorrow. Wheat closed mixed.
Corn drew support from positioning ahead of the supply-demand report, a weaker US dollar and a positive weekly export sales report. The export sales report showed bookings of US corn for the week ended Feb. 29 at 1.11 million tonnes, up 2.5% from the previous week and at the upper end of trade ideas. May corn gained 9 ¼ cents to $4.38, and December was 8 cents higher at $4.69.
The export sales report boosted soybeans as well, as did the weaker greenback. The report pegged soy bookings at 613,534 tonnes, a seven-week high and also at the high end of pre-report trade guesses. May beans jumped 18 cents to $11.66 ¼, and November added 11 ½ cents to $11.53 ¾.
Wheat was mostly higher on the losses in the US dollar, which makes American supplies more attractive to foreign buyers. Export sales were reported at just over 271,000 tonnes, down from the previous week but similar to last year. The Chicago market slipped slightly after the USDA confirmed Chinese buyers had cancelled 130,000 tonnes of Soft Red purchases made last year. May Chicago dipped 2 ½ cents to $5.28 ½, but May Kansas City climbed 18 ½ cents to $5.74 ¾, and May Minneapolis gained 9 ½ cents to $6.54 ¾.
