Corn and soybean futures both closed lower to end the week, despite solid weekly export sales. Wheat also ended in the red.
The prospect of big US corn and soybean crops continued to overhang the markets today, with funds becoming net sellers on ideas contracts had become too overvalued. Farmer selling and good weather for harvest also weighed. Corn fell even as this morning’s USDA weekly export sales report showed bookings of new-crop US corn for the week ended Aug. 29 at 1.82 million tonnes, a marketing year high and above the rangte of pre-report trade estimates. December corn slipped 4 ½ cents to $4.06 ¼, and March was down 4 ¾ cents at $4.24 ½.
New-crop soybean export sales for the week ended Aug. 29 were reported at 1.66 million tonnes, at the higher end of trade ideas. November beans lost 18 ½ cents to $10.05, and January dropped 19 cents to $10.22 ½.
Wheat moved lower on the losses in corn and little fresh news. Bookings of US wheat for the week ended Aug. 29 came in at just over 340,000 tonnes, at the low end of expectations. December Chicago fell 7 ¾ cents to $5.67, December Kansas City lost 11 ¼ cents to $5.77 ½, and December Minneapolis ended 12 cents lower at $6.13 ¾.
