Corn closed higher in abbreviated post-holiday trading on Friday, while both soybeans and wheat ended mixed.
Support for corn was attributed to oversold sentiment and a weaker American dollar which makes US grain appear more attractively priced for foreign buyers. String demand from the ethanol sector remained a supportive influence. The USDA’s weekly export sales report this morning – delayed from Thursday due to the US Thanksgiving Day holiday – pegged bookings of US corn for the week ended Nov. 21 at 1.06 million tonnes, on the lower end of pre-report trade guesses. December was up 7 ¼ cents at $4.23, and March gained a nickel to $4.33.
Soybeans were weighed down by good weather for soybean crops in South American but still managed the mixed close on strong export demand. The USDA reported a private export sale of 840,000 tonnes of US soybeans to unknown destinations for 2024-25 this morning, with another 151,700 sold during the reporting period to unknown destinations. Meanwhile, the export sales report showed bean sales totaling a marketing year high 2.49 million tonnes, on the high end of trade guesses. January beans were up ¾ of a cent at $9.89 ½, and march eased a penny to $9.96.
Wheat was mainly lower, undermined by Russia and Argentina both selling into the world market at bargain prices. On the other side, it was reported today that Russia set its wheat export quota for the mid-Feb-June period at just 11 million tonnes, down from 29 million a year earlier, as the country tries to keep a lid on domestic prices down amid high inflation. December Chicago lost 5 ½ cents to $5.32 ¼, and December Kansas City dropped 5 ½ cents to $5.20 ¾. December Minneapolis was 8 cents higher at $5.72 ½.
