Weak export demand helped to send wheat futures to losses on Thursday, with corn and soybeans falling as well.
This morning’s USDA weekly export sales report showed bookings of US wheat for the week ended Sept. 12 at just 246,327 tonnes, below the low end of pre-report trade guesses that ranged from 300,000 to 650,000. It was also the lowest weekly total since the first week of July. Improving US weather added to the downside in wheat, with rain this weekend and early next week from the central Plains into the Midwest slowing fieldwork but adding moisture for wheat planting. December Chicago wheat lost 10 ¼ cents to $5.65 ½, December Kansas City was down 14 cents at $5.64 ½, and December Minneapolis fell 8 ¾ cents to $6.07 ¾.
Corn declined with the weakness in wheat and just ok export demand. Bookings of US corn for the week ended Sept. 12 amounted to 847,350 tonnes, in the middle of the range of trade expectations. December corn was 7 cents lower at $4.05 ¾, and March dropped 6 ½ cents to $4.24 ¼.
Soybeans declined as easing concerns about dry weather in Brazil offset strong weekly export sales. Most of central Brazil remains dry, but many forecasters still expect rainfall to start ramping up toward the end of this month. Export sales were reported at 1.74 million tonnes, topping the high end of trade expectations between 500,000 and 1.6 million. November and January beans each slipped ¾ of a cent to end at $10.13 ¼, and $10.31 ¼.
