Corn and soybean futures managed gains, but a disappointing export sales report sent wheat futures lower for the third straight day on Thursday.
The USDA’s weekly export sales report this morning showed a negative 248,800 tonnes in bookings of old-crop wheat for the week ended March 13 due to cancellations of previously booked cargoes. However, new-crop sales came in at a healthy 491,100 tonnes. More precipitation for the parched southern Plains added to the downside in wheat, as did a stronger American dollar. May Chicago lost 6 ¼ cents to $5.57 ¼, May Kansas City dropped 8 ¼ cents to $5.86 ½, and May Minneapolis closed 7 cents to $6.04 3/4.
Corn moved higher as the export sales report pegged combined bookings of old- and new-crop supplies at 1.56 million tonnes, topping trade guesses. Rumours that Brazil had purchased a cargo of U.S. corn also provided support, according to a market report from Marex. May gained 7 cents to $4.69, and December was up 1 ½ cents at $4.53.
Soybeans drew some support from a late rally in soyoil. On the other hand, combined old- and new-crop export sales of 352,680 were below expectations. May was up 4 ¾ cents to $10.13 and November inched a ¼ cent higher to $10.10 ¼.
