Chicago Agriculture Commodities Finished Mixed
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Corn, Wheat rebounded and settled higher Thursday, Soybean extended losses after the US Department of Agriculture released its week export sale data.
The most active Corn contract for Jul delivery added 11.50 cents, or 3.05%, to close at 3.89 bu.
Jul Wheat delivery gained 9 cents, or 1.96%, to close at 4.68 bu.
Jul Soybeans lost 6.25 cents, or 0.58%, to close at 10.72 bu.
The US Department of Agriculture (USDA) released its weekly export sales report Thursday. According to the report, Corn net sales till the week of 5 May reached 1,105,300 tonnes, up 44% from the previous week, Wheat net sales were 294,900 tonnes, up 65% from the previous week.
Agriculture analysts noted that the data were better-than-expected and prompted the expectations that ampler demand for US Corn and Wheat in the near future, driving Corn and Wheat higher Thursday.
The USDA said in another report Thursday that private exporters reported export sales of 210,000 tonnes of Corn for delivery to Saudi Arabia during MY 2015/2016, putting additional support under Corn.
Some analysts also said that rain in the US Midwest this week has raised concerns that less Corn will be planted by the farmers, helping Corn extend gains Thursday.
Corn futures closed higher Thursday as rain in the Midwest this week and forecasts for more next week has raised talk acres may be switched to Soybean, which have a larger planting window, the farm futures daily reported.
As for the Soybeans
The USDA’s weekly export sales report rated Soybean net sales at 212,400 tonnes for the week of 5 May, down 74% from the prior week and 54% from the prior 4-wk average. The disappointing data caused funds technical selling in Soybean Thursday.
CBOT floor brokers reported that funds sold 4,700 contracts of Soybean, a Chicago-based agriculture consultancy, reported in its mid-day commentary.