Corn managed modest gains on export demand on Thursday, while both soybeans and wheat closed mixed.
Corn drew some support from trader optimism that new trade deals being struck by the Trump Administration may result in additional demand for American supplies. However, details remain sketchy for now. The corn market was further underpinned by a private export sale of 135,000 tonnes to South Korea (corrected from China, as was originally reported by the USDA). Another 284,196 tonnes was reported for unknown destinations. The USDA’s weekly export sales report showed old- and new-crop bookings of American corn for the week ended July 17 at 643,060 and 733,939 tonnes, respectively, both near the high end of trade expectations. September and December corn both closed 3 ¼ cents higher at $4.01 ¾, and $4.20 ¾.
Old- and new-crop weekly export sales for soybeans were on the low side of trade ideas at 160,872 and 238,816 tonnes. Soybeans also remained under pressure from generally good Midwest weather and crop development conditions. August beans fell 1 ½ cents to $10.04 ¼, and November was 1 ½ cents higher at $10.24 ¼.
Weekly export sales for wheat were considered strong at 712,179 tonnes, a new marketing year higher. But ideas of heavy global supplies and a higher American dollar offset some of the export demand bullishness. September Chicago wheat finished unchanged at $5.61 ¼, September Kansas City gained a nickel to $5.28 ½, September Chicago spring wheat was down a ¼ cent at $5.51 ¾, and September Minneapolis slipped 2 ½ cents to $5.85 ½.
