Corn futures climbed on Thursday amid good export demand, ending higher for the first time in four sessions. Soybeans ended little changed and wheat mostly higher.
The USDA’s weekly export sales report this morning showed bookings of new-crop US corn for the week ended Aug. 21 at just under 2.1 million tonnes, on the higher side of the trade ideas that ranged from 1.2 million to 2.6 million. That was down about 27% from the previous week but still the third largest total for the marketing year. December corn added 4 cents to $4.10, and March climbed 4 ¼ cents to $4.27 ½.
Soybean futures were lower earlier in the day but fought back to close with small gains. Weekly export sales for new-crop soybeans were tallied at a marketing year high at 1.37 million tonnes, up from the previous week and exceeding trade ideas. However, the lack of Chinese demand remained an anchor. November beans inched up a ¼ cent to 410.48, and January was steady at $10.66 ¾.
A larger production forecast out of Australia and rainfall for US winter wheat areas ahead of fall planting continued to overhang wheat. The export sales report showed wheat sales of 579,794 tonnes, in the middle of the trade estimates of 400,000 to 700,000. December Chicago added 4 ¾ cents to $5.29, and December Kansas City was 2 ¾ cents higher at $5.15 ¾. December Hard Red Spring slipped 1 ¾ cents to $5.32 ¾, and December Minneapolis was up a ½ cent at $5.77 ¼.
