Corn and soybean futures both lost ground on Thursday, pressured by large U.S. supplies and continued uncertainty surrounding export demand, while wheat managed small gains amid ongoing Black Sea disruptions.
Expectations for a larger American crop and concerns about the pace of Chinese buying undermined soybeans. The USDA's weekly export sales report this morning showed bookings of U.S soybeans for the week ended Oct. 29 at 1.45 million tonnes, a three-week low but in the middle of trade expectations. January beans fell 14 cents to $11.88 ¼, and November 2027 lost 6 ½ cents to $11.81 ¾.
Corn futures slipped as harvest-related supplies continued to weigh on prices. USDA reported weekly export sales of 1.29 million tonnes, within the range of trade expectations. December lost 4 ¼ cents to $4.40, and March dropped 3 ¾ cents to $4.54 ½.
Wheat futures, meanwhile, found modest support from continued concerns about Black Sea grain shipments, including Ukrainian attacks on Russian infrastructure and potential disruptions to export logistics. USDA reported weekly wheat export sales of 538,000 tonnes, on the high side of trade guesses. December Chicago added ¾ of a cent to $5.99 ¼, December Kansas City climbed 3 cents to $6.35 ¾, and December Minneapolis was 3 ¼ cents higher at $6.20.
