Corn and wheat futures closed modestly lower on Thursday, while soybeans finished mixed amid a relatively quiet fundamental backdrop.
Corn futures eased as the market continued to trade within a narrow range. Weekly U.S. export sales came in at 1.027 million tonnes for the week ended Sept. 10, near the middle of trade expectations, providing little fresh support. Forecasts for above-normal temperatures across much of the Corn Belt next week, along with drier conditions in the eastern region, also suggested generally favourable harvest weather. December corn eased 3 ¾ cents to $5.30 ½, and march was down 4 ¼ cents at $5.44 ½.
Wheat was also pressured, although losses moderated from sharper declines earlier in the session. U.S. weekly wheat export sales totaled 325,900 tonnes, roughly in line with expectations. Forecast rain in hard red winter wheat areas added some pressure. December Chicago was down 3 ¾ cents at $7.27, and December Kansas City lost a nickel to $7.94 ½. December Hard Red Spring ended 4 ¼ cents lower at $7.64 ¾, and December Minneoplis lost 3 ½ cents to $7.52 ½.
Soybeans ended mixed as strength in soybean meal offset weakness elsewhere in the complex. U.S. new-crop soybean export sales were solid at 1.702 million tonnes, including 875,300 tonnes destined for China. November soybeans slipped ¾ of a cent to $13.19 ¾, but March was up a ½ at $13.45 ¾.
