Chicago Close: Corn Shrugs Off Big Sale to China

Corn futures ended little changed on Thursday, even after the USDA reported a huge sale to China.

The USDA’s mandatory reporting system today showed 130,000 tonnes of new-crop corn was sold to unknown destinations, along with 1.937 million tonnes of new-crop corn to China - the third largest daily corn sale on record. On the other side, the USDA weekly export sales report for the week ended July 23 showed old-crop corn bookings had net reductions of 29,321 tonnes. Generally good conditions throughout the American Midwest also continued to pressure. September corn was up a ¼ cent at $3.15 ¾ and December was up a ½ cent at $3.26 ¾.

Soybeans were also little changed on the day with the export sales report mixed. Old-crop sales for the week ended July 23 were 257,828 tonnes – just below trade expectations. New-crop sales were above trade guesses at 3.34 million tonnes.

Wheat ended mixed. Wheat export sales from the week ending July 23 were up 9.8% from the previous week to 676,563 tonnes. That was above pre-report estimates. September Chicago wheat eased 3 ¼ cents to $5.29 ½, September Kansas City dropped 5 ¾ cents to $4.40 and September Minneapolis was 2 cents higher at $5.13.

Live cattle were higher today; lean hogs lower.

Source: DePutter Publishing Ltd.

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