Fund buying helped to push Chicago crop futures higher on Thursday as the Middle East conflict raged on.
In addition to fund buying, corn was supported by stronger-than-expected U.S. export demand. This morning’s weekly export sales report from the USDA showed bookings of U.S. corn for the week ended Feb. 26 at 2.02 million tonnes, nearly triple the previous week and above trade expectations. May corn climbed 9 ¾ cents to $4.53 ½, and December was up 7 ¾ cents at $4.78.
Soybean drew support from ongoing strength in the soybean oil market, which closed higher today for the ninth straight time in the wake of surging crude oil. However, gains in soybeans were limited by a disappointing weekly export sales report. The report showed bookings of U.S. soybeans at 383,492 tonnes, on the low end of pre-report trade guesses. May soybeans were 9 ¾ cents higher at $11.79 ¼, and November gained 6 cents to $11.36 ½.
Wheat futures continued to react to shifting weather outlooks across key growing regions and technical positioning following declines earlier in the week. Export demand provided only modest support, with the USDA reporting weekly old-crop wheat export sales of about 203,100 tonnes, which traders viewed as relatively subdued. New-crop export business of 55,000 tonnes was in the middle of expectations. May Chicago was 15 ½ cents higher at $5.83 ¾, and May Kansas City jumped 20 cents to $5.92 ½. May Hard Red Spring was a dime higher at $6.11 ¼, and May Minneapolis was up 10 ¼ cents at $6.19 ½.
