Corn, wheat, and soybean futures ended mainly lower on Thursday, reversing earlier strength as crude oil prices retreated from a four-year high.
Wheat futures led the way down, but with the benchmark Chicago market holding near two-year highs. Reports that Indonesia is moving to tighten import rules for feed wheat weighed as well. Today’s weekly export sales report from the USDA showed bookings of old-crop U.S. wheat for the week ended April 23 at just over 226,000 tonnes, on the higher side of trade guesses. New-crop sales of 156,715 tonnes were also near the high end of expectations. July Chicago wheat was down 16 ¼ cents at $6.36 ¾, and July Kansas City lost 11 ¼ cents to $6.93 ½. July Hard Red Spring and July Minneapolis both fell 9 ¾ cents each to $7.07 and $7.05 ¾.
Corn was supported by strength in crude oil because of its role in biofuel production, but that support faded as oil prices pulled back. U.S. corn planting has also been progressing well, but some rain is expected in the eastern Corn Belt over the next week or so. Bookings of old-crop U.S. corn for the week ended April 23 were reported at 1.59 million tonnes, in the middle of trade expectations. No new-crop business was reported. July corn fell 3 cents to $4.74 ¾, and December lost 3 ½ cents to $4.94 ¼.
Like corn, soybeans had drawn support from higher crude oil and biofuel demand, but futures weakened as oil prices backed away from highs. Soybean export sales for old crop came in at just over 258,000 tonnes, near the low end of trade ideas. New-crop business of 2,980 tonnes was on the low side as well. July soys lost 1 ½ cents to $11.95 ½, but November managed to hold onto a 1 ¾-cent gain to $11.73.
