Corn, wheat, and soybean futures all ended lower on Thursday as traders reacted to favourable U.S. crop weather, uncertainty surrounding Chinese agricultural purchases, and position squaring ahead of the U.S. Memorial Day long weekend.
Corn futures slipped despite very strong weekly U.S. export sales data. The USDA reported old-crop corn sales of 2.125 million tonnes for the week ended May 14, well above trade expectations. New-crop sales also came in near the high end of forecasts. However, improving weather conditions across the U.S. Midwest weighed on prices as recent rains boosted early crop development prospects. July corn fell 3 ½ cents to $4.62 ¼, and December dropped 4 ¼ cents to $4.85.
Wheat futures declined as traders continued to wait for more concrete details following last week’s Trump-Xi summit in Beijing. Forecasts for additional moisture in parts of the U.S. Plains also pressured wheat prices, although drought concerns remain in some areas. July Chicago was down 13 cents at $6.47 ½, and July Kansas City closed 11 ¾ cents lower at $6.87. July Hard Red Spring lost 8 ½ cents to $7.22 ¾, and July Minneapolis fell 4 ¼ cents to $6.90 ¼.
Soybean futures were lower as traders focused on beneficial Midwest rainfall and uncertainty surrounding future Chinese demand. Weekly soybean export sales were in line with expectations and provided little additional support to the market. July beans were down 5 ½ cents at $11.94 ¼, and November was 6 ¾ cents lower at $11.86 ¾.
