Losses in crude oil and an improving forecast for Brazil helped to send soybean futures lower on Thursday. Wheat also finished with losses, while corn managed gains on the day.
The soybean market was pressured as crude oil fell sharply on rising US inventories and demand uncertainty. Meanwhile, rain is expected in some central and northeastern Brazil production regions late this weekend and most of next week as well. The showers are expected to bring at least some relief from persistent hot, dry conditions, although World Weather Inc said the jury remains out in terms of how widespread the rain will be. On the other hand, the USDA weekly export sales report today was positive for soybeans, with the report pegging bookings for the week ended Nov. 9 at 3.92 million tonnes, a new marketing year high. January beans lost 24 ¾ cents to $13.60 ¼, and March dropped 24 ½ cents to $13.75.
Wheat fell on a negative export sales report, which showed bookings of US supplies for the week ended Nov. 9 at just 176,300 tonnes, far below pre-report trade guesses that ranged from 250,000 to 500,000 tonnes. December Chicago wheat fell 7 cents to $5.53 ½, December Kansas City closed down 12 ½ cents at $6.27 ¼, and December Minneapolis was 9 ¼ cents lower at $7.26.
Corn was initially pressured by the losses in crude although the market managed to work its way back to small grains with help from the export sales report. The report pegged bookings for the week ended Nov. 9 at 1.8 million tonnes, above the top end of pre-report trade guesses. December corn was up 4 cents at $4.74 ¾, and March gained 4 ¾ cents to $4.93 ¼.