Corn and soybean futures ended mainly lower on Thursday, with strength in the American dollar a bearish factor for both, as well as wheat.
The greenback hit a two-month high on the day, making US grain appear more expensive, and thus less attractive, to foreign buyers.
Soybeans were further undermined by good planting progress and relatively good conditions for early crop development across much of the American Midwest, although dryness is becoming more pronounced in some pockets. Weak export demand also pressured the market. The USDA’s weekly export sales report this morning showed old- and new-crop sales for the week ending May 18 at or below the low end of pre-report trade expectations. July beans slipped a ½ cent to $13.24, and new-crop November lost 12 ¾ cents to $11.72 ¼.
Corn was mixed, with the nearby July contract getting a hand-up from strength in the US cash market. On the other hand, weekly export sales were considered disappointing versus expectations. July corn added 3 ½ cents to $5.90 ¾, and December dropped 4 cents to $5.16.
The benchmark Chicago wheat market finished slightly lower today, while Kansas City and Minneapolis were both higher. The export sales report showed a net reduction in old-crop wheat bookings while new-crop was at the low end of trade guesses. July Chicago slipped 2 cents to $6.04 ¼, July Kansas City gained 5 ¾ cents to $8.18, and July Minneapolis added 6 ½ cents to $8.05 ½.
