Corn, wheat and soybean futures all settled lower Thursday as traders remained cautious ahead of Friday's key USDA crop production and supply-demand reports.
Soybeans faced the greatest pressure amid disappointing weekly export sales. The USDA this morning reported bookings of U.S. soybeans for the week ended Oct. 1 at 549,377 tonnes, on the low side of pre-report trade guesses. Weakness in soybean meal futures added to the pressure, although an increase in crude oil prices provided some underlying support for soybean oil. November and March beans both lost a dime to fall to $12.87 ½, and $13.14.
Corn futures eased as traders positioned themselves ahead of Friday's USDA reports, which are expected to show a reduction in the estimated U.S. corn yield and production. However, uncertainty surrounding the size of those revisions encouraged caution, while ongoing harvest activity continued to weigh on prices. U.S. corn bookings for the week ended Oct. 1 were 769,468 tonnes, also on the low side of trade ideas. December and March both lost 1 ¾ cents to $5.00 ¼, and $5.15 ¼.
Wheat futures also finished modestly weaker, extending Wednesday's sharp decline. A stronger U.S. dollar remained a concern for American grain export competitiveness, although continuing disruptions to Black Sea grain shipments provided some underlying support. Reported wheat export sales of 451,562 tonnes were on the high side of trade expectations. December Chicago dipped 3 ¼ cents to $6.83 ¼, and December Kansas City lost 2 ¼ cents to $7.36 ¼. December Hard Red Spring was steady at $7.23 ½, and December Minneapolis eased 4 ¼ cents to $7.06.
Analysts generally expect the USDA reports to show a smaller U.S. corn crop compared to September, while soybean production could edge higher.
