Chicago Close: Wetter, Cooler Outlook Pressures

A better weather forecast for South America sent corn and soybean futures lower on Thursday, while wheat ended with losses as well.

A major cool down in temperatures for Brazil and Argentina from well over to 100 degrees F the next three days to 70s and 80s by next week, coupled with increased chances of rain, pressured both beans and corn. Corn was further undermined by a disappointing weekly USDA export sales report this morning. In Wednesday’s supply-demand update, the USDA trimmed total expected US corn exports by 75 million bu. March corn fell 11 ½ cents to $5.87 ½ and new-crop December eased a ½ cent to $5.57 ¾.

For soybeans, weekly export sales were deemed just neutral compared to expectations, not giving the market much reason to limit the weather-related declines. March beans were down 22 cents at $13.77 ¼ and new-crop November dropped 8 cents to $13.04 ½.

The hangover from yesterday’s mostly bearish USDA reports weighed on wheat today, as did a weak export sales report. March Chicago wheat lost 11 cents to $7.46 ¾, March Kansas City fell 18 ¼ cents to $7.59 ¾ and March Minneapolis was down 25 cents at $8.95 ½.

Source: DePutter Publishing Ltd.

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