Wheat futures rallied on Thursday, with corn moving higher as well. Soybeans posted losses.
Bargain buying after recent losses helped to support wheat. The benchmark Chicago market earlier this week touched an 8-week low amid heavy global supplies. USDA export sales data from this morning showed bookings of US wheat for the week ended Nov. 27 at 460,655 tonnes, in the middle of trade expectations. March Chicago was up 1 ½ cents at $5.07 ¾, and March Kansas City was 9 ¼ cents higher at $5.17. March Hard Red Spring added 8 ½ cents to $5.55 ¾, and March Minneapolis closed 11 cents higher at $5.73.
Corn rode the coattails of wheat higher. Export sales for the week ended Nov. 27 were reported at 1.79 million tonnes, on the higher side of trade expectations. March corn was up 4 cents at $4.44 ½, and December 2026 gained 1 ¾ cents to $4.62 ¼.
Soybeans were pressured by China demand uncertainty and long liquidation. The USDA reported a private export sale of 114,000 tonnes to unknown destinations this morning, while the weekly export sales report showed bookings of American beans for the week ended Nov. 27 in the middle of trade ideas at 1.106 million tonnes. March lost 6 ¾ cents to $10.62, and new-crop November was down 4 cents at $10.71.
