Wheat futures continued to slide on Thursday, pressured by reports of possible Russia-Ukraine peace negotiations and disappointing export demand.
Corn finished modestly lower, while soybeans were mixed.
Wheat remained under pressure as reports that Russia and Ukraine were open to U.S.-mediated negotiations encouraged additional selling. However, ongoing attacks and shipping disruptions continue to restrict exports from the region. Disappointing U.S. export sales added to the weakness. The USDA this morning reported bookings of U.S. wheat for the week ended Oct. 15 of just 239,627 tonnes, below trade expectations. December Chicago wheat fell 3 ½ cents to $6.24 ¾, and December Kansas City dropped 7 ¼ cents to $6.65 ¾. December Hard Red Spring lost 18 cents to $6.62, and December Minneapolis was 9 ¾ cents lower at $6.41 ¾.
Corn futures also weakened, giving back Wednesday's small gains as favourable Midwest weather supported harvest activity. Weekly corn export sales of 1.527 million tonnes topped trade expectations. December slipped 2 ¾ cents to $4.60 ½, and March fell 3 cents to $4.74 ¼.
Soybeans fared better, supported by another round of strong Chinese demand. Weekly U.S. soybean export sales reached 2.84 million tonnes, on the high end of trade guesses, while the USDA announced an additional sale of 202,000 tonnes to China. However, harvest pressure and expectations for ample U.S. supplies continued weigh. January beans were 6 ½ cents higher at $12.64 ¾, while new-crop November eased a ½ cent to $12.28 ¼.
