Wheat futures moved higher Thursday, supported by surprisingly strong weekly export sales and bargain buying following recent declines, while corn posted small losses and soybeans ended mixed.
Wheat received a boost after the USDA reported export sales of 850,000 tonnes for the week ended Oct. 22, a marketing year high and well above trade expectations ranging from 200,000 to 500,000 tonnes. The strong sales provided fresh evidence of improving demand for U.S. wheat. Wheat had faced pressure from reports of possible Russia-Ukraine peace negotiations and Russia's decision to allow grain shipments to resume from the Sea of Azov. December Chicago wheat was up 4 ¾ cents to $6.03 ¾, and December Kansas City added 2 ¼ cents to $6.45 ¼. December Hard Red Spring was steady at $6.29 ½, while December Minneapolis gained 4 ¾ cents to $6.24 ½.
Corn futures edged lower despite solid weekly U.S. export sales of 1.304 million tonnes. Ample supplies and continued harvest activity limited buying interest. December eased a ½ cent to $4.51 ¼, and March lost a ¼ cent to $4.64 ¾.
Soybeans were mixed as strong weekly export sales of 2.576 million tonnes provided some underlying support. However, pressure from the ongoing U.S. harvest weighed on nearby contracts. January beans lost 3 ¼ cents to $12.34 ¾, but November added 2 ¾ cents to $12.09 ½.
