Chicago | Reuters — U.S. wheat futures dropped on Thursday, with rains in the U.S. Plains easing some concerns about crop health in that key growing area, traders said.
Corn and soybean futures also were weaker, pressured by lacklustre export data and expectations that overseas buyers will soon shift their orders to Brazil and Argentina as newly harvested supplies from South America reach the market.
All three commodities fluctuated between positive and negative territory during the session.
“We are just rangebound,” said Dan Smith, senior risk manager at Top Third Ag Marketing. “There is no really bearish or bullish news right now.”
Read Also
Alberta crop conditions improve: report
Varied precipitation and warm temperatures were generally beneficial for crop development across Alberta during the week ended July 8, according to the latest provincial crop report released July 11.
In South America, traders were focused on the impact of a drought in Argentina that withered crops, leading to a sharp reduction in the harvest outlook in that key global supplier. Rain delays to Brazil’s soybean harvest, which may also hold up corn planting, were also being monitored.
Chicago Board of Trade March soybean futures settled down 1/2 cent at $15.19-1/4 a bushel (all figures US$).
CBOT March corn futures were 7-3/4 cents lower at $6.70-3/4 a bushel and CBOT March soft red winter wheat dropped 7-1/2 cents to $7.57-1/4 a bushel.
The U.S. Agriculture Department said on Thursday morning that weekly U.S. export sales of soybeans fell to 644,400 tonnes from 927,951 tonnes. Corn export sales were down 33 per cent at 1.17 million tonnes.
Wheat export sales were a lacklustre 150,900 tonnes, near the low end of market expectations.
— Mark Weinraub is a Reuters commodities correspondent in Chicago; additional reporting by Gus Trompiz in Paris and Enrico Dela Cruz in Manila.
