Corn Slips Despite Strong Export Sales Data
Soybean futures are in the black while corn and wheat have both moved into the red as near-perfect crop weather dominates in critical row crop-growing parts of the U.S., edging out higher weekly corn exports -- a normally bullish factor -- in directing prices lower.
The nearby corn futures contract was 1 3/4 cent lower at $3.85 per bushel in early trading Thursday, while nearby soybeans are 3 1/2 cents higher at $11.05 1/4, according to Barchart.com. Nearby wheat futures are 6 1/2 cents lower at $5.31 1/2 per bushel.
Thursday's USDA Foreign Agricultural Service (FAS) weekly export sales report shows 573,700 metric tons of corn was exported last week, 58% than the previous week and "up noticeably" from the rolling 4-week average. Thursday's report shows soybean exports, at 37,700 metric tons, were 33% lower than last week and a whopping 71% lower than the previous average. Wheat sales were 320,700 million tons for delivery in the next year.
"The weather continues to impress and the weekend in Chicago looks to be fantastic," says Agriculture.com market analyst and broker in Chicago, Scott Shellady. "Financials are not off to a good start while the commodity sector is flatlining."
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