Home / Markets / Markets Analysis / Corn market / Corn Slips Despite Strong Export Sales Data

Corn Slips Despite Strong Export Sales Data

Jeff Caldwell 07/17/2014 @ 10:27am Multimedia Editor for Agriculture.com and Successful Farming magazine.

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."


Marketing Talk's Greatest Hits for Thursday, July 17


CancelPost Comment
MORE FROM JEFF CALDWELL more +

Midwest Temps Dip; Frost Chances Remain Low By: 09/11/2014 @ 6:29am The system that brought monsoon-type rainfall to parts of the Midwest over the last few days has…

Don't Neglect Safety This Harvest By: 09/10/2014 @ 8:57am Harvest is here (or close, depending on your location). It's about the craziest time of the…

Storing Grain Outside This Fall? Keep It Dry… By: 09/10/2014 @ 6:51am If crop output projections reach fruition this fall, there could be a lot of corn and soybeans…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Soil Health at Farm Science Review