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Corn, Soybean Markets Finish Slightly Higher Thursday

Wheat remains weaker.

DES MOINES, Iowa -- On Thursday, the CME Group’s futures markets end mostly higher.

At the close, the December corn futures finished 1 3/4¢ higher at $3.48, while March futures finished 1 1/2¢ higher at $3.57 per bushel.

November soybean futures finished 3¢ higher at $9.79 3/4, while January soybean futures closed 3¢ higher at $9.89 1/2.

December wheat futures closed 5 3/4¢ lower at $4.12.

December soy meal futures finished $0.30 short ton lower at $306.40. December soy oil futures closed $0.12 higher at 35.10¢ per pound. 

In the outside markets, the Brent crude oil market is $0.59 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 7 points lower.

A plethora of fresh-demand news is flowing in Thursday.

Private exporters reported to the U.S. Department of Agriculture the following activity:

  • Optional origin sales of 136,000 metric tons of corn for delivery to South Korea during the 2016/2017 marketing year. An optional origin contract provides that the origin of the commodity may be the U.S. or one or more other exporting countries.
  • Export sales of 432,000 metric tons of corn for delivery to Mexico for delivery during the 2016/2017 marketing year.
  • Export sales of 120,000 metric tons of soybeans for delivery to unknown destinations. Of the total, 60,000 metric tons is for delivery during the 2016/2017 marketing year, and 60,000 metric tons is for delivery during the 2017/2018 marketing year.

The marketing year for corn and soybeans began September 1.

Meanwhile, on Thursday, the USDA Weekly Export Sales Report showed strong corn and soybean sales.

For corn, the sales totaled 1.47 million metric tons, within the trade expectations of 700,000 to 1,100,000 metric tons.

For soybeans, USDA pegged sales at 2.51 million metric tons, above the trade’s expectations of 1,300,000 to 1,800,000 metric tons.

Wheat sales totaled 234,900 metric tons vs. the trade’s expectations of 350,000 to 750,000 metric tons.

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