GRAINS-Corn futures end down as U.S. export sales disappoint traders
U.S. corn export sales miss analysts' estimates
Rain eases dryness in Argentine crop areas - forecaster
CBOT soyoil retreats from four-month high
(Adds closing prices)
By Tom Polansek
CHICAGO, Oct 27 (Reuters) - U.S. corn futures slumped on poor export demand on Thursday, analysts said, while wheat futures also declined.
Traders were disappointed as the U.S. Department of Agriculture (USDA) reported weekly U.S. corn export sales of 264,000 tonnes in the week ended Oct. 20. That was below the low end of analysts' estimates that ranged from 350,000 to 1.075 million tonnes.
"The export sales on corn continue to be anemic," said Don Roose, president of Iowa-based brokerage U.S. Commodities. "This market is all about the demand."
The United States faces competition from South America for export sales to global buyers like China. Much-needed rain improved conditions for 2022/23 corn and wheat crops in drought-hit Argentina, the Buenos Aires grains exchange said.
The most-active corn contract on the Chicago Board of Trade (CBOT) finished down 2-3/4 cents at $6.82-1/4 a bushel. Wheat settled down 2 cents at $8.38-1/2 a bushel. Soybeans, meanwhile, ended up 1/2 cent at $13.93-1/2, after the most-active contract reached its highest price in nearly two weeks.
Soyoil retreated from a four-month high, with the December contract falling 1.12 cents to close at 72.30 cents per lb. The market was overbought following recent rallies, Roose said.
The USDA said weekly U.S. soybean export sales totaled 1.026 million tonnes, in line with analysts' forecasts for 800,000 to 1.850 million tonnes. Weekly export sales of U.S. wheat were 533,200 tonnes, above the high end of trade expectations that ranged from 100,000 to 500,000 tonnes.
Traders continue to monitor talks to extend an export corridor for Ukrainian grain on the Black Sea, following Russia's invasion.
Russia said provisions of the Black Sea grain deal to ease Russian agricultural and fertiliser exports were not being met, and that Moscow was yet to make a decision on whether the agreement should be extended. (Reporting by Tom Polansek in Chicago, Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Marguerita Choy and Jonathan Oatis)
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