Chicago Board of Trade (CBOT) grains closed mixed on Thursday with corn futures falling to new contract lows as lower-than-expected weekly export sales and abundant supplies weighed on the market.
The most active corn contract for December delivery went down 1.75 cents, or 0.52 percent, to 3.365 dollars per bushel. December wheat delivery rose 1.5 cents, or 0.36 percent, to 4.215 dollars per bushel. January soybeans dropped 4.25 cents, or 0.44 percent to 9.72 dollars per bushel.
Soybeans also declined on disappointing weekly U.S. Department of Agriculture export sales data and as improving crop weather in Brazil raised prospects that the world’ s top soy exporter would produce another bumper crop.
Wheat futures edged higher in a modest rebound from Wednesday’ s technically driven slide and on expectations for reduced plantings in Europe.
As for international markets, Egypt’s General Authority For Supply Commodities is tendering for world wheat for early 2018 shipment and received six offers from exporters. The lowest price is 194.55 dollars per tonne, which is up about 2 dollars from their tender of last week.
Russian FOB wheat prices are down 1 to 1.5 dollars per tonne, so the exporters added 3 to 3.5 dollars per tonne to account for phytosanitary uncertainty regarding ergot and other wheat quality specs.