Chicago | Reuters — Chicago wheat and corn futures climbed more than one per cent on Thursday as traders covered more short positions following a slump to multi-year lows and as weekly export sales topped forecasts and included sizeable purchases by major importer China.
Soybeans were lower in range-bound trading after the U.S. Department of Agriculture (USDA) reported fresh private sales to China.
The most-active wheat contract on the Chicago Board of Trade (CBOT) finished up 12-1/4 cents at $5.98 per bushel, the highest closing price since Nov. 13 (all figures US$).
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Talk of Chinese interest in U.S. wheat may be supporting the market, said Joe Vaclavik, president of Standard Grain.
China bought a net 197,310 metric tonnes of U.S. wheat in the week ended Nov. 23, its largest purchases in six weeks, USDA said Thursday.
“The second reason would be that there was a story that circulated two days ago about a potential Russian export ban,” he said. “That may be enough in itself to induce some short covering.”
Actively traded March corn settled seven cents higher at $4.82-3/4 a bushel as USDA reported export sales last week at 1,927,800 tonnes, well above a range of trade expectations for 600,000 to 1,200,000 tonnes.
USDA also reported U.S. soybean export sales of last week at 1,895,300 tonnes, above expectations for 850,000 to 1,500,000 tonnes.
Soybeans also found some support from USDA confirming private sales of 134,000 tonnes for delivery to China in the 2023-24 marketing year that began Sept. 1.
CBOT January soybeans settled down 4-1/4 cents to close at $13.42-3/4 per bushel.
In Brazil, dry and hot conditions this week are expected to increase stress on soybean crops in the northern half of the country, though weather forecasts pointed to easing heat and widespread rainfall in the coming two weeks.
“The forecast is kind of murky,” Vaclavik said.
— Reporting for Reuters by Brendan O’Brien in Chicago; additional reporting by Gus Trompiz in Paris and Peter Hobson in Canberra.
