Reuters — Chicago grains closed lower Thursday on lower-than-expected U.S. soybean export sales data, and favourable weather that would allow for planting to accelerate in the Midwest farm belt.
Grains prices were also impacted by crude oil falling.
The U.S. Department of Agriculture said soybean weekly export sales totalled 103,000 tonnes, below forecasts.
“Export sales were almost nonexistent,” said Tom Fritz, a partner with EFG Group in Chicago. “Brazil is dominating the world export scene and has enough beans to handle the shortfall from Argentina, so we’re faced with a lack of demand here (in the U.S.).”
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Corn export sales for the week totalled 734,400 tonnes, while wheat totalled 305,100 tonnes.
Weather in the U.S. Midwest was predicted to be drier and warmer, allowing for planting. Needed rains were forecast in the U.S. southern Plains, which were expected to help along wheat crops.
The most-active soybean contract on the Chicago Board of Trade (CBOT) settled 10-1/4 cents lower at $14.68-1/2 per bushel.
Corn closed 10-1/2 cents lower at $6.26 per bushel, while wheat settled down 12-3/4 cents at $6.80 per bushel.
Inspections of ships carrying Ukrainian grain from Black Sea ports were expected to continue under a UN-brokered deal, though Kyiv faces a struggle to secure an extension of the deal with Moscow.
Russia’s foreign minister, however, said almost nothing has been done to address Moscow’s concerns, when asked about the future of the Black Sea grains deal.
A European Union plan on Wednesday to permit Ukrainian grains to continue being transported across five countries in the east of the bloc for onward export reduced the risk of a halt to Ukrainian shipments via the EU.
Large Russian exports and favourable prospects for this year’s Russian harvest were also tempering supply concerns.
— Reporting for Reuters by Cassandra Garrison in Mexico City, Gus Trompiz in Paris and Naveen Thukral in Singapore.
