Chicago Board of Trade (CBOT) corn, wheat rebounded and settled higher on Thursday, while soybeans extended losses after the US Department of Agriculture released its week export sale data.
The most active corn contract for July delivery added 11.50 cents, or 3.05 percent, to close at 3.89 dollars per bushel. July wheat delivery gained 9 cents, or 1.96 percent, to close at 4.68 dollars per bushel. July soybeans lost 6.25 cents, or 0.58 percent, to close at 10.72 dollars per bushel.
The U.S. Department of Agriculture (USDA) released its weekly export sales report on Thursday. According to the highlights of the report, corn net sales till the week of May 5 reached 1,105,300 tons, up 44 percent from the previous week; wheat net sales were 294,900 tons, up 65 percent from the previous week.
Analysts noted that these data were better-than-expected and prompted the expectations that ampler demand for U.S. corn and wheat in the near future, supporting corn and wheat higher on Thursday.
The USDA said in another report Thursday that private exporters reported export sales of 210,000 tons of corn for delivery to Saudi Arabia during the 2015/2016 marketing year, putting additional support on corn.
Some analysts also said that rain in the U.S. Midwest this week has raised concerns that less corn will be planted by the farmers, helping corn extend gains Thursday.
Corn futures closed higher on Thursday as rain in the Midwest this week and forecasts for more next week has raised talk acres may be switched to soybeans, which have a larger planting window, the farm futures daily reported.
As for the soybeans, the USDA's weekly export sales report rated soybean net sales at 212,400 tons for the week of May 5, down 74 percent from the previous week and 54 percent from the prior 4-week average. These disappointing data caused funds technical selling on soybeans on Thursday. CBOT floor brokers reported that funds have sold 4,700 contracts of soybeans, AgResource, the Chicago-based agriculture consultancy, reported in its midday commentary.