Chicago agricultural commodities kept dropping Thursday on favorable weather forecasts.
The most active corn contract for December delivery dropped 1. 25 cents, or 0.25 percent, to close at 5.0075 dollars per bushel. September wheat lost 4.5 cents, or 0.68 percent, to close at 6.605 dollars per bushel. November soybeans slipped 17.75 cents, or 1.38 percent, to close at 12.6575 dollars per bushel.
December corn dropped Thursday on profit taking. Forecast of improved moisture for Iowa for the weekend and the next week and of more normal temperatures when corn enters pollination period further added the pressure on corn market. Export sales of corn in the week ended July 11 came at 152,900 tonnes for the current marketing year and 1.59 million tonnes for the next marketing year for a total of 1.74 million tonnes. Cumulative new crop corn sales stood at 23.5 percent of the USDA forecast, as against a 5-year average of 16.3 percent.
September wheat slipped Thursday on better crop prospects for Europe. Export sales of wheat in the week ended July 11 came at 996,600 tonnes, slightly below market expectations. Cumulative sales stood at 39.8 percent of the USDA forecast for 2013-2014 marketing year, as against a 5-year average of 28.6 percent. Egypt bought 300,000 tonnes of wheat from Romania, Ukraine and Russia overnight; the European Union granted export licenses for 300,000 tonnes of wheat in the past week, adding the total export to 591, 000 tonnes the season to date.
November soybeans dropped sharply on talk of improving crop weather into the weekend and the next work for Iowa and southwestern Corn Belt. Export sales of soybeans in the week ended July 11 came at 110,600 tonnes for the current marketing year and 591,700 tonnes for the next marketing year for a total of 702,300 tonnes. Cumulative soybean sales for the new crop season stood at 33.7 percent of the USDA forecast for the marketing year, as against a 5 year average of 23.0 percent.