Chicago agricultural commodity futures market closed mixed Thursday, with corn rising slightly but wheat and soybean going down.
The most active corn contract for December delivery rose 0.75 cents, or 0.16 percent, to close at 4.815 dollars per bushel. December wheat slipped 5.25 cents, or 0.8 percent, to close at 6. 5425 dollars per bushel, while November soybeans fell 4.25 cents, or 0.31 percent, to close at 13.685 dollars per bushel.December corn rose slightly Thursday on warm and dry weather forecast for the next two days and on firm cash markets in western Corn Belt. Temperatures, however, are expected to cool off early next week, lifting pressure on corn market; and harvest is progressing smoothly in southeastern Arkansas with big yields expected, curbing the growth of corn prices. By Aug. 22, the cumulative sales of corn stood at 36 percent of the U.S. Department of Agriculture (USDA) forecast for the 2013-2014 period, compared with a 5-year average of 25 percent.
December wheat dropped Thursday on news that the growth of U.S. sales may slow down in the first quarter of 2014 as new crop in the southern hemisphere comes to the world market. There were also reports of additional cargos sold to Brazil this week thanks to Brazil's import tax waiver, further dampening wheat. Export sales were positive but failed to support wheat. Net weekly export sales of wheat were 551,300 tonnes for the current marketing year, up 12 percent from the previous week. By Aug. 22, the cumulative sales of wheat stood at 51 percent of the USDA forecast for the 2013- 2014 period, as against a 5-year average of 41 percent.
November soybean fell Thursday on investors' positioning ahead of the weekend. But the drop is limited as reports suggest that yields are slipping in many key production areas and there will be no rainfall in the next seven to ten days. Export sales were also supportive. By Aug. 22, the cumulative sales of soybean stood at 52 percent of the USDA forecast, as against a 5-year average of 33 percent.