Chicago agricultural commodity futures were traded lower Thursday, as weather concerns and export sales pressured the trading most of the day.
The most active corn contract for September delivery fell 1.75 cents, or 0.30 percent, to close at 5.7225 dollars per bushel. September wheat lost 3.25 cents, or 0.48 percent, to settle at 6. 7375 dollars per bushel. November soybeans fell 0.75 cents, or 0. 06 percent, to close at 12.7525 dollars per bushel.
According to Chicago Mercantile Exchange (CME), for corn, pressure in the new crop market was led by favorable and non- threatening weather forecasts over the next 2 weeks. Many expect crop condition ratings to improve in the weeks ahead, which is seen as a negative for price direction. As of June 20th, net weekly export sales came in at 336,700 tonnes for the current marketing year and 153,600 for the next marketing year for a total of 490,300 tonnes.
Wheat futures traded lower on the day. Strong demand data failed to support the market as corn sank lower. Net weekly export sales came in at a whopping 731,800 tonnes for the current marketing year, up from 433,000 tonnes the week prior and no sales were reported for the next marketing year.
The soybean market traded mixed on the day with strong support seen in the July contract yet November soybeans probed into negative territory throughout the session. Net weekly export sales for soybeans came in at 14,500 tonnes for the current marketing year, down from 53,000 tonnes the week prior and new crop sales totaled 451,100 tonnes, which took the report total to 465,600 tonnes