Chicago agricultural commodity futures were traded mixed Thursday, with corn prices continuing to rise but the prices for wheat and soybeans going down on bearish export sales report from the U.S.
The most active corn contract for March delivery rose 4.5 cents, or 0.65 percent, to close at 6.9875 dollars per bushel. March wheat fell 1 cents, or 0.13 percent, to settle at 7.445 dollars per bushel. March soybeans edged down 5.75 cents, or 0.42 percent, to close at 13.7975 dollars per bushel.
March corn traded slightly higher on the day as traders took position ahead of Friday's report of the U.S. Department of Agriculture (USDA).
Chicago wheat traded lower into the closing bell. The U.S. export sales report was considered bearish against trade estimates after coming in at 233,700 tonnes for the current marketing year. As of Jan.3, the cumulative wheat sales accounted for 68 percent of the USDA forecast for the current marketing year, compared with a five-year average of 75 percent.
March soybeans traded mixed on the day but saw pressure at the closing bell to settle in negative territory. Traders continue to shift focus to the favorable weather conditions in South America and large production estimates, as well as Friday's USDA report. The export sales of the crop were reported slightly below market expectations, with sales coming in at 321,800 tonnes for the current marketing year and 85,000 tonnes for the next marketing year. The cumulative sales as of last Thursday represented 85 percent of the USDA forecast for the current marketing year, compared with a five-year average of 71 percent.