Chicago agricultural commodities all
dropped by large margins Thursday.
The most active corn contract for March delivery slipped 6.5 cents, or 0.92 percent, to close at 6.965 dollars per bushel. March wheat dropped 15.25 cents, or 1.89 percent, to settle at 7. 905 dollars per bushel. March soybeans lost 26.25 cents, or 1.83 percent, to close at 14.0475 dollars per bushel.
Weak export demand dampened corn prices, when the total net weekly export stood at 120,200 tons, well below market expectations.
Other factors that depressed corn market include: the largest feed maker in the Republic of Korea (ROK) is seeking 210,000 tons of corn but excludes the U.S. as an origin. This is the second time for the ROK buyer to do so; South America continued to export corn to the U.S at a discount.
Weak performance of corn and soybean markets posed a drag on wheat market. Even better-than-expected export sales failed to boost the market. Data released Thursday show that the U.S. export sales stood at 651,100 tons for current marketing year. Nevertheless, signs that the global demand for wheat is turning to the U.S. market will be a long-term support to wheat market.
Soybean fell sharply after the U.S. private exporters reported that China again canceled 540,000 tons of soybean purchases. This is the second cancellation this week and total cancellation by China has reached 840,000 tons.
Weather in Brazil remains favorable to soybean; the Ministry of Agriculture of Argentina pegged soybean seeding at 19.35 million hectares, unchanged from previous forecasts.
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