For corn and soybeans, Thursday proved a choppy day in the markets.
While old crop soybeans got an early sales boost, the South American weather quickly intervened. “Buying wasn’t sustained as there are rains in the forecast for the near term for Mato Grasso, Brazil,” said Julianne Johnston of Pro Farmer. March soybean futures lost 2 cents, falling to $9.682.
Corn also dipped, losing more than a penny Thursday to close at $3.80 for May futures. But there was good news, too. “This morning’s weekly export numbers helped to limit price pressure in the corn market, as it showed sales coming within strong expectations. Weekly export sales topped the one-million metric ton mark,” Johnston said.
Listen to Johnston's full comments on the livestock and grain markets here:
Wheat, despite all the bad news about record global supplies, had a good day. Kansas City wheat gained more than 8 cents to land at $5.44 for May futures, for example. Exports also provided a bump. “Weekly export sales came in above expectations,” noted Johnston, although she noted that traders remained worried about the strength of the U.S. dollar.
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