By Mark Weinraub
CHICAGO, July 22 (Reuters) – Chicago Board of Commerce comfortable crimson winter wheat futures plunged 2.6% on Thursday, snapping a six-session streak of positive factors as merchants locked in earnings from the rally.
Soybean futures have been down 2.0%, with the newest climate forecasts exhibiting that some well timed rains will arrive in key rising areas because the crop hits a vital stage of improvement.
Corn futures additionally posted sharp losses, with indicators of weak export demand weighing in the marketplace.
The U.S. Agriculture Division mentioned on Thursday morning that weekly export gross sales of corn totaled a web -40,700 tonnes, largely resulting from cancellations from China. The weekly whole was the bottom since July 2012 and the second smallest on file.EXP/CORN
Chicago Board of Commerce December corn futures CZ1 have been down 7-1/four cents at $5.61-1/four a bushel.
CBOT November soybeans SX1 have been 27-1/four cents decrease at $13.62-1/2 a bushel.
“There’s a little bit extra rain within the forecast than we had been seeing,” mentioned Ted Seifried, chief ag strategist with the Zaner Group. “It’s additional out in order that can be extraordinarily well timed for soybeans.”
Soybeans within the U.S. Midwest usually attain their yield-determining part of pod setting throughout August.
Merchants additionally mentioned that poor exports — USDA’s weekly report confirmed soybean export gross sales totaled simply 238,400 tonnes — was weighing on soy futures as abroad patrons search for cheaper options.
“In the present day’s export gross sales report ought to inform you that we’ve got a
drawback within the demand class of each the corn and the beans,” Charlie Sernatinger, world head of grain futures at ED&F Man Capital, mentioned in a notice to shoppers.
CBOT September comfortable crimson winter wheat futures WU1 have been down 18-1/2 cents at $6.92-1/four a bushel. The contract had jumped 12.2% throughout its six-session successful streak.
(Extra reporting by Naveen Thukral in Singapore and Sybille de La Hamaide in Paris; Modifying by Tomasz Janowski, David Evans and Sandra Maler)
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