Soybean futures closed on Thursday, with planting delays in parts of the US Corn belt offering support. Corn was mixed, while wheat declined.
Today’s USDA weather report noted showers lingering in the eastern Corn Belt, with planting activities largely stalled by wet fields and cooler-than-normal temperatures. However, overall planting remains ahead of the five-year average. Positioning ahead of the US Memorial Day long weekend boosted prices as well. This morning’s USDA weekly export sales report was mixed, with old-crop sales of 307,900 tonnes for the week ended May 15 above expectations, but new-crop bookings of just 15,000 were below trade ideas. July beans gained 4 ¾ cents to $10.67 ½, and November was up 3 cents at $10.55 ¼.
Nearby corn futures were lifted by pre-holiday positioning and wet, cool Midwest conditions. However, new-crop December was pressured by a stronger American dollar and declines in crude oil. Old-crop weekly export sales for the week ended May 15 came in at 1.19 million tonnes and new crop at 218,371 tonnes – both within trade expectations. July corn added 2 cents to $4.63 and December eased 2 ¼ cents to $4.53 ¼.
The losses in wheat were attributed to more optimism over global wheat production. Weekly new-crop wheat export sales were strong, reported above trade expectations at 882,202 tonnes. July Chicago lost 4 ¾ cents to $5.44 ½, July Kansas City eased a ½ cent to $5.40, and July Minneapolis dropped 4 cents to $6.00 ¼.
