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US corn and wheat futures climbed nearly 1 percent on Wednesday as fund-driven short-covering at the end of the month overshadowed disappointing export sales data, analysts said. Soyabean futures fell, led by soyaoil, after the US Environmental Protection Agency's 2019 blending requirement for soya-based biodiesel fuel remained unchanged from 2018.
As of 12:36 pm CST (1836 GMT), Chicago Board of Trade March corn futures were up 3 cents at $3.56-1/2 per bushel. CBOT March wheat was up 3-1/4 cents at $4.38 a bushel while January soyabeans were down 6-1/4 cents at $9.86-1/4 a bushel. Corn firmed for a second straight session. Commodity funds hold massive net short positions in both corn and wheat, leaving those markets vulnerable to short-covering rallies.
The US Department of Agriculture reported export sales of US corn in the latest week at 599,200 tonnes, below a range of trade expectations for 700,000 to 1,100,000 tonnes. Weekly wheat sales totalled 187,400 tonnes (old and new crop years combined), also below expectations.
However, through its daily reporting system, the USDA said private exporters sold 110,000 tonnes of US sorghum to China, a factor that lent support to corn futures. Sorghum competes with corn as a feed grain. For soyabeans, weekly US export sales totaled 942,900 tonnes, in line with trade expectations. But CBOT soyabean futures fell on pressure from improving South American weather and the EPA's biofuel mandates.
The EPA set a 2019 target for soya-based biodiesel at 2.1 billion gallons, unchanged from 2018, a factor that disappointed those hoping for an increase. CBOT benchmark January soyaoil futures climbed to a near two-week high of 34.68 cents per pound in early moves, but turned lower after the EPA's announcement.

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