US wheat futures weakened for the second day in a row on Thursday, with technical sellers pushing prices lower after the market failed to hold support at key chart points, traders said. Corn and soyabeans were also lower. Ample supplies from the US harvest as well as easing concerns about weather in South America kept a bearish tone hanging over the market.
At 11:08 a.m. CDT (1708 GMT), Chicago Board of Trade December soft red winter wheat futures were down 3-1/4 cents at $4.32-1/4 a bushel. A wave of technical selling hit the market after prices briefly topped the 20-day moving average. Traders also continued to lock in profits from the wheat market's run-up to a 2-1/2 week high on Wednesday.
CBOT November soyabeans were down 1/4 cent at $9.75-1/4 a bushel while CBOT December corn was 1/2 cent lower at $3.50-1/2 a bushel. Traders noted the soyabean market consolidated around the November contract's 200-day moving average. For corn, the December contract was rangebound between its 20-day moving average and its 40-day moving average.
The US Agriculture Department on Thursday morning reported weekly soyabean export sales of 2.13 million tonnes, topping forecasts that ranged from 1.3 million to 1.7 million tonnes. Wheat export sales were 390,600 tonnes, compared to forecasts that ranged from 250,000 tonnes to 450,000 tonnes. Corn export sales of 1.39 million tonnes were above trade estimates that ranged from 800,000 tonnes to 1.0 million tonnes.