US corn futures eased on Thursday on a round of profit-taking following a rally to a nine-month high, with forecasts for improved planting weather in key growing areas also weighing on prices, traders said. Profit-taking also pressured wheat futures, which had surged 3.1 percent on Wednesday on concerns about crop health in the US Plains.
Declines in both corn and wheat were kept in check as buyers stepped into the market when prices found support at key technical points. Soyabean futures edged higher on hopes of a pickup in demand from China, the world's top buyer of the oilseed. But gains were capped as the benchmark CBOT July soyabean contract failed to break through its 30-day moving average.
"Wheat and corn are seeing a pullback today in some selling as profits are taken after their strong rises," said Matt Ammermann, commodity risk manager with INTL FCStone. "Soyabeans are gaining support from a range of factors including hopes about negotiations in the US-China trade dispute." Chicago Board of Trade July corn futures ended down 1/2 cent at $3.95-1/4 a bushel, while CBOT July soft red winter wheat was off 9-1/2 cents at $4.89-1/2 a bushel. CBOT July soyabeans were up 1/4 cent at $10.39-1/2 a bushel, with a bearish export sales report hanging over the market.
USDA said that weekly export sales of soyabeans came in at 537,800 tonnes (old-crop and new-crop combined), down from 2.13 million tonnes a week ago. Analysts had expected soyabean export sales in a range from 800,000 tonnes to 1.4 million tonnes. Corn export sales of 620,500 tonnes, down from 1.20 million tonnes, also were well below trade expectations. Export sales of wheat totalled 577,900 tonnes.