US corn futures touched their highest prices in more than a month on Thursday on strong export demand, while soyabean futures rose for a third consecutive session in a rebound from recent losses. Wheat futures bucked the firmer trend and set a one-week low. The US Department of Agriculture helped support corn prices by reporting that US export sales last week were just above 1.7 million tonnes, above a range of trade expectations for 900,000 to 1.3 million tonnes.
Global demand for US corn has been strong after droughts reduced harvests in rival suppliers Brazil and Argentina. Weekly US soyabean export sales were 872,300 tonnes, in line with analysts' estimates, and US wheat sales reached a six-week high of 657,100 tonnes, topping expectations.
The front-month corn contract on the Chicago Board Of Trade was up 1-1/4 cents at $3.64-1/4 a bushel by 11:30 a.m. CDT (1630 GMT). It traded up to $3.65, the highest price for a nearby contract since August 20. Front-month soyabeans rose 3-3/4 cents to $8.53-3/4 a bushel. CBOT wheat was down 3-1/4 cents to $5.14-1/4 a bushel and touched its lowest price since September 19.
Traders were adjusting positions before the USDA releases quarterly data on grain inventories on Friday. The agency is expected to report corn stocks were 2.010 billion bushels as of September 1, down from 2.293 billion a year earlier, according to a Reuters poll. Soyabean stocks are expected to be 401 million, up from 302 million a year earlier and the largest September 1 figure since 2007. Wheat stocks are seen at 2.343 billion bushels, up from 2.266 bushels.
Soyabean futures have been recovering from a near-10 year low struck last week that was linked to worries over a hardening trade dispute between Washington and Beijing. The row has curbed US soya shipments to China ahead of what is expected to be a record US harvest.