Market watchers said generally low grain prices have provided world buyers with little urgency to purchase supplies ahead of time, though a recent downdraft in prices for us wheat may now be inspiring importers to book shipments of the grain. Corn was flat, while soybeans edged lower after both drew a few support from technical buying.
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For the week, the most active corn contract for December delivery lost 3.95 percent, December wheat shed 5.26 percent, while January soybeans dropped by 1.38 percent.
The most active corn contract for December delivery lost 3.75 cents, or 1.04 percent, to close at USD3.5825 per bushel. Hard red wheat prices fell 0.2 percent to $4.62-1/4 a bushel, having closed down 0.9 percent in the previous session. However, “global supply prospects have improved in recent days and with continued soft demand for United States supplies, there hasn’t been much to support prices”, said one Sydney-based grains trader, who declined to be named as he is not authorized to talk to the media.
“Wheat has been seeing such disappointing export sales news that to get [a report] yesterday that was one of the best of the season and double what was expected is good for that beleaguered commodity”, said Bill Nelson, a senior economist with agricultural-research firm Doane Advisory Services in St. Louis.
Forecasts also call for precipitation in parched wheat belts in Russian Federation and Ukraine.
Soybean futures declined as concerns that demand will hold up for US supplies combined with favorable planting weather in South America.
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Wheat for March delivery advanced 7.25 cents to $4.9225 a bushel; March corn was up 2 cents to 3.7025 a bushel; March oats was gained 2 cents to 2.30 a bushel; while January soybeans rose 2.25 cents to $8.60 bushel.
