Corn and soybean futures closed lower Thursday, while wheat advanced as traders positioned ahead of Friday’s monthly USDA supply-demand report.
Corn futures were pressured by more moderate Midwest weather forecasts and softer-than-expected export sales. Longer-range outlooks call for more moderate temperatures and more rain through the middle of this month, easing concerns about hot, dry conditions for pollination. USDA reported 565,810 tonnes of old-crop corn sales for the week ended July 2, below trade expectations and the second-lowest total of the marketing year. New-crop sales of 401,667 tonnes also missed expectations. September corn lost 3 ¾ cents to $4.31 ½, and December fell 4 ½ cents to $4.52.
The more favourable forecast also undermined soybeans. Export demand was mixed, with old-crop sales of 54,349 tonnes barely within expectations, while new-crop sales of 408,250 tonnes were near the high end of estimates. USDA also reported another flash sale of new-crop soybean sales to China, as well as to unknown destinations. August soybeans fell 15 ½ cents to $11.77 ¾, while November dropped 10 ¾ cents to $11.81 ½.
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