Chicago Board of Trade grain futures were lower early on Thursday as a round of profit-taking squashed early projections for a higher opening, traders said. Trading remained tentative, with front-month soybean futures briefly turning higher and wheat and corn futures remaining under pressure.
US Department of Agriculture export sales had been expected to be supportive for wheat and soy, but the move to the upside ran out of steam as some wheat deferred contract months set contract highs overnight. CBOT trends at 10:20 am CST (1620 GMT) on Thursday:
March wheat down 6-3/4 cents at $8.49-3/4 per bushel. USDA said US wheat export sales last week totalled 1,047,700 tonnes, within the range of estimates for 900,000 to 1.2 million tonnes. March corn down 7-1/4 cents at $6.50-1/2 per bushel. March soyabeans up 3 cents at $13.88-1/2 per bushel.
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