CHICAGO: US soybean futures firmed on Thursday on bargain-buying after a six-session slide and better-than-expected weekly export sales data, analysts said.
Corn and wheat futures also edged higher, consolidating after recent declines.
As of 1:11 p.m. CDT (1811 GMT), Chicago Board of Trade November soybeans were up 7-1/2 cents at $12.85-1/4 per bushel. CBOT December corn was up 3-1/4 cents at $5.26 a bushel and December wheat was up 2-3/4 cents at $7.17 a bushel.
All three markets stabilized after falling this week on fears that damage at the US Gulf from Hurricane Ida would stall grain exports as the US harvest draws near.
Grain shippers reported more damage from Ida to their terminals on Wednesday as Cargill Inc confirmed damage to a second facility, while power outages across southern Louisiana kept all others shuttered.
“The market continues to explore how to work around stunted US export capacity caused by Hurricane Ida,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.
But reminders of export demand lent support. The US Department of Agriculture reported export sales of US soybeans in the week to Aug. 26 at more than 2 million tonnes, topping a range of trade expectations.
And through its daily reporting system, the USDA confirmed private sales of 126,000 tonnes of US soybeans to China.
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