CHICAGO: US corn futures edged higher on Thursday, staging a modest recovery on bargain buying after sinking to their lowest in 7-1/2 months early in the trading session.
Wheat futures sank 1.9% to their lowest in more than a month on follow-through technical selling after a Canadian report on Wednesday that showed bigger-than-expected supplies triggered a bearish reaction in the market.
“We broke short-term key support on wheat and we just accelerated down,” said Mark Schultz, chief market analyst at Northstar Commodity.
Soybean futures also were weaker, bottoming out at their lowest since June 25, as traders staked out positions ahead of a US government report that was expected to raise the outlook for this fall’s harvest.
Analysts also were expecting the US Agriculture Department to increase its corn production forecast in its monthly supply and demand report on Friday.
At 11:20 a.m. CDT (1620 GMT), Chicago Board of Trade December corn futures were up 1 cent at $5.11-1/4 a bushel. On a continuous basis, the most-active contract hit its lowest since Jan. 25 on Thursday morning.
CBOT November soybeans were down 8-1/2 cents at $12.71 a bushel and CBOT December wheat was 13-3/4 cents lower at $6.95-3/4 a bushel.