US corn and soyabeans futures drifted lower on Thursday ahead of a key US government report due on Friday expected to raise estimates of US 2018 corn and soyabean plantings. Wheat also eased, pressured by an accelerating US winter crop harvest and reports of higher-than-expected yields in some areas.
Favourable crop weather around the US farm belt weighed on grain markets in general, but declines were limited by US Department of Agriculture weekly data showing good export sales following recent price declines.
Chicago Board of Trade August soyabean futures fell 1-3/4 cents to $8.71-1/4 a bushel by 11:44 am CDT (1644 GMT) after earlier touching a 1-1/2 week low. New-crop November soyabeans fell 3/4 cent to $8.88-1/4 a bushel.
CBOT September corn was down 3/4 cent at $3.61 a bushel and new-crop December eased 3/4 cent to $3.72-1/2 a bushel.
CBOT September wheat declined 2 cents to $4.86-1/2 a bushel.
The USDA on Thursday reported soyabean export sales last week at 358,500 tonnes, in line with trade estimates, and new-crop sales at 642,300 tonnes, above expectations.
China cancelled 120,000 tonnes of purchases, but sales to atypical buyers were large.
US soyabean prices have come under pressure from higher import tariffs by top buyer China set to take effect on July 6 amid a trade fight with Washington. Meanwhile, Brazilian soya prices have soared. Corn and wheat export sales were at or above trade expectations. Agricultural markets are bracing for the US Department of Agriculture's acreage and quarterly stocks reports on Friday.
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