Chicago Board of Trade (CBOT) soyabean and corn futures dipped on Thursday after the US Department of Agriculture released its weekly export sales report that disappointed analysts. China, which is in a trade war with the United States and needs fewer soyabeans as swine fever ravishes its pig herd, cancelled 148,400 metric tonnes of US soyabean orders, data showed. Overall soyabean export sales were the lowest in 11 weeks. Traders also continue to focus on the extent to which further hot, dry weather could threaten US corn yields.
Very hot and dry weather could return to the US Midwest in the next two weeks, particularly in parts of major producing states Illinois, Iowa and Indiana, according to a report by Commodity Weather Group on Wednesday.
The most active soyabean futures on the Chicago Board Of Trade were down 8 cents at $9.00 a bushel at 12:05 am. (1705 GMT). Corn futures were down 2 cents, or .46% to $4.28-3/4 a bushel.
Meanwhile, wheat gained on reports of smaller expected harvests and some export sales. The most active CBOT future was up 4-1/4 cents, or .85% to $5.02 a bushel.
The International Grains Council cut its forecast for world wheat production in the 2019/2020 season, reflecting diminished crop outlooks in Russia, the European Union and Canada.
The wheat harvest in US states like North Dakota is expected to fall below the typical average, scouts on an annual crop tour said on Wednesday.
According to sources, a group of five crushers were told by China's state planner they could apply for exemptions from tariffs on some US soyabean cargoes arriving before the end of December. However, Chinese firms are in little hurry to buy as they grapple with poor margins and longer-term doubts about Sino-US trade relations.
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