US wheat futures fell for a fourth straight session on Thursday, extending prior-day losses that were the worst in 7-1/2 months as weak US export sales data stoked concerns about the coronavirus pandemic destroying demand.
Soyabeans were also lower, but corn futures firmed for the first time in five sessions as sharply higher crude oil prices prompted some investors to cover short positions.
A firmer US dollar kept a lid on grains along with continued concerns about a global economic recession.
The US Department of Agriculture (USDA) reported net wheat export sales last week at 72,900 tonnes for the current marketing year that concludes on May 31, below trade expectations and down 86% from the prior four-week average.
After an initial surge in export sales as the coronavirus crisis deepened globally, some importers are backing away from additional purchases amid still-abundant global supplies and strong harvest prospects in key producing nations.
Egypt's state grains buyer, the General Authority for Supply Commodities (GASC), on Wednesday cancelled a tender to buy an unspecified amount of wheat from global suppliers shortly after announcing it, without giving a reason.
Chicago Board of Trade (CBOT) May wheat fell 7-3/4 cents to $5.42-1/2 a bushel by 12:23 p.m. CDT (1723 GMT). Selling pressure accelerated as prices broke below technical chart support at its 50- and 100-day moving averages.
CBOT May soyabeans were down 3-3/4 cents at $8.59 a bushel while May corn rose 1/4 cent to $3.35 a bushel.
Most corn contracts posted fresh contract lows early in the session or matched previous lows. Actively traded May fell to within 1-1/4 cents of its contract low.
Solid corn and soya export sales data from the USDA kept a floor under both markets. Corn export sales last week were near the high end of a range of trade forecasts, while soyabean sales topped expectations.
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