CBOT Trends-Wheat down 4-7 cents; corn down 2-4 cents; soybeans down 3-5 cents
WHEAT - Down 4 to 7 cents per bushel
Traders say market feels toppy after rallying to highest since early March on Tuesday. Above-average findings from Kansas wheat tour weighing on market. Benchmark CBOT July contract dropped below 200-day moving average during overnight session.
US Agriculture Department said weekly export sales of wheat totaled 821,800 tonnes (old-crop and new-crop combined), topping a range of market forecasts.
Crop scouts on the second day of an annual three-day tour of Kansas hard red winter wheat fields projected an average yield of 46.9 bushels per acre in the southwestern portion of the state. Final tour results will be released on Thursday.
The CBOT reported no new deliveries against the CBOT May wheat contract and 150 K.C. wheat deliveries. There were no deliveries of MGEX May spring wheat.
CBOT July soft red winter wheat last down 4-3/4 cents at $4.49-1/4 per bushel. K.C. July hard red winter wheat down 5 cents at $4.58-1/4 and MGEX July spring wheat down 3-3/4 cents at $5.57-1/2.
CORN - Down 2 to 4 cents per bushel
Forecasts for warmer and drier weather across much of the Midwest weighing on prices as planting pace in those areas expected to ramp up. Lingering concerns about excessive rains in southern growing areas limiting declines. CBOT July corn dropped below 50-day moving average during overnight trading.
Weekly corn export sales of 795,700 tonnes (old-crop and new-crop combined) were near the low end of market forecasts.
The CBOT reported 544 deliveries against May corn futures.
CBOT July corn last down 3-1/4 cent at $3.71-1/2 a bushel.
SOYBEANS - Down 3 to 5 cents per bushel
Technical selling pressuring prices but concerns about flooding in southern US growing areas limiting declines. Resistance for benchmark CBOT July contract noted at 40-day moving average. Prices have tested but failed to break through that level three times this week.
USDA reported weekly soybean export sales of 331,300 tonnes (old-crop and new-crop combined), below market forecasts.
The CBOT reported 49 soybean deliveries against the May futures contract. There were 226 soymeal deliveries and 320 soyoil deliveries.
Malaysian palm oil futures bounced back on Thursday, after recording their sharpest fall in a week in the previous session, helped by a weaker ringgit.
CBOT July soybeans last traded down 2-1/4 cents at $9.73 a bushel.