WHEAT - Mixed, up 2 cents to down 2 cents per bushel
Plentiful global stocks keep wheat mired in rangebound trade despite some bargain buying. Bearish tone is firmly in place, traders say. Prices for CBOT September and December soft red winter wheat found support near contract lows during overnight trading.
The US Agriculture Department said weekly wheat export sales totaled 633,500 tonnes, above trade expectations that ranged from 300,000 to 600,000 tonnes.
CBOT September soft red winter wheat last traded down 1-1/2 cents at $4.17-3/4 per bushel, K.C. September hard red winter wheat was 1/2 cent lower at $4.19 while MGEX September spring wheat dropped 1-1/2 cents to $6.72.
CORN - Steady to up 2 cents per bushel
A mild round of bargain buying is expected to lend support to the corn market. But rain in the US Midwest, which bolsters US harvest expectations, is likely to cap gains. The market is seen as technically oversold after the benchmark December contract hit its lowest since September 2016 on Wednesday.
The USDA said weekly corn export sales were 734,300 tonnes (old-crop and new-crop combined), near the high end of a range of market forecasts.
CBOT December corn last traded up 1/4 cent at $3.66-3/4 per bushel.
SOYBEANS - Up 5 to 7 cents per bushel
Strong demand for US exports is supporting gains in soybean market. The bullish tone is limited by good weather for soybean development across the US Midwest.
The USDA reported weekly soybean export sales of 1.352 million tonnes (old-crop and new-crop combined), topping forecasts that ranged from 350,000 tonnes to 850,000 tonnes.
CBOT November soybeans last traded up 6 cents at $9.31-1/4 a bushel.