Chicago Board of Trade (CBOT) agriculture commodities settled mixed Thursday with Soybean, Corn rising on concerns about dry weather in the eastern and southern Midwest and better-than-expected US exports, while Wheat continues to fall on the drop in world Wheat cash markets.
The most active Corn contract for Dec delivery gained 1.75 cents, or 0.47%, to close at 3.75 bu.
Dec Wheat delivery lost 4.5 cents, or 0.91%, to close at 4.8975 bu.
Nov Soybean added 14 cents, or 1.62%, to close at 8.79 bu.
Chicago Soybean futures rallied strongly Thursday as traders believe Soybean prices in US Gulf are back to being the cheapest in the world from September into early Y 2016 which will likely garner the attention of Chinese buyers.
A drier pattern ahead for the Central US helped the rally in Soybean and Corn.
The midday weather model remains hot and dry for the Central US starting later this weekend, according to the Global Forecast System. The southern Midwest and Delta are to remain parched with most areas enduring their highest temperatures of the year.
For crop areas that are short of moisture, stress will be building heading into mid September.
The US Department of Agriculture (USDA) said Thursday in its weekly export report that for the week ending 20 August the United States witnessed exports of 357,200 tonnes of Wheat, down 41% from the prior week and 15% from the prior 4-wk average.
Corn exports were 820,600 tonnes, down 11% from the previous week and 14% from the prior 4-wk average, Soybean export sales were 231,400 tones, down 42% from the previous week, but up 1% from the prior 4-wk average.
Analysts said the Corn and Soybean sales were larger than expected and considered market supportive for agriculture grains.