Powder Tom Polansek
CHICAGO, USAOct 27 – US grain and soybean futures fell on Thursday as weak demand for US corn for export and favorable rains in Argentine growing areas pressured prices, analysts said.
* Traders were disappointed when the US Department of Agriculture (USDA) reported weekly US corn export sales of 264,000 tonnes in the week ending October 27, below analyst estimates, which ranged from 350,000 to 1.075 million tonnes.
* “Corn export sales remain anemic,” said Don Roose, president of brokerage US Commodities.
* The United States faces competition from South America for export sales to global buyers such as China. Rains in Argentina have reduced moisture shortages in the agricultural belt, although conditions look drier for next week, the Commodity Weather Group said.
* The most active corn contract on the Chicago Board of Trade (CBOT) was down 4.5 cents at $6.8050 a bushel at 1620 GMT. Wheat fell 4 cents to $8.3650 a bushel, while soybeans fell 3 cents to $13.7875 a bushel.
* Soybeans retreated after reaching their highest price in nearly two weeks, while soybean oil fell from a four-month high. Soybean oil was overbought after recent gains, and its losses weighed on soybeans, Roose said.
* The USDA It said weekly US soybean export sales totaled 1.026 million tonnes, in line with analyst forecasts of between 800 billion and 1.85 billion.
* Weekly US wheat export sales were 533,200 tonnes, above the high end of trade expectations ranging from 100,000 to 500,000 tonnes.
* Traders continue to monitor talks to expand a Ukrainian grain export corridor in the Black Sea, following Russia’s invasion.
* Russia said provisions of the Black Sea grain deal to facilitate Russian agricultural and fertilizer exports were not being followed, and Moscow had not yet made a decision on expanding the deal.
