Chicago corn, wheat, soybeans rebound on bullish export sales

“We’ve not seen demand improvement despite lower prices, and that’s been the problem with this whole market”, said Joe Vaclavik, the president of Standard Grain in Chicago.

Soybeans were lower and corn was mostly lower.

Corn futures on the Chicago Board of Trade have fallen 4.5% in the past month and soybeans are down nearly 3%, but expected demand for USA supplies has yet to surface.

Soybeans prices declined, pressured in part by forecasts for beneficial rains in South America, which likely will water remaining dry patches in Brazil, aiding the growth of newly planted crops. Kansas City wheat futures fell 4 ¼ cents to $4.72 a bushel. However, “global supply prospects have improved in recent days and with continued soft demand for US supplies, there hasn’t been much to support prices”, said one Sydney-based grains trader, who declined to be named as he is not authorized to talk to the media.

Corn futures were steady to firm, also receiving support from short covering.

The most active corn contract for December delivery added 2.5 cents, or 0.69 percent, to 3.6425 USA dollars per bushel. The U.S. Department of Agriculture said in its weekly crop progress report released on Monday afternoon that 52 percent of the winter wheat crop was rated good to excellent, up one percentage point from the prior week. Along with mild temperatures that could help plant development before winter, this may offset concerns about next year’s harvest in the Black Sea region.

Meanwhile, prices for the oilseeds also were buffeted by speculation that farmers in Argentina could begin selling vast quantities of soybeans onto the world market following a presidential runoff election on Sunday, which may result in lower taxes on the nation’s exports.

Jan Soybean shed 7.75 cents, or 0.9%, to close at 8.5525 bu.

Corn prices advanced, bolstered largely by gains in the wheat market. December wheat delivery dropped 2.25 cents, or 0.45 percent, to close at USD4.9575 per bushel.