Wheat rallies on export demand for US supplies; corn firm, soy lower
USO•Chicago wheat futures rose as reports of Chinese interest in U.S. supplies and stronger-than-expected weekly export sales lifted prices. Corn was steady to firm, while soybeans fell under U.S. harvest pressure and declining crude oil.
1. Wheat gains on demand
Chicago December wheat futures rose 6-3/4 cents to $6.05-3/4 per bushel as reports that Chinese buyers were seeking offers on U.S. soft red winter wheat followed weekly U.S. wheat export sales that topped expectations. Sales of 849,800 metric tons for the week ended October 22 were a marketing-year high, above trade expectations of 200,000 to 500,000 tons.
2. Corn steady, soybeans down
December corn was up 3/4 cent at $4.52-1/2 per bushel, supported by wheat strength and prospects that China might seek U.S. corn. January soybeans fell 5 cents to $12.33 per bushel as the U.S. harvest continued; the crop is projected to be the largest on record. Russia also allowed grain export vessels to leave the Sea of Azov for the first time since July 10, improving global supply prospects.
