Grains were down in the overnight session with March corn down 3/4 of a cent, March soybeans down 9 1/2 cents and March wheat down 5 1/2 cents.
Chicago wheat futures slid for a second session on Thursday as investors booked profits after a recent rally and set deteriorating US crop conditions against high global supply. Soybeans and corn also lost ground, with forecasts calling for less severe crop weather in major exporter Argentina from next week encouraging the markets to consolidate.
US pork demand is strong, but trade disputes could hit exports. American consumers are snapping up plentiful low-cost pork, but US farmers are worried that trade spats with key export markets in China, Mexico and Canada could hurt a lucrative part of their pork business. The domestic demand outlook remains bright thanks to the strong US economy, upcoming spring grilling season and Easter Holiday ham purchases. US goods in general are attractive to foreign buyers thanks to the recent drop in the dollar.
Weekly Export Sales came in high for wheat and corn this week; but soybean numbers were down against expectations.
Weekly Export Sales-
|
Actual |
Estimated |
|
|
Wheat - NC |
289 |
0-100 |
|
Corn - OC |
1,850 |
1,000-1,500 |
|
Soybeans - OC |
359 |
600-1,000 |
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