The most active corn contract for July delivery was down 4.75 cent, or 1.2 percent to 3.8975 U.S. dollars per bushel. July wheat was down 2.5 cents, or 0.53 percent, to 4.7025 dollars per bushel. July soybeans were down 7 cents, or 0.84 percent to 8.215 dollars per bushel.
The U.S. Department of Agriculture (USDA) announced on Thursday that it will provide up to 16 billion dollars to offset impacts of the U.S.-China trade disputes.
Of the total aid package, 14.5 billion will be earmarked for direct payments to U.S. farmers, while 1.4 billion to purchase their commodities and 100 million for market development.
But the aid package failed to boost crop futures, as many farmers and traders are looking for a long-term solution to the trade dispute, not only temporary measures.
Also on Thursday, the USDA released the latest weekly export sales report. For the period between May 10 and May 16, U.S. exporters reported net sales of 48,400 metric tons for delivery in the 2018/19, a marketing-year low. Corn export sales were pegged at 442,100 metric tons for 2018/19, down 20 percent from the previous week and from the prior 4-week average. Soybeans export sales reached 535,800 metric tons for 2018/19 marketing year, up 45 percent from the previous week. But the prolonged trade tensions with China continued to pressure the oil seed futures.
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