CHICAGO, Feb. 28 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures settled lower on Thursday, despite upbeat export sales data.
The U.S. Department of Agriculture (USDA) on Thursday released its weekly export sales report for the period Feb. 15-21, confirming 2018/19 marketing year sales of 1,239,900 metric tons of corn, 476,400 metric tons of wheat, and 2,196,000 metric tons of soybeans.
All the export sales were within or even above market expectations. Also on Thursday, private exporters reported to the USDA new corn sales for delivery to Mexico and South Korea, totaling 301,000 metric tons.
Despite the strong export data, selling pressure from funds continued to drag down CBOT futures. Traders estimated that funds sold 2,500 contracts of corn, 2,200 contracts of wheat while being flat in soybeans. CBOT wheat posted significant losses in the past four sessions, due to fierce international competition.
However, Terry Roggensack, a market analyst with The Hightower Report, argued that the wheat was "extremely oversold." As for soybeans, U.S. traders and farmers are anxious for more big orders from China, the world's top buyer.
At the end of the session, the most active soybean contract for May delivery was down 6.5 cents, or 0.71 percent to close at 9.1025 dollars per bushel. May wheat was down 7.25 cents, or 1.55 percent, to settle at 4.595 dollars per bushel. May corn went down 3 cents, or 0.8 percent, to close at 3.7075 dollars per bushel.
The U.S. Department of Agriculture (USDA) on Thursday released its weekly export sales report for the period Feb. 15-21, confirming 2018/19 marketing year sales of 1,239,900 metric tons of corn, 476,400 metric tons of wheat, and 2,196,000 metric tons of soybeans.
All the export sales were within or even above market expectations. Also on Thursday, private exporters reported to the USDA new corn sales for delivery to Mexico and South Korea, totaling 301,000 metric tons.
Despite the strong export data, selling pressure from funds continued to drag down CBOT futures. Traders estimated that funds sold 2,500 contracts of corn, 2,200 contracts of wheat while being flat in soybeans. CBOT wheat posted significant losses in the past four sessions, due to fierce international competition.
However, Terry Roggensack, a market analyst with The Hightower Report, argued that the wheat was "extremely oversold." As for soybeans, U.S. traders and farmers are anxious for more big orders from China, the world's top buyer.
At the end of the session, the most active soybean contract for May delivery was down 6.5 cents, or 0.71 percent to close at 9.1025 dollars per bushel. May wheat was down 7.25 cents, or 1.55 percent, to settle at 4.595 dollars per bushel. May corn went down 3 cents, or 0.8 percent, to close at 3.7075 dollars per bushel.
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