A weak export sales report weighed on soybean futures on Thursday, while corn and wheat also finished in the red.
The USDA’s weekly export sales report this morning pegged American old-crop soybean bookings for the week ended April 13 at just over 100,000 tonnes. That was down from 460,000 tonnes for the same week last year and fell below pre-report trade expectations. The International Grains Council also raised its estimate of the 2023-24 global soybean crop by 2 million tonnes from March to 401 million, 31 million above a year earlier. May beans lost 9 cents to $14.97 ½ and November was down 8 cents at $13.00 ½.
Weekly export sales for corn were also bearish. The USDA reported 312,442 tonnes of old-crop sales for the week ended April 13, down 40% from a week earlier and 35% below last year. Going into the report, the trade was expecting at 575,000 tonnes. Weakness in crude and ideas of decent weather and planting progress in the Midwest added to the downside. May corn fell 8 ½ cents to $6.63 ¾, and December lost 5 ½ cents to $5.57 ½.
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