Chicago | Reuters—Chicago wheat futures eased for a third consecutive session on Thursday as lackluster weekly export sales data as well as strength in the dollar added to doubts over U.S. export prospects, traders said.
Soybeans seesawed amid harvest pressure from a bumper Brazilian crop, while corn extended gains to a one-week high on strong export demand and tight global supplies.
Traders have continued to monitor tariff tussles between the United States and trading partners, discussions to end the war between Ukraine and Russia and U.S. farmers’ plans for spring planting.
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The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 settled down 6-1/4 cents to $5.57-1/4 per bushel.
CBOT soybeans Sv1settled up 4-3/4 cents to $10.13 per bushel and CBOT corn Cv1settled up 7 cents to $4.69 per bushel.
The dollar index rose further after the U.S. Federal Reserve indicated it was in no rush to cut rates further this year due to uncertainties around U.S. tariffs. A stronger dollar makes U.S. commodities more expensive on the global market.
On Thursday morning, the U.S. Department of Agriculture reported a net decline of 248,900 metric tons in U.S. wheat sales for the 2024/25 marketing year in the week ended March 13, well below expectations for net positive sales of 300,000 to 700,000 tons.
Thursday’s poor wheat export sales are a reflection of strong global wheat supplies, analysts said.
Meanwhile, rain and snow over portions of winter wheat-growing areas in the U.S. have helped alleviate dryness while adding pressure to prices.
“It’s a combination of weather on the downside and fragile demand,” Don Roose, president of U.S. Commodities, said.
Traders are also positioning ahead of the USDA’s grain stocks and prospective planting reports on March 31, where the agency will release estimates for farmers’ planting intentions in 2025.
—Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore
