March contracts of corn and all three U.S. wheats finished lower Thursday despite higher export sales reported for wheat and a new marketing year high for export sales of corn. Wheat continues to be under heavy selling pressure, led by Chicago, while corn went red after setting a new contract high. Record large corn sales of 293 mb were revealed in Thursday’s export sales report but the trade expected that and we saw a ho-hum response. Soybeans and bean oil are firm on good demand, and ideas that prices will need to rally more to discourage U.S. export demand. Livestock were mixed to higher with good export demand noted again.
Farm and Ranch Director Jesse Allen has the full closing report:
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