CBOT wheat and corn ease on uninspiring export sales
Wheat falls on lower than expected export sales
Corn exports within trade expectations
Brazil's soybean crop projected larger than previous season
Updates prices
By Renee Hickman
CHICAGO, Sept 19 (Reuters) -Chicago corn and wheat futures ticked down on Thursday following lackluster export sales data released by the U.S. Department of Agriculture. Soybeans were dragged along for the ride despite more encouraging numbers, said analysts.
The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 settled down 7 cents at $4.05-3/4 a bushel, while CBOT wheat Wv1 ended down 1-1/4 cents at $5.65-1/2 a bushel.
Export sales data from the USDA weighed on corn and wheat, said Karl Setzer, partner at Consus Ag Consulting.
The USDA reported export sales of U.S. 2024/25 wheat in the week ended Sept. 12 at 246,300 metric tons, below a range of trade expectations for 300,000 to 650,000 tons. EXP/WHE
Corn came in at 847,400 metric tons, at the midpoint of trade expectations for 550,000 to 1,400,000 metric tons, according to a Reuters poll of analysts.
Competitively priced Black Sea exports also offset weather and geopolitical concerns that could have supported wheat futures.
Wheat markets were unsettled last week by the risk of escalation in Russia's war with Ukraine, as well as adverse weather threatening to trim both this year's harvest and planting for next year's crop in the Black Sea countries.
However, offers reported by traders in a wheat import tender being held by Tunisia suggested Black Sea prices remained well below levels on futures markets.
The market saw a "really good week of export sales on soybeans," said Setzer, "but with the losses in corn and wheat, we're just not seeing any buying interest in the commodity segment there."
The USDA reported export sales of U.S. 2024/25 soybeans for the week above the range of trade expectations.
Analysts said a drought affecting top soy producer Brazil won't become alarming unless it stretches into October, and Brazilian crop agency Conab is still projecting a bigger crop than last season's.
Most-active soybeans Sv1 fell 3/4 cents to close at $10.13-1/4.
Reporting by Renee Hickman; Additional reporting by Gus Trompiz in Paris and Peter Hobson in Canberra
Editing by Alistair Bell
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