CBOT corn futures drop over 3 pct weekly on weak export demand, benign weather

CHICAGO - Chicago Board of Trade (CBOT) agricultural futures settled mixed for the trading week which ended Sept 6, with corn futures falling over 3 percent on weak export demand, and benign weather in the US corn belt.

The most active corn contract for December delivery was down 14.25 cents, or 3.85 percent week on week, to close at $3.555 per bushel on Friday. November soybeans were down 11.25 cents, or 1.31 percent, to settle at $8.5775 per bushel. December wheat was up 1.25 cents, or 0.27 percent, to close at $4.6375 per bushel.

CBOT corn futures ended at new seasonal low on disappointing weekly US export data and forecasts for benign weather in the heart of the US Midwest crop belt.

The US Department of Agriculture (USDA) report on Thursday showed export sales of US corn totaled 250,800 metric tons in the latest reporting week. Analysts' forecasts had ranged from 500,000 to 900,000 metric tons.

USDA on Tuesday reported that the US corn crop was rated 58 percent good to excellent, up 1 percentage point from a week earlier and in line with trade expectations.

CBOT wheat futures ended slightly higher by Friday, mostly on technical buying. But poor US wheat export sales report also weighed on wheat market.

The USDA reported US wheat export sales totaled 312,100 metric tons in the week ending Aug 29, below analysts' forecasts that ranged from 400,000 to 800,000 metric tons.

In the spot markets, wheat prices in France is quoted this weekend at $182 per metric ton, which is equal to $4.10 per bushel. Black Sea wheat is offered at a level comparable to $3.90 per bushel.

Soybeans firmed in early moves on Thursday on news that Chinese and US chief trade negotiators agreed to jointly take concrete actions to create favorable conditions for further consultations in October.

But soybeans turned lower on Friday as investors shifted their focus to ample US supplies and prospects for large harvests in South America, which has ramped up exports to China in the previous months.

Xinhua