There was a lot of red was seen across the ag sector in today’s session despite favorable export sales figures. Soybeans and wheat lead the decline but corn followed. Ample and timely rains seen benefitting Brazil’s Safrinha crop, coupled with a technical breakdown pressured corn. Soybeans followed the path of least resistance as no new trade developments have been reported.
Export sales released this morning for the week ending February 21st were at or above the high end of trades expected range for corn, soybeans and wheat. Corn sales tallied 48.8 million bushels, slightly above the high end of the expected range. Soybean sales totaled 80.7 million bushels, over twice the volume expected, with 66 million bushels being sold to China. Wheat sales totaled 17.5 million bushels.
Corn, soybean and wheat futures saw significant pressure the month of February. The spot March corn contract fell 16 cents, while the new crop December contract lost 10 cents. March soybeans finished the month with a loss of 20 cents and November soybeans lost 13 cents. Wheat values fared the worst losing 71 cents on the March contract.
March corn closed 1 cents lower today at $3.62, March soybeans fell 6 cents to close at $8.97 , March Chicago wheat dropped 8 cents at $4.52 .