US crop futures fall sharply amid worries over demand uncertainty

CHICAGO (Xinhua) – Chicago Board of Trade (CBOT) agricultural futures ended this past week sharply lower as market participants were worried about demand uncertainty or possible export delays.

The most active corn contract for March delivery was down six cents, or 1.55 per cent week on week, to close at 3.8125 US dollars per bushel. March wheat was down 19.75 cents, or 3.44 per cent, to settle at 5.5375 dollars per bushel. March soybeans were down 29.5 cents, or 3.27 per cent, to close at 8.725 dollars per bushel.

According to the latest weekly export sales report released by the US Department of Agriculture (USDA), net US soybeans sales during the period of January 17-23 for the 2019/20 marketing year reached 469,700 metric tonnes, down 41 per cent from the previous week and 11 per cent from the prior four-week average.

For the 2020/21 marketing year, total net soybean sales were pegged at 1,231,200 metric tonnes, up 17 per cent from the previous week and 11 per cent from the prior four-week average.

Yet the risk-off mentality has prevailed in CBOT crop markets these days, said analysts.

According to the latest weekly export sales report released by the US Department of Agriculture (USDA), net US soybeans sales during the period of January 17-23 for the 2019/20 marketing year reached 469,700 metric tonnes, down 41 per cent from the previous week and 11 per cent from the prior four-week average

CBOT soybeans posted losses in nine straight sessions, while wheat fell for six days in a row.

Following a two-month rally in the wheat market, some “cracks,” or signs of correction, started to show, Chicago-based agricultural research firm AgResource wrote in a weekend commentary.

CBOT brokers estimated that funds were net sellers of 4,200 wheat contracts on Thursday, followed by 2,500 more on Friday.

US corn sales for overseas delivery were relatively better among the three main crops.

Net sales during the January 17-23 period were reported at 1,234,700 metric tons for 2019/20, up 23 per cent from the previous week and 99 per cent from the prior four-week average.