Chicago agricultural commodities settled up Thursday on short covering.
The most active corn contract for December delivery rose 3.75 cents, or 1.01 percent, to close at 3.735 U.S. dollars per bushel. The most active soybean contract for November delivery rose 9.25 cents, or 0.88 percent, to close at 10.56 dollars per bushel. The most active wheat contract for September delivery rose 9.25 cents, or 1.75 percent, to close at 5.3725 dollars per bushel.
Expiring old crop August soybeans has been exciting with strong rallies posted in early trade on Thursday amid a lack of deliveries and surging spot old crop cash bids. The August rally has sparked some short covering in the new crop soybean futures. Short covering is noted in corn and wheat with old crop producers selling on the rally.
With Midwest rains slated to start falling, analysts are advising traders to sell now as a big crop gets bigger and world demand for U.S. grain and soybeans are falling.
US weekly export sales through the week ending Aug. 7 were neutral to slightly disappointing. U.S. wheat export sales were 12. 4 million bushels. U.S. soybean export sales were 42 million bushels, with U.S. corn export sales being 26.2 million bushels. U. S. crop year to date wheat sales are down 126.7 Million Busells from last year, while the U.S. corn sales pace is slowing due to cheaper fob offers from Latin America and the Black Sea.