Chicago Board of Trade (CBOT) grains futures closed higher Thursday with corn and soybean futures edging higher on concerns about weather delays to spring planting and relief that the White House will not immediately withdraw the United States from the North American Free Trade Agreement (NAFTA).

Solid export sales added support, although both commodities traded lower at times as mild and dry long-term forecasts tempered worries over reduced yields and production.

The most active corn contract for July delivery went up 2.5 cents, or 0.68 percent, to settle at 3.6925 dollars per bushel. July wheat delivery rose 4.75 cents, or 1.11 percent to 4.3125 dollars per bushel. July soybeans added 0.75 cents, or 0.08 percent, to 9.5725 dollars per bushel.

In the outside markets, the Brent crude oil market is 0.63 dollar per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 19 points higher.

"There's a lot of rain and cold temperatures, and all of that is supportive. But as long as the deferred forecast stays relatively dry, people aren't getting too nervous just yet, hence the tug-of-war today," said Jim Gerlach, president of A/C Trading in Fowler, Indiana.

On Thursday, the USDA Weekly Export Sales Report showed that soybean sales beat expectations, while corn sales came in at the high end of expectations.

U.S. President Donald Trump, however, later told the leaders of Canada and Mexico on Wednesday that he would not terminate the NAFTA treaty at this stage, but will move quickly to begin renegotiating it with them. Endit

Go to Forum >>0 Comment(s)