31/07/2015: Corn, soybeans rise on export sales; wheat mostly lower

Photo by ©Ferran Pons on flickr

Corn and soybean futures finished higher on Thursday, bolstered by better-than-expected export sales and some traders closing out bets near the end of the month, as reported by Ilan Brat of Nasdaq.

Meanwhile, wheat was mostly lower, weighed down by a rise in the dollar.

Weekly export sales figures from the US Department of Agriculture aided positive sentiment in general, with a government report showing net sales for the week ended July 23 were above analyst forecasts, a sign that a steep drop in prices in recent weeks has helped gin up foreign demand. 

Extremely wet weather in June and early July raised concerns about crop damage and boosted prices. But the weather has turned drier and overall more benign in recent weeks, easing those concerns and sharply reducing grain and soybean prices.

Many traders who bet prices would fall are likely taking profits and unwinding those bearish "short" bets as the end of the month nears, leading contracts to rally, analysts said.

Corn also was supported by a relief from selling pressure that hit it earlier in the week as money managers who had bet its price would rise offloaded their contracts. Some of those "long" bets have been cleared from the market, and prices as a result had more momentum to rise.

Read more HERE.

 

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