Chicago corn, soybeans rise while wheat falls

Chicago agricultural commodity futures were traded mixed Thursday, with corn and soybeans prices up while wheat price down on sluggish export sales. The most active corn contract for December delivery rose 1.5 cents, or 0.33 percent, to close at 4.5975 dollars per bushel. September wheat fell 2.25 cents, or 0.35 percent, to settle at 6. 4125 dollars per bushel. November soybeans rose 18.5 cents, or 1. 59 percent, to close at 11.8425 dollars per bushel. According to Chicago Mercantile Exchange (CME), corn futures are edging higher midday, led by gains in the September contract. Net weekly export sales for corn came in at 290,100 tonnes for the current marketing year and 220,900 for the next marketing year for a total of 511,000 tonnes. Japan was a notable buyer in the last week. As of Aug. 1, cumulative sales for corn stand at 29 percent of the U.S. Department of Agriculture (USDA) forecast for 2013-2014, compared with a five-year average of 20 percent. For wheat, the wheat bulls continue to struggle this week as traders unwind long wheat positions ahead of next Monday's USDA report. Net weekly export sales for wheat came in at 726,200 tonnes for the current marketing year and no sales were reported for the next marketing year. Sales were up 22 percent from the previous week but down 22 percent from the four-week average. For soybeans, net weekly export sales came in at 79,400 tonnes for the current marketing year and 1,017,600 for the next marketing year for a total of 1,097,000 tonnes. Old crop sales were up only 1 percent from last week but up 29 percent from the four-week average. As of Aug. 1, cumulative sales stand at 40.5 percent of the USDA forecast for 2013-2014, compared with a five- year average of 27.5 percent.