Corn, wheat higher, soybeans lower on soft export data

Chicago Board of Trade (CBOT) agricultural commodities closed mixed Thursday with corn, wheat rising and soybeans falling after government figures showed poor sales data.

The most active corn contract for May delivery rose 4.75 cents, or 1.24 percent, to 3.865 U.S. dollars per bushel. Wheat for May delivery gained 7.75 cents, or 1.47 percent, to 5.3625 dollars per bushel. May soybeans lost 3.75 cents, or 0. 38 percent, to 9.86 dollars per bushel.

Wheat continued to rally on short covering before a three-day holiday weekend for Easter, analysts said, adding that worries still existed about the dryness in the U.S. Plains. Floor brokers estimate that funds have bought 4,500 contracts of wheat before midday, according to the chicago-based analysis company Agresource.

U.S. Department of Agriculture (USDA) said Thursday in its weekly export report that during the week ended March 26, net sales of 162,100 metric tons for delivery in 2014/2015 were up 58 percent from the previous week, analysts said its also good for wheat.

As for the soybeans, the report said that net sales of 27,400 metric tons for 2014/2015 were down 95 percent from the previous week and 92 percent from the prior 4-week average. The soft sales data added pressure on soybeans.

While for the corns, the report showed net sales for delivery in 2014/2015 is 406,600 metric tons, 7 percent down from the previous week and 26 percent down from the prior 4-week average. However, analysts said the as the U.S. Energy Information Administration weekly ethanol report released on Wednesday showed a 4-percent drawdown in stocks through the week ended March 27, corn still found some support from this report Thursday as the crop was usually used to make ethanol in the United States. Endite