Chicago corn up on improved export data, soybeans near 7-month low

Chicago Board of Trade corn drifted higher on Thursday after data showed strong U.S. weekly export sales, while soybean still hovered around a seven-month low amid forecasts for ideal weather across the U.S. Midwest.

The most active corn contract for July delivery added 5 cents, or 1.39 percent, to 3.65 U.S. dollars per bushel. Wheat for July delivery gained 9 cents, or 1.75 percent, to 5.22 dollars per bushel. July soybeans lost 2.75 cents, or 0.29 percent, to 9.385 dollars per bushel.

The U.S. Department of Agriculture said on Thursday that, during the week ended on May 14, net sales of wheat was 812,600 metric tons for delivery in 2014/2015 market year, up 12 percent from the prior 4-week average. Corn rebounded following the strong export data.

The same report showed that net sales of wheat was 74,400 metric tons for delivery in marketing year 2014/2015, down 36 percent from the previous week and down significantly from the prior 4-week average; net sales of soybean was 165,500 metric tons, up 21 percent from the previous week but down 35 percent from the prior 4-week average.

Wheat rose on short covering amid market expectations that too much rain might damage wheat growth.

Meanwhile, forecasts for the ideal weather raised expectations of a bumper harvest of soybeans, pressing soybean down, analysts said. Endite