Selling Across Ag Markets Weigh on Feed and Grain Prices

Oilseed and grain prices were mostly sharply lower on Thursday as a substantial decline in crude oil prices contributed to widespread selling in agricultural markets. However, fund liquidation of long oil share positions helped support soybean meal prices. Improving growing conditions in South America may have also contributed to the weakness in corn and soybean prices.

USDA released its weekly Export Sales report with data for the week ending March 18. Sales of old-crop corn totaled 4.48 million tonnes, above the upper end of market expectations ranging from 3.8 to 4.7 million tonnes. The total was well above last week’s total of 985,890 tonnes. Sales of new-crop corn totaled 144,600 tonnes, near the lower end of market expectations ranging from zero to 500,000 tonnes, but below the 240,876 tonnes sold last…