GRAINS-Wheat dips for fourth session on weak sales, improving crop

jueves 7 de abril de 2016 14:45 GYT
 

* Wheat down on improving U.S. crop condition, canceled sales

* Soybeans correct lower from recent rally

* Corn climbs on possible farmer switch to soy, technical buys (Adds closing U.S. prices)

By Rod Nickel

WINNIPEG, April 7 (Reuters) - Chicago wheat dropped on Thursday for the fourth straight session on lackluster weekly export sales and the improving condition of the U.S. winter crop.

Soybeans slid in a correction from Monday's highest price since Aug. 17 and corn rose on speculation U.S. farmers may switch some acres to soy.

The most-active May wheat contract on the Chicago Board of Trade dropped six cents or 1.1 percent to $4.57 a bushel, touching a one-week low of $4.56-3/4.

The USDA's export sales report showed net cancellations of old-crop U.S. wheat totaling 58,100 tonnes in the week to March 31, the weakest results in the current marketing year. Analysts had expected old-crop net sales of 150,000 to 350,000 tonnes.

"Wheat is kind of taking it from all sides here," said Terry Linn, broker at The Linn Group. "All things considered, it's doing an OK job of composing itself and not collapsing.   Continuación...