GRAINS-Corn rallies on export demand; soy falls on profit-taking
(Recasts, updates with closing prices)
By Mark Weinraub
CHICAGO, April 28 (Reuters) - U.S. corn futures rose 1.9 percent on Thursday, with concerns about crops in South America spurring export demand for U.S. supplies, traders said.
Soybean futures closed lower despite strong exports, with traders locking in profits after prices rallied to their highest since August.
Wheat futures were mixed, with benchmark soft red winter wheat contracts eking out a modest gain while hard red winter wheat and MGEX spring wheat easing on good growing conditions across the U.S. Plains.
Corn rallied for the third time in the fourth session, with the market recovering from overnight weakness on the U.S. Agriculture Department's bullish export report. USDA said that weekly corn export sales topped 2.6 million tonnes, the highest combined old-crop and new-crop total in four years.
"The exports were a big wake-up call," said Mark Schultz, chief analyst at Northstar Commodity Investment Co.
Net soybean sales for the combined marketing years were the largest in more than three months and combined wheat sales were the biggest since last July.
Chicago Board of Trade May corn futures settled up 6-1/4 cents at $3.87 a bushel. Continuación...