GRAINS-Corn and wheat futures firm on brisk exports, weaker dollar

By Julie Ingwersen

CHICAGO, Dec 11 (Reuters) - U.S. corn and wheat futures firmed slightly on Thursday, supported by brisk export sales and a softer dollar, which tends to make U.S. grains more competitive globally, analysts said.

Soybean futures posted modest gains as well.

Chicago Board of Trade March corn CH26 settled up 2-1/4 cents at $4.46-1/2 per bushel while staying inside the prior day's trading range.

CBOT March wheat WH26 ended up 4 cents at $5.33-1/2 a bushel and January soybeans SF26 finished up 2-1/4 cents at $10.93-1/2 a bushel.

Corn got a boost after the U.S. Department of Agriculture reported net export sales of corn in the week ended November 13 at 2.38 million metric tons, topping a range of trade estimates for 800,000 to 2.0 million tons.

In addition, under daily reporting rules, the USDA confirmed private sales of 186,000 tons of U.S. corn to unknown destinations.

"A sliding dollar is further benefiting a scorching 2025/26 U.S. corn export campaign," StoneX analyst Matt Zeller wrote in a note to clients.

A weaker dollar makes U.S. crops cheaper for buyers with other currencies and can boost demand. The greenback .DXY extended declines from Wednesday, when the Federal Reserve cut interest rates but gave a less hawkish outlook than expected.

Still, rallies were capped by ample global supplies of corn and wheat. The Rosario Grains Exchange raised its estimate of Argentina's 2025/26 wheat harvest to a record 27.7 million metric tons, from 24.5 million previously.

"We expect wheat prices to settle into a range," said Tobin Gorey, founder of consultants Cornucopia.

Gorey said investor positioning had become more neutral in recent weeks, and that because the Ukraine-Russia war was not impeding grain exports from the Black Sea, any moves towards peace were unlikely to significantly move prices.

Soybean futures inched higher as traders continued to monitor Chinese purchasing. The USDA confirmed daily sales of 264,000 tons of U.S. soybeans to China and another 226,000 tons to unknown destinations.

China's state stockpiler Sinograin sold most of the soybeans it offered in an auction of state reserves, two traders said, making room for an expected influx of U.S. cargoes amid abundant local supplies.

Meanwhile, Brazilian crop agency Conab lowered its forecast of the country's 2025/26 soybean harvest to 177.12 million metric tons, still a record-large crop if confirmed, but down from its previous estimate of 177.60 million metric tons.