By Paulo Trevisani


--Wheat for May delivery rose 0.3%, to $5.46 3/4 a bushel, on the Chicago Board of Trade Thursday, as markets traded on both sides of flat but managed to close up.

--Corn for May delivery rose 0.5% to $4.40 4/4 a bushel.

--Soybeans for May delivery rose 0.2% to $12.12 a bushel.


HIGHLIGHTS


Weather Concerns: Uncertainties stemming from South American weather led grains futures to give up early gains. "Earlier today soybean futures traded with 15 cent gains on ideas that heavy rains in Argentina may have damaged portions of their soybean crop," Total Farm's Naomi Blohm said. That enticed farmer cash soybean sales in the U.S., she said. "Without additional bullish news as the day progressed, simple profit taking kicked into gear," Blohm said. "The market (and traders) will be eager to see if May soybean futures can close out the week above the $12.00 price point or not."

Unsurprising Sales: The USDA reported weekly net corn sales of 1.2 million metric tons for the current and the next marketing years combined, wheat exports of 176,300 tons and soybeans sales of 494,300 tons. The figures for the week ended on March 14 were within the range of expectations of analysts surveyed by Dow Jones.


INSIGHT


Southern Rain: Recent flooding in parts of Argentina and Brazil could damage local crops, AgResource said in a report, warning that forecasts point to improving weather that could minimize losses. AgResource said that rains at this time of the year back in 2016 caused "sizeable crop losses" in Argentina. AgResource expressed doubts that the current crop "will be severely impacted if the dry weather persists for the next 2-3 weeks."

Farm Lending: Agricultural lending by U.S. farm banks grew 6.7% last year from 2022, to $110 billion, the American Bankers Association said in its latest Farm Bank Performance Report. The association said there was a 4.5% increase in outstanding loans secured by farmland, to $64.1 billion, adding that farmland values increased 7.4%. Agricultural production loans increased 10% to $45.9 billion, ABA said. In 2024, "the agricultural sector will continue to face challenges due to monetary policy actions targeting persistent inflation...as well as reduced federal support," ABA's Chief Economist Sayee Srinivasan said in a note.


AHEAD


--The USDA will release its monthly Cattle on Feed report at 3 p.m. ET Friday.

--The CFTC will release its weekly Commitment of Traders report at 3:30 p.m. ET Friday.

--The USDA will release its weekly grains export inspections report at 11 a.m. ET Monday.

--The USDA will release its monthly Cold Storage report at 3 p.m. ET Monday.


Write to Paulo Trevisani at paulo.trevisani@wsj.com; @ptrevisani


(END) Dow Jones Newswires

03-21-24 1457ET