By Paulo Trevisani


--Soybeans for March delivery rose 0.9% to $12.24 1/4 a bushel, on the Chicago Board of Trade on Monday, as traders reacted to news foreshadowing higher demand for soy-based fuel.

--Wheat for March delivery rose 0.6% to $5.96 1/2 a bushel.

--Corn for March delivery was unchanged at $4.45 3/4 a bushel.


HIGHLIGHTS


Soy Tailwind: Soybeans futures got support from last week's news that Phillips 66 received approval to operate its 50,000 barrels renewable diesel plant in Rodeo, Calif. AgResource said the decision boosted soyoil futures and "the story in soyoil is tightening stocks into the spring and summer draw period that bumps soyoil higher at the expense of soymeal." AgResource also reports that Brazilian soybean farmers are seeing cash bids as low as $8.77 a bushel for new crops, "causing many producers to consider whether they should take the financial risk and plant a winter corn crop."

Wheat Turnaround: Wheat prices fell in early trade today before turning positive. The decline was linked to weakness in Paris wheat futures, AgResource said in a report. Increased weekly export inspections for wheat reported by the USDA supported the turnaround.


INSIGHT


Watching Rainfall: Corn traders considered whether recent and forecast rain could salvage Argentine crops, Summit's Tomm Pfitzenmaier said in a note. "The market has become oversold, so it will be interesting to see if the market can muster a genuine recovery rally or just a sideways move to correct the oversold condition," Pfitzenmaier said. "The large US carryout along with the South American production numbers that were little changed in the recent USDA reports leaves traders with little interest in owning corn."

Brazilian Harvest: Brazilian soybean harvest reached 6% of the planted area last week amid productivity losses caused by an extended drought, AgRural said in a note. A week earlier, harvest was limited to 2.3% of planted area. AgRural adds that planting of the 2024 second-crop corn, or "safrinha," reached 5% of the estimated acreage, up from nearly zero a week earlier and 1% a year ago. Harvesting of the 2023-24 corn crop reached 8%, AgRural said.


AHEAD


--The EIA will release its weekly ethanol production and stocks report at 10:30 a.m. ET Wednesday.

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

--The USDA will release its weekly export sales report at 8:30 a.m. ET Thursday.

--The USDA will release its monthly Livestock Slaughter report at 3 p.m. ET Thursday.

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


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


(END) Dow Jones Newswires

01-22-24 1535ET