By Kirk Maltais

--Wheat for September delivery fell 0.6% to $5.29 1/2 a bushel on the Chicago Board of Trade Wednesday, with grain traders unenthused about U.S. wheat's demand prospects going forward.

--Corn for December delivery rose 0.2% to $3.26 3/4 a bushel.

--Soybeans for November delivery rose 0.3% to $8.88 1/4 a bushel.

HIGHLIGHTS

Can't Hold It: The uptick in wheat futures Wednesday didn't hold, with the most-active contract giving back some of those gains in trading Thursday. "Wheat charts took out yesterday's high with all momentum down, " said Charlie Sernatinger of ED&F Man Capital. News was light for the day, with many grains traders still skeptical of strong export demand propping up the U.S. market despite a strong export sales report from the USDA this morning.

Jumping Beans: On top of the nearly 2 million metric tons of soybean exports confirmed sold to China by the USDA in its weekly export sales report Thursday, the USDA also confirmed a new grain flash sale to China for delivery in the 2020/21 marketing year. While traders are encouraged by the new wave of sales activity, that enthusiasm isn't translating into upward movement of the CBOT soybean contract. "Beans had a monster week of export sales, but those numbers are often already priced in, which explains the lack of reaction," said Doug Bergman of RCM Alternatives.

INSIGHTS

Locked In: Corn futures on the CBOT have shed 6.8% in the past month, in response to the weather in the U.S. Midwest being supportive for the growth of 2020/21's large crop. "The good weather currently observed in the USA on corn crops is putting pressure on prices," said AgriTel. "This situation makes the funds to review their positions and to accentuate corn sales." In last week's commitment of traders report from the CFTC, managed money funds were shown as having added to their short positions, leaving them net short at 155,676 contracts.

All Aboard: Shipments of grains via railcar in the U.S. are up 15% in the past week, according to the latest Grains Transportation Report. According to the USDA, U.S. Class I railroads originated 22,395 grain carloads during the week ending July 18--up 15% from the previous week but still 2% less than the same time last year. Given the coronavirus pandemic, it appears that shipments of grains within the U.S. have at least returned close to normal.

AHEAD:

--The USDA releases its monthly agricultural prices report at 3 p.m. ET Friday.

--The CFTC releases its weekly commitment of traders report at 3:30 p.m. ET Friday.

--The USDA releases its weekly grain export inspections data at 11 a.m. ET Monday.

Write to Kirk Maltais at kirk.maltais@wsj.com