By Kirk Maltais


--Soybeans for May delivery rose 0.9%, to $11.65 1/4 a bushel, on the Chicago Board of Trade on Wednesday, with traders hoping to see more Chinese purchases of U.S. soybean exports soon.

--Corn for May delivery rose 0.8%, to $4.42 a bushel.

--Wheat for May delivery fell 0.5%, to $5.70 1/4 a bushel.


HIGHLIGHTS


Stepping to the Plate: Traders mulled the possibility that China will buy more U.S. soybean exports soon, even if no flash sales were confirmed Wednesday. "Yesterday's rumors of China shopping for U.S. soybeans from the Pacific Northwest weren't confirmed by USDA this morning, but some of that talk remains in the market," said Brian Grete of Commstock Investments. Comments from USTR Jamieson Greer stating that the Trump administration doesn't plan on raising tariffs on Chinese goods also supported soybeans, said Grete.

Looking Elsewhere: U.S. companies are rumored to have imported cargoes of wheat from Argentina, analysts said today. Rainfall expected for Plains winter wheat growing areas starting this weekend also applied pressure, said Brian Hoops of Midwest Market Solutions. It marks the third consecutive day that wheat settled lower.

Consuming Corn: Weekly production of U.S. ethanol stayed ahead of last year's pace, according to this week's data from the EIA. Average daily production was 1.113 million barrels a day, down 5,000 barrels a day from the previous week. While analysts surveyed by Dow Jones expected a bigger move, average production remains ahead of where it was last year. Traders hope that increased ethanol production will lead to higher consumption of the record-sized U.S. corn crop.


INSIGHT


Hearty Health: The U.S. winter wheat crop is looking better in the southern plains, said Argus in a note. Forecasts of light rains over the central plains next week looks to support the health of the crop. But whatever pricing downside there may be is limited "due to ongoing international geopolitical uncertainties," Argus said.

Shelf Life: Brazilian soybeans on the world export market are becoming increasingly cheaper versus the U.S. competition, according to AgMarket.net in a note. Analysts said the price difference threatens to derail any momentum from Chinese purchases of U.S. soybeans, although no flash sales to China have been announced since the country returned from the Lunar New Year holiday this week. "Brazilian cargoes are currently nearly $40/mt cheaper than the U.S., the widest the discount has been in over a year," said the firm.


AHEAD


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

--The USDA will release its monthly Agricultural Prices report at 3 p.m. ET Friday.

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


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


(END) Dow Jones Newswires

02-25-26 1524ET