By Kirk Maltais


--Soybeans for July delivery rose 0.9%, to $11.23 3/4 a bushel, on the Chicago Board of Trade on Wednesday, with short-covering taking place ahead of Thursday's World Agricultural Supply and Demand Estimates report and the market watching for new fighting in the U.S.-Iran conflict.

--Wheat for July delivery rose 0.3%, to $5.87 1/4 a bushel.

--Corn for July delivery fell 0.1%, to $4.19 1/4 a bushel.


HIGHLIGHTS


Next Benchmark: CBOT grain futures pushed higher as traders covered shorts ahead of the WASDE data, said the Hightower Report in a note. Only minor changes are expected in the WASDE, according to estimates from analysts surveyed by The Wall Street Journal this week. Also expected Thursday is Conab's crop report, updating the size and health of Brazilian crops.

To Arms: Attempts at reaching a peace deal between the U.S. and Iran appear to have fallen apart, with President Trump now stating that fresh attacks are being launched on Iranian forces in retaliation for a Tehran drone downing a U.S. Apache helicopter. The hot-and-cold conflict has yanked commodity futures around since the war started in February, but the volatility introduced at points of higher uncertainty between the two sides is gradually decreasing each time, said Mike Castle of StoneX in a note.


INSIGHT


Choppy Seas: Increased volatility could be coming for grain futures, according to Hedgepoint Global in a note. The firm said that a host of factors are contributing to choppy prices globally. "The global corn and soybean complex markets are undergoing a significant transition, marked by the interplay of macroeconomic, geopolitical, energy, and climate factors," said Hedgepoint. The expansion of demand from biofuels is expected to help bolster demand and offset the effect of huge crops in growing areas worldwide, Hedgepoint added. But the flow of war news and the development of an El Niño system looks to keep futures in flux.

Greater Expectations: Analysts surveyed by the Journal this week say that they are largely expecting the USDA to report higher corn sales from the previous week. Analysts are forecasting sales to land anywhere from 900,000 metric tons to 1.8 million tons. Last week's sales totaled 1.13 million tons between the 2025/26 and 2026/27 marketing years.

Small Margin: U.S. ethanol inventories fell slightly from the previous week, landing on the low side of analyst forecasts for the week. The EIA said Wednesday that for the week ended June 5, ethanol stocks totaled 24.45 million barrels. That is down 154,000 barrels from the prior week. Analysts surveyed by Dow Jones had forecast stocks to land between 24.4 million barrels and 24.81 million barrels. Average daily production was unchanged from the prior week, at 1.108 million barrels a day. Surveyed analysts had forecast production between 1.1 million barrels a day and 1.125 million barrels a day.


AHEAD


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

--The USDA will release its monthly WASDE report at noon ET Thursday.

--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

06-10-26 1554ET