By Kirk Maltais


--Wheat for May delivery rose 3% to $5.91 1/2 a bushel on the Chicago Board of Trade on Friday, with a continued push in short-covering coming as some analysts eye weather conditions globally, while futures also took cues from a risk-off macro environment.

--Corn for May delivery rose 1.1% to $4.48 1/4 a bushel.

--Soybeans for May delivery rose 0.6% to $11.70 a bushel.


HIGHLIGHTS


Catching Fire: There are multiple reasons why traders continue to cover their short positions in wheat, Commerzbank said in a note. Part of it has to do with droughts and wildfires in the U.S. Midwest, as well as a deterioration in crop health in France. An attack by Russia on Ukrainian infrastructure in the port city of Odesa, and tensions between the U.S. and Iran that has traders across markets adjusting their positions.

Taking Cues: Corn futures rose to the highest their level this year. The grain received support from higher crude oil futures as U.S.-Iran tensions remain unresolved heading into the weekend. "The two sides will resume more technical discussions next week in Vienna," StoneX's said Arlan Suderman in a note. "A bulked-up U.S. military presence in the Middle East remains." Corn's price is tied to oil due to ethanol, which is a major consumer of commodity that is an ingredient blended into American motor fuel.


INSIGHT


Overseas Interest: The USDA reported a flash sale of U.S. corn exports for the second consecutive day, this time in a notice that said 257,000 metric tons were headed to "unknown destinations" for delivery in the 2025/26 marketing year. That phrase when included in USDA statements is often--but not always--used in connection with China. Grain traders continue to look for confirmation of China buying more U.S. soybeans.

Sticking Around: The latest U.S. inflation gauge showed price increases are likely to remain above the Federal Reserve's 2% target for a while. January's producer price index unexpectedly accelerated, and other indicators are expected to show inflation remains stubborn. "The data out this morning actually points to inflation being a nagging frustration for the U.S. economy," Comerica's Bill Adams said. The Fed is expected to remain cautious when considering rate cuts in the coming months. Attitudes around inflation and rate cuts tend to affect how commodities trade.


AHEAD


--The USDA will release its weekly Grain Export Inspections report at 11 a.m. ET Monday.

--The USDA will release its monthly Grain Crushings report at 3 p.m. ET Monday.

--The EIA will release its Weekly Petroleum Status Update report at 10:30 a.m. ET Wednesday.


Paulo Trevisani contributed to this article

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

(END) Dow Jones Newswires

02-27-26 1531ET