By Kirk Maltais


-Wheat for July delivery rose 1.3% to $6.20 a bushel on the Chicago Board of Trade on Friday, sending money flowing back into grains ahead of potential market-moving events.

-Soybeans for July delivery rose 1.2% to $12.06 1/4 a bushel.

-Corn for July delivery rose 0.8% to $4.71 a bushel.


HIGHLIGHTS


In Preparation: CBOT grain futures finished the week on a positive note. "Traders are positioning ahead of the weekend with a lot of potential market-moving events and data ahead," says Brian Grete of Commstock Investments. Grain traders get the WASDE report on Tuesday, as well as the Trump-Xi summit later in the week and ongoing headlines from the Iran war.

Getting Back in Place: Many grain traders that exited long positions earlier this week returned today, said Karl Setzer of Consus Ag Consulting. "A lot of the weak longs that exited the market to start the week are finding their way back," Setzer said. "This is partially from the war, partially from short covering ahead of the WASDE, and partially from building weather risk in Brazil." Last week's Commitment of Traders report from the CFTC showed large net long positions for both corn and soybeans. The CFTC will update that report this afternoon.


INSIGHT


Pins and Needles: Shots being fired between the U.S. and Iran heading into the weekend made traders increasingly nervous, and will likely make them nervous throughout the weekend. "Traders assume that the longer the wait for an Iranian response, the greater the chance it will be a 'no,'" said AgResource in a note. "A 'no' response could be followed by renewed U.S. military attacks."

Soy Surge: Soybean futures will be especially scrutinized next week, with eyes turning toward the summit between President Trump and Chinese leader Xi Jinping. "Will the U.S. be able to get China to buy more soybeans or more ag products in general? Traders seem pretty optimistic it will happen," said Cory Bratland of AgMarket.net in a note. A deal coming out of that summit potentially increasing demand for U.S. soybean exports is seen as supportive for soybean prices.


AHEAD


-Mosaic Co. will release its first quarter earnings report before the stock market opens on Monday.

-Dole Plc will release its first quarter earnings report before the stock market opens on Monday.

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

-The USDA will release its weekly Crop Progress report at 4 p.m. ET Monday.


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

(END) Dow Jones Newswires

05-08-26 1540ET