By Paulo Trevisani
--Corn for December delivery rose 1.3% to $4.82 1/4 a bushel on the Chicago Board of Trade on Wednesday, as producers seem reluctant to sell with prices close to post-pandemic lows.
--Wheat for December delivery rose 0.8% to $5.88 3/4 a bushel.
--Soybeans for November delivery rose 0.3% to $13.20 a bushel.
Wheat Bump: Grain futures rose following Tuesday's weakness and amid positive sentiment regarding global demand. AgResource said in a note that Algeria appeared to be buying a combination of Russian and European wheat at $272 a metric ton while Egypt was tendering for the grain. "The bump in world wheat demand is causing a recovery in futures," the firm said. AgResource added that forecast of wet weather in the Midwest, which would slow the harvest, supported corn and beans prices.
Beans Bounce: As soybeans futures looked to bounce back from Tuesday's decline, Summit's Tomm Pfitzenmaier said in a note traders were hopeful that "soybeans can be bought against [yesterday's] support level." Demand from China also seems to be improving, he said, while dry weather raised the possibility of delayed planting in South America. Meanwhile, the USDA reported sales of 120,000 metric tons of soybeans for delivery to unknown destinations during the 2023/2024 marketing year.
Chasing Markets: Corn futures recovered but remained close to post-pandemic lows. The EIA weekly ethanol report brought a deeper-than-expected decline in production while stocks remained in the lower section of forecasts compiled by the Wall Street Journal. Corn producers "can use pull-backs to establish longer-term re-ownership, but there is no reason to chase the market higher with any buys yet," RCM's Doug Bergman said in a report.
Storing Corn: AgResource said traders have been partially covering short grain positions. "US farmers are being tight fisted with their newly harvested corn and putting it into storage," the firm said in a report, adding that the Midwest soy harvest "will get going in earnest" next week. "Seasonal lows are forming but these lows take time to confirm."
--The USDA will release its weekly export sales report at 8:30 a.m. ET Thursday.
--The US Drought Monitor will release its updated map at 8:30 a.m. ET Thursday.
--The USDA will release its monthly Livestock Slaughter report at 3 p.m. ET Thursday.
--The USDA will release its monthly Cattle on Feed 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 Paulo Trevisani at firstname.lastname@example.org
(END) Dow Jones Newswires