By Kirk Maltais


--Soybeans for January delivery fell 1% to $9.80 3/4 a bushel on the Chicago Board of Trade on Thursday, with traders unwilling to take a definitive position on soybeans amid the amount of uncertainty swirling around the market.

--Corn for December delivery fell 0.8% to $4.27 a bushel.

--Wheat for March delivery fell 0.7% to $5.68 1/2 a bushel.


HIGHLIGHTS


Same Situation: For soybeans, the factors that have been pushing those futures lower this week were the main factors moving the price again today. "Beans tried the upside overnight on chart short covering, but then fell back on the usual; good weather in South America, Trump tariffs, and lack of Chinese buying," said Charlie Sernatinger of Marex in a note. Until Trump takes office in January, traders are unlikely to make large moves in soybean futures, Sernatinger adds.

Back in Russia: Prices for wheat in Russia slid last week, said SovEcon in a note. The price for Russian class 4 wheat, which contains 12.5% protein, decreased by 100 rubles to 14,850 rubles per metric ton, or $151 a ton. It's the first decline in Russian wheat prices in roughly a month, said the firm. "Sluggish export activity in the short term is likely to continue exerting additional pressure on ruble prices," said SovEcon. How Russian wheat prices move tend to affect other prices globally.


INSIGHT


Parched Land: Mexico, a leading buyer of U.S. corn exports, has been locked in tough drought conditions for years now, and this lack of water may keep the pace of Mexico's purchases of U.S. corn elevated, said Naomi Blohm of Total Farm Marketing in a note. "Anticipation of additional demand has supported breaks as Mexico's corn purchases this year have been the largest since 2018," said Blohm. "The ongoing drought in Mexico continues to be an issue as their winter corn crop is being planted." Mexico was the leading buyer of corn exports in this week's export sales report from the USDA, purchasing 787,400 metric tons for the week ended Nov. 14.

In Search of Shelter: Investors are seen being more driven to seek safe havens like gold instead of agricultural commodities, soft commodities, industrial metals, and others, according to Karl Setzer of Consus Ag Consulting. "This is drawing interest away from commodities, especially with the lack of a really bullish news story," said Setzer. Front-month gold futures rose 0.9% to $2,672.10 an ounce.


AHEAD


--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.

--The USDA will release its weekly grains export inspections report at 11 a.m. ET Monday.

--The USDA will release its monthly Cold Storage report at 3 p.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

11-21-24 1529ET