By Paulo Trevisani


--Soybeans for May delivery rose 2%, to $12.09 1/2 a bushel, on the Chicago Board of Trade on Wednesday, piercing a ceiling some traders doubted could break.

--Wheat for May delivery fell 1.4% to $5.45 a bushel.

--Corn for May delivery was stable at $4.39 1/2 a bushel.


HIGHLIGHTS

Soybean Exports: U.S. exporters reported sales of 120,000 metric tons of soybeans to unknown destinations during the 2024/25 marketing year, the USDA said. The U.S. grain faces competition from Brazilian soy growers in global markets, while doubts persist about the size of the South American production. AgResource said in a report that CBOT brokers estimated that managed money has bought 3,600 contracts of soybeans.

Steady Corn: Corn futures held onto Tuesday's gains after falling for most of the Wednesday session. Summit's Tomm Pfitzenmaier said in a note before the market opened that weakness in crude oil and wheat markets was spilling over to corn. "The May wheat has run into resistance at its 20-day moving average and momentum indicators have turned lower in crude oil," he said. Pfitzenmaier also pointed to uncertainty about the weather in Brazil and said the planted area for U.S. corn seems larger than expected.

Ethanol Rising: The EIA's weekly ethanol report showing increased stocks and production didn't help corn prices. The agency said U.S. ethanol stocks reached 26 million barrels in the week ended March 14, up from 25.78 million barrels the week before. Analysts surveyed by Dow Jones had forecast stocks to be between 25 million barrels and 26.4 million barrels.


INSIGHT


Eyeing Intentions: Grain traders are already turning their attention to the USDA's quarterly reports on stocks and planting intentions due on March 28. "Both of these reports are known for their market-moving surprises, which has fund managers holding large short positions nervous," StoneX's Alan Suderman said in a report, adding the data are hard to predict. He expects corn planting intentions to fall to 92.1 million acres from the previous year's 94.6 million acres, while soybeans intentions would rise to 85.6 million acres from 83.6 million acres.

Wheat Retreat: The May wheat contract is finding resistance at $5.50 a bushel, AgriSompo's Sterling Smith said. "Wheat's struggle continues as any rallies seem to be little more than offering opportunities for selling," he said. Corn followed wheat's decline as planted acreage remains uncertain. "Corn is consolidating as there are enough questions about where acres will land," Smith said.


AHEAD


--The USDA will release its weekly export sales report 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 paulo.trevisani@wsj.com

(END) Dow Jones Newswires

03-20-24 1510ET