By Paulo Trevisani


--Soybeans for May delivery fall 1.6%, to $11.92 1/2 a bushel, on the Chicago Board of Trade on Friday, unable to hold on to the $12 a bushel mark it broke Wednesday, as markets turn their attention to next week's U.S. reports on acreage and gain stocks.

--Wheat for May delivery rose 1.5%, to $5.54 3/4 a bushel.

--Corn for May delivery fell 0.3%, to $4.39 1/2 a bushel.


HIGHLIGHTS


Supply, Demand: Soybeans close slightly lower than a week ago amid concerns global supply and demand. "What prices do going forward will likely be determined by the South American crop size, Chinese demand and the US planted acreage," Summit's Tomm Pfitzenmaier said in a note about both corn and soybeans. "There is still plenty of uncertainty about the size of the Brazilian soybean crop and the size of the US crop is still obviously up in the air." The trade is turning attention to USDA data on stocks and acreage due on Thursday.

Corn to Mexico: The USDA said sales of 263,000 metric tons of U.S. corn for delivery to Mexico were reported by private exporters. The agency said part of it, or 173,000 tons, is to be delivered in the current marketing year and 90,000 tons are for the 2024/25 marketing year. Thursday, the USDA reported corn export sales totalling 1.2 million tons in the week ended March 14, with Mexico among the main destinations.


INSIGHT


Farmer Vs. Fund: Farmers eager to sell are keeping a cap on grain prices, StoneX's Arlan Suderman said in a note. He said Brazilian producers are estimated to have sold roughly two thirds of this year's soybeans harvest. Suderman said that "farmers on both sides of the equator are looking for rallies to sell." That makes fund managers cautious buyers, he said. "They're reluctant to be long corn or soybeans if the farmer is long those commodities." He added that funds are also "reluctant to hold massive short positions" as weather risks increase seasonally for major producing areas.

Wheat Rally: Wheat futures recovered from early losses and closed higher for the week. Marex's Terry Reilly said in a note that large Russian crop prospects for 2024-25 and good precipitation across the Canadian Prairies were undermining wheat prices. He added, on the other hand, that French soft wheat conditions were 66% good/excellent as of March 18, "well down from 94% at the same time in 2023 and lowest since 2020." Reilly also noted that "traders are already positioning" for Thursday's USDA reports on U.S. planting intentions and grain stocks.


AHEAD


--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 EIA will release its weekly ethanol production and stocks report at 10:30 a.m. ET Wednesday.

--The USDA will release its weekly export sales report at 8:30 a.m. ET Thursday.

--The USDA will release its annual Prospective Plantings report at noon ET Thursday.

--The USDA will release its quarterly Grain Stocks report at noon ET Thursday.

--The USDA will release its quarterly Hogs and Pigs report at 3 p.m. ET Thursday.


Write to Paulo Trevisani at paulo.trevisani@wsj.com


(END) Dow Jones Newswires

03-22-24 1510ET