By Kirk Maltais


-- Soybeans for January delivery rose 2.8% to $13.85 1/2 a bushel on the Chicago Board of Trade on Monday with adverse weather in Brazil over the weekend creating pressure on new crops growing there.

-- Corn for December delivery rose 2.8% to $4.77 1/4 a bushel.

-- Wheat for December delivery rose 0.7% to $5.79 a bushel.


HIGHLIGHTS


Little Improvement Seen: The Brazilian weather situation doesn't appear to be improving, creating the danger of damage to nascent crops.

"There remains too much rain in Southern Brazil -- Central and North Brazil 9-day forecast is dry," said Steve Freed of ADM Investor Services in a note.

This gave grain futures a lift throughout the day.

"Soybean futures will need lower Brazil supplies and even higher U.S. soybean crush and exports to rally back over recent highs and avoid a lower trend," Freed said.


Product Push: CBOT soymeal rose 4.6%, to $471.80 a ton, providing the overall grains complex with support as soymeal spent much of the day limit-up.

Joel Karlin of Ocean State Research speculated that interest from fund traders is what's behind soymeal's surge higher -- interest linked to adverse weather conditions in Brazil and tight domestic supplies.


INSIGHT


Looking for a Drop: Data from the National Oilseed Processors Association is expected to show lower soyoil stocks for the month of October compared to the same month last year, with NOPA expected to show stocks of 1.3 billion pounds in October, according to estimates from Terry Reilly of Marex.

That would be down from 1.53 billion pounds from last October.

The agency is also expected to peg the soyoil production rate at 189.1 million bushels a year, which would be up from 184.5 million bushels last October.

Soy products have been supportive for underlying soybean futures, with CBOT soyoil finishing up 0.9%.


Chinese Consumption: A new flash sale of U.S. soybeans to China was confirmed by the USDA on Monday morning, bringing last week's streak of sales into a new week. The USDA confirmed that China has purchased 204,000 metric tons of soybeans for delivery in the 2023-24 marketing year.

Another 143,637 tons of corn were confirmed for delivery to Mexico in 2023-24.

Last week, the USDA announced several flash sales of U.S. soybeans to China, totaling nearly 2 million tons, not counting sales made to "unknown destinations," which is a separate designator often used for sales to China.


AHEAD


-- The EIA is scheduled to release its weekly ethanol production and stocks report at 10:30 a.m. EST Wednesday.

-- The USDA is due to release its weekly export sales report at 8:30 a.m. EST Thursday.

-- The USDA is scheduled to release its monthly Cattle on Feed Report at 3 p.m. EST Friday.

-- The CFTC is due to release its weekly Commitments of Traders Report at 3:30 p.m. EST Friday.


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


(END) Dow Jones Newswires

11-13-23 1542ET