By Kirk Maltais

--Soybeans for July delivery rose 0.8%, to $12.49 1/2 a bushel, on the Chicago Board of Trade on Friday, with traders recalibrating their feelings around China's absence from the U.S. grain export market.

--Wheat for July delivery rose 0.7%, to $7.02 3/4 a bushel.

--Corn for July delivery rose 0.2%, to $4.65 a bushel.


Finding Meaning: Rumors earlier this week that China has purchased U.S. soybean exports were left unsubstantiated by confirming notices from the USDA, which initially disappointed traders, but that effect to price disappeared as the trading session continued. "We don't doubt the rumored trade took place; basis, spread action, and recent global cash trends supported the idea, but we don't always get an immediate confirmation and China is notorious at disguising trade when it fits their interest," Brian Pullam of Linn & Associates said. Eventual confirmation of this trade may point to improving export sales demand for U.S. soybeans.

Everything in Order: Grain traders mostly used trading to get their books in order ahead of the long holiday weekend. U.S. traders were largely cautious in their trading Friday, with the news in many commodities light. "The planting delays have attracted some attention, but the crop is still expected to be mostly planted by the first week of June, which is not particularly late," said Tomm Pfitzenmaier of Summit Commodity Brokerage in a note.


Eyes Abroad: With CBOT wheat trading closed on Monday in observance of Memorial Day, traders will pay attention to Paris wheat futures to get a sense of direction for next week. "Their direction will decide Monday evening's CBOT opening," said AgResource in a note. "If the extended range Black Sea weather forecast is correct, a new push to the upside should occur early next week, which allows corn/soy futures to follow." CBOT wheat has been following developments in Europe and Russia, which traders expect to continue.

Clutch Committee: U.S. House of Representatives Agriculture Committee passed its version of a farm spending bill late Thursday night, but the legislation still has a long way to go before becoming law. Zippy Duvall of the American Farm Bureau Federation said following the passage, "We applaud the bipartisan vote after 13 hours of rigorous debate, but know that tight margins in both chambers and a crowded congressional calendar will present challenges in the next legislative steps." The bill, which will contain numerous provisions designed to aid farmers and crop production, isn't expected to hit the House floor until September.


--The CBOT and the USDA will be closed in observance of Memorial Day on Monday. Both will reopen on Tuesday.

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

--The USDA will release its weekly Crop Progress report at 4 p.m. ET Tuesday.

Write to Kirk Maltais at

(END) Dow Jones Newswires

05-24-24 1515ET