By Kirk Maltais


--Soybeans for January delivery fell 0.4% to $9.89 1/2 a bushel on the Chicago Board of Trade on Monday, ahead Tuesday's report showing a mostly unmoved outlook for U.S. soybean production and demand.

--Wheat for March delivery rose 0.2% to $5.58 1/4 a bushel.

--Corn for March delivery rose 0.3% to $4.41 1/4 a bushel.


HIGHLIGHTS


Weighed Down: Soybeans were under pressure to start the week, with traders not expecting many changes to the soybean supply and demand outlook in Tuesday's WASDE report. "Soybeans definitely feel like they have a weight to them," Advance Trading's Conner Bridgman said. A strong Brazilian crop along with a weakening outlook for export demand was the fundamental source of the pressure on futures.

Tighter Picture: Traders expect Russian wheat prices will climb ahead of a stricter export quota being instituted in February. "Russia's wheat export tax is rising, not falling, and just how world wheat trade flows reshuffle will be important in early 2025," AgResource said in a note. Wheat production in Russia has been a source of focus for traders throughout the year, with the health of crops amid unfavorable weather conditions for the world's largest wheat exporter being a concern.

Taking the Opportunity: Producers spent much of the day looking to hedge their bets by selling their otherwise unsold bushels at these prices - as was predicted by Doug Bergman of RCM Alternatives in a note published Monday morning. This isn't expected to extend into wheat, Bergman adds. "With the market showing some technical strength and global supplies near multi-year lows, look for the price recovery to continue," he added.


INSIGHT


Setting the Pace: President-elect Trump assuming office in late January will start the clock for what may be a quick two years to complete numerous policy goals, said Arlan Suderman of StoneX in a note. Their success or lack thereof will set the tone for CBOT grain futures for years to come, said Suderman. "Expect the Trump Administration to operate very quickly in implementing their agenda, recognizing the fact that they could very easily lose Congress in the mid-term elections," he said. "That's a lot of moving pieces in a relatively tight window of time that could have a significant impact on the demand for major agricultural commodities for years to come - either positive or negative."

Keeping Ahead: Export inspections of U.S. corn remain ahead of last year's pace for both the week and the marketing year, according to USDA data. In its latest grain export inspections report, the USDA said that corn export inspections for the week ended Dec. 5 totaled 1.05 million metric tons. That's up from 948,812 tons reported last week and 725,330 tons at this time last year - also keeping the pace of 2024/25 inspections 32% ahead of the previous year at 12.13 million tons.


AHEAD


--The USDA will release its World Agricultural Supply and Demand Estimates report at noon ET Tuesday.

--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.


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


(END) Dow Jones Newswires

12-09-24 1513ET