By Kirk Maltais


--Soybeans for July delivery rose 1.1% to $14.21 a bushel, on the Chicago Board of Trade on Friday, with traders taking this week's selling as an opportunity to buy back in at more-attractive prices.

--Wheat for July delivery rose 0.7% to $6.34 1/2 a bushel.

--Corn for July delivery rose 0.5% to $5.84 3/4 a bushel.


HIGHLIGHTS


Tough Sledding: CBOT grain futures turned higher on Friday after a week that saw grains battered on export demand concerns and weather supportive for ample crop growth in the U.S. and elsewhere. "The grains had an awful week leading up to today," said Sterling Smith of AgriSompo. "The midday rally has short covering/pre-weekend profit taking written all over it." Before Friday, corn futures had shed 5.4% since Monday, while soybeans fell 3.1% and wheat dropped 6.5%.

Cancellation Concerns: The question of whether or not more cancellations of previously-announced export sales already in the pipeline was key for futures movement. The question of whether or not more cancellations of previously-announced export sales were in the pipeline was key to the movement of futures. Traders started day with the expectation that cancellations like those seen in Thursday's sales report would continue, however, none were announced Friday morning by the USDA, which gave prices an opportunity to rise.

INSIGHT


Climate Shift: The potential for the global climate to shift into El Niño this summer may spark higher-than-expected crop yields. "Some risks remain for the upcoming growing season, but overall the odds continue to favor active planting over the next several weeks, with a generally favorable growing season," StoneX's Arlan Suderman said in a note. "Stocks are expected to grow if we move into El Nino. The only question is, by how much?" The USDA will release its next WASDE report on May 12, which is expected to include new estimates for planted acreage, crop yields and ending stocks.

Paving the Way: The U.S. Environmental Protection Agency issued a waiver Friday allowing for E15 -- gasoline blended with 15% ethanol -- to be sold during the summer driving season. Typically, this kind of gasoline isn't sold during the summer due to air pollution concerns. However, the EPA said that because of "market supply issues" stemming from the Russia-Ukraine war, E15 fuel may help ease potentially tight availability for gasoline. "EPA's action allowing summertime E15 will help extend gasoline supplies, prevent fuel shortages, protect air quality and reduce carbon emissions," the Renewable Fuels Association's Geoff Cooper said in a release following the decision.


AHEAD


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

--The USDA will release its monthly Grain Crushings report at 3 p.m. ET Monday.

--The USDA will release its weekly crop progress report at 4 p.m. ET Monday.

--CF Industries Holdings Inc. will report its first quarter earnings at 4:30 p.m. ET Monday.


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

(END) Dow Jones Newswires

04-28-23 1542ET