By Paulo Trevisani


--Soybeans for July delivery rose 1% to $11.89 1/2 a bushel on the Chicago Board of Trade Thursday, as exports stay within expectations and Brazil's crop estimates are reduced.

--Wheat for July delivery rose 0.5% to $6.20 a bushel.

--Corn for July delivery rose 0.9% to $4.58 1/4 a bushel.


HIGHLIGHTS


Soybeans Unresolved: U.S. exporters reported sales of 120,000 metric tons of soybeans to unknown destinations during the current marketing year, according to the USDA. Separately, the agency also reported 380,100 tons of soybean export sales in the June 6 week. Meanwhile, Brazil's Conab reduced its soybean production estimate for the 2023/2024 season to 147.4 million tons from 147.7 million tons. AgResource said in a report that "the debate on South American corn and soybean supplies is unresolved."

High Corn Sales: Weekly export sales of U.S. corn were within the high end of estimates, while wheat narrowly missed forecasts. For the week ended June 6, the Department of Agriculture reported that corn export sales totaled 1.13 million metric tons across the 2023/24 and 2024/25 marketing years. Analysts surveyed by The Wall Street Journal had forecast sales between 800,000 tons to 1.5 million tons. For wheat, the USDA reported sales of 245,500 tons for the combined marketing years, while analysts expected a number between 250,000 and 600,000 tons.

Brazil Crop Shrinks: Brazil's Conab said it estimates the country's 2023-24 grain crops at 297.5 metric tons, 7% lower than in the previous season. The drop is the result of adverse weather conditions in the country's main producing regions, the agency said Thursday in a press release. Corn production was estimated at 114.1 million tons, up from 111.6 million tons in the previous outlook. The soybean forecast was reduced to 147.4 million tons from 147.7 million tons. The estimates "are as expected and should not have a big impact on CBOT values today," AgResource analysts said in a note.


INSIGHT


Wheat Woes: Russian wheat exports in June are likely to stay between 3.5 million and 4 million metric tons, compared to 3.6 million tons a year ago and well above the 1.6 million ton five-year average, agricultural research firm SovEcon said in a note. "June could set a new record for the month, as Russia actively exports wheat at the season's end, although shipments may slow down in the long term," SovEcon's Andrey Sizov said. He said a surge in global market prices has supported Russian wheat exports. However, Sizov said a sharp decline in the next marketing year is to be expected.

Waiting for Niña: The El Niño weather conditions that favor the formation of hurricanes in the eastern Pacific Ocean have ended, while the opposite La Niña pattern is likely to form over the summer, according to the NOAA. La Niña tends to reduce cyclone activity in the Pacific and enhance it in the Atlantic. NOAA sees a 65% chance of La Niña forming between July and September, and persisting through the northern hemisphere winter with an 85% chance between November and January. La Nina has been linked to higher prices of sugar and coffee, although it may depend on its strength and duration.


AHEAD


--The CFTC will release its weekly Commitment of Traders report at 3:30 p.m. ET Friday.

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

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


--Anthony Harrup contributed to this article.

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


(END) Dow Jones Newswires

06-13-24 1545ET