By Kirk Maltais


--Wheat for March delivery fell 0.8%, to $5.32 3/4 a bushel, on the Chicago Board of Trade on Thursday, falling in the shortened trading session in light trading volumes ahead of Friday's WASDE report.

--Soybeans for March delivery rose 0.2%, to $9.96 1/2 a bushel.

--Corn for March delivery rose 0.6%, to $4.56 1/2 a bushel.


HIGHLIGHTS


Truncated Session: Volumes on the CBOT were thin throughout Thursday, extending the situation seen overnight. "Overnight trade volume was light with the largest share going to corn, and the front end of that complex holding up the best due to having the best bullish fundamental 'story' heading into a massive USDA date," says Matt Zeller of StoneX in a note. The January WASDE data are slated for release tomorrow at 12:00 p.m. ET, which are expected to affect price movements in afternoon trading.

Moisture Infusion: Growing areas for winter wheat in Russia and the southern U.S. plains are receiving soil moisture via snow, which helps the health of those crops. This in turn put pressure on CBOT wheat futures, especially as it pertains to Russia, said Charlie Sernatinger of Marex in a note. "The world still feels that the Russians have wheat to move before the export quotas take effect in February," said Sernatinger. "Everything that has happened in Russia in the first half of the year has been price bearish."


INSIGHT


Looking for Lift: Export sales of U.S. grains reported by the USDA for the week ended Jan. 2 may turn higher from the prior week, according to analysts surveyed by The Wall Street Journal. Analysts forecast that sales of U.S. corn could rise to as high as 1.4 million metric tons, up from 777,000 tons reported last week. Soybeans are forecast to rise as high as 1.3 million tons, versus 484,700 tons reported previously. How export sales fare have been a prime driver of grain futures in recent months.

System On: A La Niña climate system is now active, said the NOAA's Climate Prediction Center. But the system is expected to be a short one, with a 59% chance of La Niña persisting through April. The Climate Prediction Center gives a 60% chance for La Niña to transition back into an ENSO-Neutral climate by May. While climate systems don't dictate how the weather will behave at any given time, a La Niña pattern during the spring typically brings colder and wetter conditions to the Plains and warmer and drier conditions to the south, meaning U.S. farmers in the Corn Belt may see ample moisture for their crops this spring.


AHEAD


--The USDA will release its weekly export sales report at 8:30 a.m. ET Friday.

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

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


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


(END) Dow Jones Newswires

01-09-25 1416ET