By Kirk Maltais
-- Wheat for December delivery fell 2.1% to $5.69 1/2 a bushel on the Chicago Board of Trade on Friday, with much-needed rainfall forecast for winter-wheat growing areas in the Central U.S. over the weekend.
-- Corn for December delivery fell 1.4% to $4.15 3/4 a bushel.
-- Soybeans for November delivery fell 0.8% to $9.88 a bushel.
HIGHLIGHTS
New Lease on Life: Prospects for rainfall in the central U.S. over the weekend sent CBOT wheat down, with the added precipitation expected to help bolster winter wheat crops, said Joel Karlin of Ocean States Research.
In its most recent update, the U.S. Drought Monitor reported that areas of moderate to severe drought are spread across the Central Plains and eastern Corn Belt, with patches of extreme drought found in the Southern Plains. This makes rainfall much-needed for the winter wheat crop.
Locking in Gains: Friday's trading was a reversal on the gains from improved export demand, allowing for profit-taking by CBOT traders.
"Corn is taking profits off a week-long rally while November soybeans don't appear to love life above the $10/bushel mark," said Matt Zeller of StoneX in a note.
The streak of flash sales continued Friday, with the USDA announcing sales to China and Mexico.
INSIGHT
Planting Progress: Weather in South American crop areas continue to be supportive for crop planting there. Scattered showers and roughly normal temperatures are expected in Brazil over the weekend, said DTN in a forecast.
This supportive outlook means that strong crops are expected to come out of both Brazil and the U.S., meaning ample availability of corn and soybeans on the world export market.
The Big Day: Traders continue to balance their positions ahead of the Nov. 5 presidential election, with uncertainty being the primary feeling among those traders and the proposed policies of Vice President Harris and former President Trump being fairly divergent, especially when it comes to foreign trade.
"Seems like fund traders are 'neutral' maybe in the grain markets," said Naomi Blohm of Total Farm Marketing in a note. She adds they are "potentially waiting for election results and South American weather before committing to buying or selling grains."
AHEAD
-- The USDA is scheduled to release its weekly grains export inspections report at 11 a.m. EDT Monday.
-- The USDA is due to release its weekly Crop Progress Report at 4 p.m. EDT Monday.
-- Mondelez International is scheduled to release its third-quarter earnings report at 4 p.m. EDT Tuesday.
Write to Kirk Maltais at kirk.maltais@wsj.com
(END) Dow Jones Newswires
10-25-24 1537ET