By Anthony Harrup


--Wheat for March delivery fell 1.8% to $6.00 1/4 a bushel on the Chicago Board of Trade as profit-taking from a recent rally accelerated selling

--Corn for March delivery fell 1.2% to $4.46 1/4 a bushel

--Soybeans for March delivery fell 1.1% to $12.09 1/4 a bushel


HIGHLIGHTS


Technical Retreat: Wheat posted losses after a recent rally pushed prices above some key moving averages. "Today after we saw a little bit of profit-taking in the wheat market, we triggered pretty good sell-stops," Marex's Terry Reilly said. Argentina's upwardly revised crop estimates were also a factor, he said. After an early plunge, prices recovered from the day's low of $5.92 1/4.

Flash Sale: Soybeans saw some follow-on selling from Thursday's drop on disappointing export sales and concerns about a cheaper Brazilian crop. The U.S. Department of Agriculture on Friday announced a sale of 100,000 metric tons of soybean cake and meal to unknown destinations. A decline of 235,900 tons to unknown destinations contributed to below-estimate sales of 560,900 tons for the week through Jan. 18.

Weather Watch: Corn was lower on a slightly more favorable shift in South American weather at the end of the month, Total Farm Marketing said in a research note. "And while export demand has picked up, it is still more sluggish than traders had hoped."


INSIGHT


Way Down South: The Buenos Aires grains exchange raised its estimate for the current corn crop by 1.5 million metric tons to 56.5 million tons and for soy by 2.5 million to 52.5 million tons. It said the wheat harvest came in at 15.1 million tons. The forecasts are still dependent on rain in the coming weeks, and grains traders are keeping close watch on Argentine weather forecasts. The exchange predicts total grain and oilseed exports to reach $34.3 billion, up $11.1 billion from the previous marketing year but below the $43.8 billion for 2021/2022.


AHEAD


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

--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.

--The USDA will release its monthly grain crushing report at 3 p.m ET Thursday


Write to Anthony Harrup at anthony.harrup@wsj.com


(END) Dow Jones Newswires

01-26-24 1629ET