By Kirk Maltais


--Wheat for December delivery fell 1.5% to $5.59 a bushel, on the Chicago Board of Trade on Wednesday, with traders selling in response to the influx of vessels heading to Ukrainian ports to pick up shipments of grains and other goods.

--Corn for December delivery fell 0.3% to $4.86 a bushel.

--Soybeans for November delivery was virtually unchanged at $12.73 a bushel.


HIGHLIGHTS


Trying Again: CBOT wheat futures fell on indications that vessels are able to move through the Black Sea to pick up shipments of grain at Ukrainian ports. Twelve vessels are coming to port cities in Ukraine to pick up the shipments. "Traders and importers are watching to see if the new corridor is workable and whether freight rates decline and insurance companies issue coverage on these new Black Sea cargoes," said AgResource in a note. Wheat futures felt the brunt of this movement.

The Pressure Is On: Corn and soybean futures were mostly lower throughout the day, with the U.S. harvest continuing to progress. "This will be a big week for harvest in many areas and that will likely mean some harvest pressure," said Tomm Pfitzenmaier of Summit Commodity Brokerage in a note. The corn and soybean harvests are both roughly a quarter complete, according to USDA data--exceeding the usual pace of these harvests for this time of year.


INSIGHT


Holding Pattern: Traders held onto a wait-and-see pattern for corn and soybeans while some reaction to Black Sea developments were seen in wheat. "Ukraine is probably the trigger for wheat, but not a new bullish factor," says Dan Hueber of the Hueber Report. For corn and soybeans, traders are waiting to find out more about what this year's harvest looks like overall. Many traders are waiting until the USDA's next WASDE report before making big moves.

Sales Surge: Export sales of U.S. corn, buoyed by large flash sales announced by the USDA, are expected to be significantly higher than they've been in previous weeks. Analysts forecast export sales of corn to jump from 857,000 metric tons last week to within a range of up to 3.15 million tons. Soybean futures are projected at 400,000 tons to 900,000 tons, and wheat is seen at 250,000 tons to 600,000 tons. Tepid export demand has been a pressure point for grain futures, but a string of flash export sales has been supportive for grains in recent sessions.

Stock Drop: Total U.S. inventories of ethanol fell from last week's stronger-than-expected surge, according to data from the EIA. In its latest weekly report, the EIA said inventories of ethanol totaled 21.88 million barrels for the week ended Sept. 29. It runs counter to expectations that inventories would rise this week, to as high as 22.25 million barrels, according to analysts surveyed by Dow Jones. Meanwhile, daily average production came out unchanged from last week at 1.009 million barrels a day.


AHEAD


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

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

--The USDA will be closed in observance of Columbus Day on Monday, and will reopen on Tuesday.


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


(END) Dow Jones Newswires

10-04-23 1543ET