By Patrick Sullivan
-- Wheat for March delivery rose 1.9% to $6.16 1/2 a bushel on the Chicago Board of Trade, leading the grain complex higher following a rise in U.S. export sales.
-- Soybeans for January delivery rose 0.7% to $13.16 1/2 a bushel.
-- Corn for March delivery rose 0.1% to $4.80 a bushel.
HIGHLIGHTS
Wheat Sales: The USDA said export sales of wheat for the week ended Dec. 7 rose to 1.49 million metric tons in the 2023-24 marketing year, up sharply from 356,400 tons reported the prior week.
The USDA reported a streak of flash wheat export sales to China earlier this month.
Soybean sales were 1.08 million tons for the period, and corn sales were 1.42 million tons, all falling within analyst estimates.
Soybean Demand: Private exporters reported to the U.S. Agriculture Department export sales of 400,000 metric tons of soybeans for delivery to unknown destinations during the 2023-24 marketing year, which began Sept. 1.
INSIGHT
Green Sky Future: While corn futures didn't react much to reports the Biden administration could recognize the methodology favored by the ethanol industry for Sustainable Aviation Fuel, Charlie Sernatinger of Marex Capital said, "Make no mistake about it; SAF is crucial to the long- term viability of the corn ethanol industry." Especially as more automobiles will turn electric in coming years.
Environmental groups say corn ethanol credits should be lessened because of use of petrochemicals in making nitrogen fertilizer and anhydrous ammonia, and they favor feedstocks such as used cooking oil and animal fat.
AHEAD
-- The CFTC is scheduled to release its weekly Commitments of Traders Report at 3:30 p.m. EST Friday.
-- The USDA is due to release its weekly grains export inspections report at 11 a.m. EST Monday.
Write to Patrick Sullivan at patrick.sullivan@wsj.com
(END) Dow Jones Newswires
12-14-23 1609ET
