By Kirk Maltais


--Corn for July delivery rose 1.6% to $7.77 1/4 a bushel on the Chicago Board of Trade Friday, with Russia unwavering in its demand to lift sanctions in exchange for allowing Ukrainian grain shipments to pass through its blockade of Black Sea ports.

--Wheat for July delivery rose 1.3% to $11.57 1/2 a bushel.

--Soybeans for July delivery rose 0.3% to $17.32 1/4 a bushel.


HIGHLIGHTS


Port Pile-Up: Corn and wheat futures today were supported by the continuing blockade of Ukrainian ports. Russia has demanded the dropping of some sanctions in exchange for allowing Ukrainian grain shipments to leave Black Sea port--but Ukrainian officials have expressed skepticism at such an agreement and western nations generally reject Russia's terms. "Traders are back to adding risk knowing that Russia has decided to prevent Ukrainian grain from being exported," said AgResource in a note. The firm adds that fund traders are estimated to have bought 3,000 contracts of wheat, 7,600 contracts of corn, and 6,500 contracts of soybeans.

Playing it Safe: Traders opted Friday not to be on the short side of the long weekend. "Pre-Holiday trade [is] seeing spring wheat-led and canola-led buying, likely assuming that crop progress numbers in the U.S. next Tuesday will continue to show a big gap in Northern Plains planting versus 2021," Michael Zuzolo of Global Commodity Analytics told the WSJ. Adverse weather elsewhere in the world is also pushing traders to buy, Mr. Zuzolo added. "In a nutshell, it would seem that weather and supply concerns remain important because the trade realizes that the northern hemisphere crop is far from being 'made;' as a result, the trade probably doesn't want to be too short heading into the holiday weekend," he said.

Ban Lifted: Soyoil futures fell 1.8% Friday, with the drop adding pressure to soybeans while other grains were higher. The move came after the Indonesian government said the country will allow roughly 1 million metric tons of palm oil to be exported, a change in policy from an export ban that began three weeks ago. There are limited details about Indonesia's next moves, Terry Reilly of Futures International said in a note.


INSIGHTS


Fingers Crossed: Weather conditions over the long weekend are seen as supportive for any planting not yet done, according to research firm DTN--with rainfall taking place in parched areas of the western Corn Belt. Tuesday's Crop Progress report from the USDA will be closely watched to see if farmers are able to get most of their leftover planting done this weekend.

Food Security: Agriculture Secretary Tom Vilsack will address issues with the U.S. food supply chain in a speech next week, the USDA said Friday. Mr. Vilsack will lay out the framework the agency will utilize to strengthen the supply chain--which has been disrupted by Covid-19 as well as other issues. Last year, the USDA said that it would invest $4 billion aimed at these concerns. "The address will underscore USDA's commitment under the Biden-Harris Administration to increase competition, bolster access to healthy, affordable food, ensure growers and workers receive a greater share of the food dollar, and advance equity as well as climate resilience and mitigation," the agency said.


AHEAD:


--The Chicago Board of Trade will be closed in observance of Memorial Day on Monday.

--The USDA will release its monthly agricultural prices report at 3 p.m. ET Tuesday.

--The USDA will release its weekly crop progress report at 4 p.m. ET Tuesday.


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


(END) Dow Jones Newswires

05-27-22 1600ET