By Kirk Maltais

-- Soybeans for January delivery fell 0.9% to $12.65 1/4 a bushel on the Chicago Board of Trade Thursday, with the export sales report from the USDA unable to spark big buying interest.

-- Corn for December delivery fell 0.4% to $5.73 a bushel.

-- Wheat for December delivery fell 0.3% to $8.20 a bushel.

HIGHLIGHTS

Sunken Hopes: Grain export sales reported by the USDA this morning fell within the ranges forecast by traders surveyed by The Wall Street Journal. But they were hoping for more, which spurred selling in grains midday.

"The weekly export sales were a disappointment given the rally we've seen and stronger dollar may be working against us," said Mike Zuzolo of Global Commodity Analytics. "If traders are taking profits, I think it's probably more from policy uncertainty related to crude and energy."

President Biden called on the Federal Trade Commission this week to investigate whether oil-and-gas companies are participating in illegal conduct aimed at keeping gasoline prices high.

Flood Zone: Wheat futures dipped, but found some support from the closure of a Canadian port that is affecting the country's ability to export wheat. The Port of Vancouver was cut off Thursday because of a major storm bringing flooding to British Columbia. All rail service to and from the ports has been interrupted, leaving the port largely closed.

Speculation that this may spur more activity in the U.S. export market supported wheat futures, although it is unclear if this will come to fruition.

"It's too early to tell if some wheat export business will shift to the U.S.," said Terry Reilly of Futures International.

INSIGHTS

New Normal: Thursday's slide in soybeans stems from brakes being applied to the soymeal runup of the past seven sessions.

"Soybean prices rallied on stronger soymeal demand, but crush is limited by processor capacity, so we will not run out of the oilseed ahead of next year's harvest," said Arlan Suderman of StoneX. "As such, soybeans are trying to define a new trading range of value, with corn responding in a way that allows it to protect its acreage for 2022."

Because of high fertilizer costs, farmers are considering planting more soybeans, which are less nutrient-intensive, than corn. This has been a longer-term factor driving higher agricultural prices.

Inflation Trade: Inflation concerns keep many traders optimistic that funds will continue to direct money into agricultural commodities.

"For most investment funds, derivatives are the easiest and most efficient means of getting hard asset exposure into a portfolio to participate in inflation," AgResource said. The firm estimates that brokers through midday Thursday purchased 3,500 contracts of wheat, 6,500 contracts and 4,500 contracts of soybeans.

AHEAD

-- The USDA is scheduled release its monthly cattle on feed report at 3 p.m. EST Friday.

-- The CFTC is due to release its weekly commitments of traders report at 3:30 p.m. EST Friday.

-- The USDA is scheduled to release its weekly export inspections report at 11 a.m. EST Monday.

-- The USDA is due to release its monthly cold storage report at 3 p.m. EST Monday.

-- The USDA is scheduled to release its weekly crop progress report at 4 p.m. EST Monday.

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

(END) Dow Jones Newswires

11-18-21 1546ET