By Kirk Maltais


--Wheat for May delivery fell 1.8% to $10.20 a bushel on the Chicago Board of Trade Thursday as the drought-related risk premium slid back amid rainfall in Texas.

--Corn for May delivery rose 0.2% to $7.57 3/4 a bushel.

--Soybeans for May delivery rose 1.6% to $16.45 1/2 a bushel.


HIGHLIGHTS


A Good Soak: Pressuring wheat were reports of rainfall in parched growing areas in the southern Plains. "Grains are mostly lower on follow through consolidation and precipitation that fell across parts of Texas, " said Terry Reilly of Futures International in a note. After seeing some rain, the Midwest is expected to be dry over the weekend, according to DTN's latest forecast. However, that's expected to give way to rainfall next week, the firm adds.

Brazil's Crop Outlook: Brazilian crop agency Conab cut its soybean outlook to 122.4 million tons and raised its corn forecast to 115.6 million tons. This, combined with the USDA's weekly export sales report shaped trading. Soybean futures rose amid the cut to Brazil's crop. "The market appears to be in a little bit of limbo right at the moment, right before the WASDE and a shortened Easter week," said Richard Buttenshaw of Marex in a note.


INSIGHTS


On the Money: Export sales for U.S. grains landed within the estimates of traders surveyed by The Wall Street Journal this week. The USDA reported Thursday that across both the 2021/22 and 2022/23 marketing years, wheat sales totaled 379,300 metric tons, while corn sales came in at 927,600 tons and soybean sales totaled 1.1 million tons. China was the leading buyer of U.S. soybeans this week, purchasing 435,700 tons of soybeans for delivery in the 2021/22 marketing year. Other leading buyers include Mexico, Egypt and Canada.

Summertime Blues: The ban on selling gasoline mixed with 15% ethanol during the summer months - which was lifted by the Trump administration before a Federal appeals court reversed that decision - is the chief focus for the Renewable Fuels Association amid fuel shortages stemming from the Russia-Ukraine war. Sales of E15 normally is halted for the summer beginning June 1, but the RFA said that allowing its sale may help ease high fuel prices. "There are a few ways the administration can take a regulatory or executive approach to this, since we don't expect Congress to move quickly enough," said a RFA spokesman. Among these ways is an executive order by the Biden administration, as well as the EPA exercising its authority to waive the ban.

Inflation Impact: Conagra Brands Inc. said it's been hit with unprecedented inflation in recent months, pushing the company to raise prices of its brands, which include Healthy Choice, Slim Jim and more. Additionally, Conagra lowered its profit expectations for its fiscal year. Still, CEO Sean Connolly told investors that the higher prices aren't deterring consumer demand.


AHEAD:


-The USDA will release its monthly world supply and demand report at noon ET Friday.

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

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

-The USDA will release its first weekly crop progress report for the year at 4 p.m. ET Monday.


Annie Gasparro contributed to this article.


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


(END) Dow Jones Newswires

04-07-22 1531ET