By Kirk Maltais


-- Soybeans for January delivery fell 0.8% to $9.91 a bushel on the Chicago Board of Trade on Wednesday, with fund traders seen as selling off their soybean positions as global fundamentals suggest high supply of soybeans world-wide.

-- Corn for December delivery rose 0.7% to $4.30 1/4 a bushel.

-- Wheat for December delivery rose 0.7% to $5.71 3/4 a bushel.


HIGHLIGHTS


Making the Switch: Soybean futures on the CBOT have been under pressure lately from wet weather in Brazil and concerns about potential Trump trade policy, as how any tariff plan enacted by the incoming Trump administration is likely to have the largest impact on U.S. soybeans.

"In this context, the funds were selling corn and soybeans in Chicago [Tuesday] while they bought wheat," said Argus in a note.


Port Pressure: Ukraine launched more long-range strikes at Russian targets on Wednesday, this time using British-made Storm Shadow cruise missiles.

The development pushed corn and wheat higher midday as traders focus on what the escalation could mean for Black Sea grain exports, said Arlan Suderman of StoneX in a note.

"The wheat market is concerned that this rush to position for peace talks that might come in the early days of a Trump presidency might result in a tit-for-tat escalation of attacks on export infrastructure, or possibly even on civilian ships used to ship commodities -- primarily wheat," he said.


INSIGHT


Inching Backward: Average daily production of ethanol in the U.S. fell from the previous week, making it the second-highest level the EIA has reported since 2010.

Average daily ethanol production for the week ended Nov. 15 was 1.11 million barrels a day, down from the record-high 1.113 million barrels a day reported last week, although still exceeding the previous record of 1.109 million barrels a day set in late July. Ethanol stocks rose for the week to 22.56 million barrels, up from 22.04 million barrels last week.

The data shown by the EIA fall within normal seasonal patterns, said Tomm Pfitzenmaier of Summit Commodity Brokerage in a note.


New Shipment to China: The USDA reported 202,000 metric tons of soybeans were sold to China for delivery in the 2024-25 marketing year.

The USDA also said 226,200 metric tons of soybeans received in the reporting period were sold for delivery to unknown destinations during 2024-25.

The new round of sales comes amid a growing sentiment of Brazilian soybeans becoming a more attractive option for export buyers such as China.

"Offers out of South America are getting more aggressive as the impending massive Brazilian crop is expected to be a weight on the market for the foreseeable future," said Doug Bergman of RCM Alternatives in a note.


AHEAD


-- The USDA is scheduled to release its weekly export sales report at 8:30 a.m. EST Thursday.

-- The USDA is due to release its monthly livestock slaughter report at 3 p.m. EST Thursday.

-- The USDA is scheduled to 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.


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


(END) Dow Jones Newswires

11-20-24 1531ET