By Paulo Trevisani


--Soybeans for March delivery rose 1.6%, to $9.97 1/4 a bushel, on the Chicago Board of Trade on Thursday, as Brazil is about to start harvesting amid expectations of higher export volume.

--Wheat for March delivery rose 1.2% to $5.41 a bushel.

--Corn for March delivery rose 1.2% to $4.53 3/4 a bushel.


HIGHLIGHTS


Thin and Choppy: Grain markets face a "thin yet choppy trade," as many countries were on holiday, Marex's Terry Reilly wrote. Reilly said that weather in Argentina is expected to be dry in coming days while Brazil saw "good rains" during Christmas. Soybean traders are likely to focus on Argentina, as Brazil is about to start harvesting, while the southern U.S. needs rain, Reilly said.

Brazil Sales: Brazil is expected to export 105.5 million metric tons of soybeans in the 2024/2025 season, the country's agricultural agency Conab said Thursday. Through November of this year the country's soybean exports totalled 96.8 million tons, down 46% compared with the previous period, due to disappointing production, Conab said.


INSIGHT


Bottoming Out: Wheat markets seem to have bottomed, RCM's Doug Bergman wrote. The March contract is up 1% Thursday after falling on Tuesday and rallying on Monday. "The global supply outlook is still tight with higher prices expected over time," Bergman said. He added that data from Russia shows an expected decline in the country's wheat crop.

Exports to Fall: Russian exports of wheat are likely to decline in the 2025/26 season, Black Sea grain consultancy SovEcon said. The forecast called for 36.4 million metric tons of Russian exports, down from 43.7 million tons in the current season. "This reduction is attributed to lower carry-in stocks and a projected decrease in wheat production," SovEcon said, adding that domestic feed wheat consumptions in Russia has increased due to poor barley and corn harvests.


AHEAD


-- The USDA is due to release its weekly export sales report at 8:30 a.m. ET Friday.

-- The EIA is scheduled to release its weekly ethanol production and stocks report at 1 p.m. ET Friday.


Write to Paulo Trevisani at paulo.trevisani@wsj.com

(END) Dow Jones Newswires

12-26-24 1525ET