By Kirk Maltais
-- Wheat for March delivery rose 1.1% to $5.42 a bushel on the Chicago Board of Trade Thursday, with the future's contract recovering midday as winterkill fears drove more short covering among fund traders.
-- Corn for March delivery rose 0.2% to $4.31 1/4 a bushel.
-- Soybeans for March delivery fell 0.3% to $10.72 1/4 a bushel.
HIGHLIGHTS
Main Stage: A lot of the factors that moved grain futures Thursday were factors that moved commodities across the board. Increased fear of American strikes targeting Iran weighed on the U.S. dollar and stoked questions of potential supply chain snarls.
"The timeline on a U.S. attack on Iran appears to be drawing near," said Robert Yawger of Mizuho Securities USA in a note.
Grains followed big-moving commodities such as gold and silver, which plummeted in morning trade before returning to positive territory.
Back to Basics: Grain traders moved their focus back toward fundamentals Thursday.
"Ultimately I feel that grains may be able to hold ground on their own merit, particularly corn, which has seen incredible demand from these levels and even better demand with lower prices," said Oliver Sloup of Blue Line Futures.
Recent export sales landed within analyst forecasts, giving hope that a weaker U.S. dollar is making ag exports more competitive.
INSIGHT
Price Ceiling: While the weaker U.S. dollar provided support for CBOT grain futures, that support may not last, said Brian Hoops of Midwest Market Solutions. "Until we get into a weather market, our upside is limited," he said.
Hoops adds that the strong outlook for the Brazilian crop remains a drag on prices.
Closing the Doors: With a deadline Friday for finding a deal to extend government funding, agricultural analysts speculate about how another government closure could affect USDA operations.
"This will likely put the February USDA report and potentially the USDA's Ag Outlook Forum numbers at risk if a closure does occur," said Naomi Blohm of Total Farm Marketing in a note.
Last year's extended closure stopped the flow of USDA data, including the October WASDE and the agency's weekly export sales report. These reports influence the movement of grain futures, with the last closure slowing trading volume at the time.
Within the Scope: Export sales of U.S. grains landed within the ranges forecast by analysts surveyed by The Wall Street Journal.
The USDA said Thursday that corn sales in the 2025-26 marketing year through the week ended Jan. 22 totaled 1.65 million metric tons, while wheat sales totaled 558,200 tons in 2025-26 and soybean sales were 819,000 tons.
Japan was listed as the leading buyer for both wheat and corn for the wheat, while China was the top soybean buyer.
AHEAD
-- The USDA is scheduled to release its biannual cattle report at 3 p.m. EST Friday.
-- The USDA is due to release its monthly agricultural prices report at 3 p.m. EST Friday.
-- The CFTC is scheduled 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
01-29-26 1540ET
