By Kirk Maltais


--Corn for December delivery fell 2.1%, to $5.31 3/4 a bushel, on the Chicago Board of Trade on Friday, with traders selling ahead of what is expected to be a wetter weekend amid uncertainty over more Black Sea fighting.

--Wheat for September delivery fell 1.2%, to $7.04 3/4 a bushel.

--Soybeans for November delivery fell 1.1%, to $13.82 1/4 a bushel.


HIGHLIGHTS


Cooling Off: Grain futures as a whole liquidated today, with the dry and hot spell seen in the Corn Belt expected to come to an end this weekend. "Corn was down most of the day on chart selling and better weather forecasts," said Charlie Sernatinger of Marex in a note. Agricultural research firm DTN forecasts fronts traveling through the Corn Belt over the weekend into next week, with temperatures moderating.

Russian Reckoning: Comments from Russian President Putin promising free grain for six African nations put pressure on wheat futures in particular, as such a move is expected to drive export prices lower. Meanwhile, reports said Moscow blamed Ukraine for a missile strike hitting southern Russia. "The market will be on edge heading into the weekend as the fighting continues," said Craig Turner of StoneX in a note.


INSIGHT


Fresh Flash Sales: The USDA reported new flash sales this morning, continuing a streak this week. China purchased 325,000 metric tons of soybeans for delivery in the 2023/24 marketing year, while Mexico purchased 171,460 tons of soybeans for delivery in 2023/24 and another 413,000 tons of soybeans were sold to unknown destinations in 2023/24. This week the USDA has reported flash sales on most days, heading to both China and unknown destinations. Lackluster export demand was one factor pressuring grain futures earlier this year.

Soyoil Rally Easing: Soyoil futures finished up 0.4% at 62.62 cents a pound after dropping for three straight sessions. Soyoil prices have jumped 35% since the start of June, due in part to reduced soybean planted acres in the U.S. this year. But, analysts now see the soyoil rally as overdone. "Despite bullish fundamentals, prices might have overshot the reasonable levels, detaching too much from substitute products," says Hedgepoint Global in a note. The firm forecasts that other vegetable oils are likely to be increasingly used for renewable fuels purposes until prices relax.


AHEAD


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

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

--The USDA will release its monthly grain crushings report at 3 p.m. ET Tuesday.

--The Andersons Inc. will release its 2Q earnings report at 4:05 p.m. ET Tuesday.

--Mosaic will release its 2Q earnings report after the stock market closes on Tuesday.


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


(END) Dow Jones Newswires

07-28-23 1555ET