By Kirk Maltais


--Corn for December delivery fell 0.9%, to $4.64 1/4 a bushel, on the Chicago Board of Trade on Friday, with trading limited after the USDA reported a 1.9-bushels-per-acre uptick in average crop yields.

--Wheat for December delivery fell 0.8%, to $5.76 1/4 a bushel.

--Soybeans for January delivery rose 0.4%, to $13.49 a bushel.


HIGHLIGHTS


Stuck in Gear: CBOT grains could not get any momentum after Thursday's WASDE report from the USDA containing little to move the needle in a positive or negative direction, said Karl Setzer of Consus Ag Consulting. "Nothing in that data was really bearish for the markets, but nothing that was outright bullish either, and nothing that would warrant fresh buying," said Setzer. Thursday's WASDE showed higher yields for U.S. corn and soybean crops.

Waning Focus: While Brazilian weather continues to be a factor that grain traders are considering, its importance may be lesser following the USDA report. "The market is a bit less concerned about Brazil following Thursday's USDA WASDE crop report that raised the U.S. yield, adding another 25 million bushels to the bottom line," said Arlan Suderman of StoneX in a note. "That gives a little more margin for error in the event that supplies do run out in Brazil ahead of next year's U.S harvest." Brazil's weather issues had the strongest effect on the health of the country's bean crop.


INSIGHT


Ongoing Situation: Even if its importance to price movement is floundering, Brazilian crops are continuing to suffer from adverse weather conditions. "The Brazilian weather pattern stays stuck with limited rainfall for the northern two-thirds of Brazil with two storm systems returning flooding to Southern Brazil," said AgResource in a note. The focus on Brazilian weather looks likely to continue until the end of the year, the firm adds.

Support Beam: An increase in fertilizer prices globally may some become a source of support for grains prices, said research firm BMI in a note. "Global fertilizer prices rose by 2.7% month over month in October, their fourth consecutive monthly gain, to climb to their highest level since February," said the firm. "The complex was led higher by rising nitrogen-based fertilizer prices, with average October spot prices for ammonia in Western Europe, the Middle East, and the US Gulf respectively 38%, 23%, and 20% higher than one month earlier." Higher fertilizer prices mean breakeven prices for crops need to be higher in order for farmers to turn a profit.


AHEAD


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

--The CFTC will release its delayed Commitment of Traders report at 3:30 p.m. ET Monday.

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


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


(END) Dow Jones Newswires

11-10-23 1507ET