By Kirk Maltais


--Soybeans for March delivery rose 1.6%, to $15.33 1/2 a bushel on the Chicago Board of Trade on Monday as traders expected less rainfall in Argentina this week.

--Wheat for March delivery rose 0.3% to $7.52 1/4 a bushel.

--Corn for March delivery rose 0.1% to $6.83 3/4 a bushel.


HIGHLIGHTS


Slower Soak: Soybean futures led the way for corn ad wheat futures amid projections that weather in Argentina is turning back to drier conditions this week. However, some rainfall is expected in Argentinian growing areas later this week, according to agricultural research firm DTN - with scattered showers called for in the country starting Thursday. Temperatures are expected to stay near to above normal for the week, said DTN.

Call To Arms: New tank shipments pledged to Ukraine by the U.S. and Germany last week were still felt intermittently in CBOT wheat futures. The most-active contract was up 1.4% in pre-market trading. "This week's announcement that NATO forces will be supplying Ukraine with tanks indicates hostilities may be heating up," said Jon Scheve of Superior Feed Ingredients in a note. "This should give the market some additional risk to evaluate."


INSIGHT


Hustling Back: With China's Lunar New Year holiday concluded, many fund traders took the opportunity to jump into buying soybean futures, said AgResource in a note. However, the firm notes, this trend may last long. "The Chinese reopening trade has been popular for the past two weeks, but by midweek, [we] doubt that fresh inflows will be seen amid the war of world Central Banks against inflation," said AgResource. The Lunar New Year was observed on Jan. 22, with the Chinese government giving its workers a week off to celebrate.

Short-Term Shortage: Prices for corn are lifting nearby futures contracts - representing the market before the South American harvest hits export channels. "Stocks are tight in the U.S. and the spreads are moving higher to get more grain into the pipeline," said Craig Turner of StoneX - adding that this trend should ease in July, when the South American harvest is fully available. Mr. Turner also adds that after July, a large South American crop along with a potentially big U.S. crop that fall may turn prices lower.

Corn Inspections Sag: Export inspections for corn are lower this week, while marketing year totals continue to drag behind last year's levels. In its latest grain export inspections report, the U.S. Department of Agriculture said corn export inspections totaled 527,932 metric tons for the week ended January 26. That's down from 728,792 tons reported last week. The pace of corn export inspections in the 2022/23 marketing year is now even further off from last year's pace - with inspections this year totaling 12.03 million tons, down over 31% from last year.


AHEAD


-The USDA will release its monthly agricultural prices report at 3 p.m. ET Tuesday.

--The EIA will release its weekly ethanol production and stocks report at 10:30 a.m. ET Wednesday.

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

-Corteva Inc. will release its fourth-quarter earnings report after the stock market closes on Wednesday.


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

(END) Dow Jones Newswires

01-30-23 1532ET