By Kirk Maltais


-Wheat for March delivery fell 1.1% to $6.04 1/4 a bushel, on the Chicago Board of Trade, with Thursday's export sales report providing no evidence of improved wheat demand abroad.

-Corn for March delivery fell 0.5% to $4.57 1/4 a bushel.

-Soybeans for March delivery were unchanged at $12.36 3/4 a bushel.


HIGHLIGHTS


Slip in Sales: CBOT wheat led the way lower for most of the day, with the USDA's weekly export sales report showing lower-than-expected wheat sales for the week ended Jan. 4. With indications of demand being weak overseas as well, wheat couldn't find momentum ahead of Friday's WASDE report from the USDA. "Wheat tried the upside overnight, but slipped back under the waves, with the undertow coming from weaker European prices, lack of export demand, and intermarket spreading," said Charlie Sernatinger of Marex in a note.

Attempt to Reverse: Soybeans also attempted to turn the corner Thursday, but couldn't maintain a comeback - even though some traders are expecting Friday's WASDE to spark a surge in prices. "Much of what we are seeing in the grains/soybeans is final positioning ahead of the WASDE data," said Karl Setzer of Consus Ag Consulting. "Soybeans have the best chance of a bullish reaction and that generated light buying in the complex."


INSIGHT


Missing the Mark: U.S. grain export sales mostly fell below the forecasts of analysts for the week ended Jan. 4., the USDA said Thursday. In its latest weekly export sales report, the agency said wheat sales totaled 128,100 metric tons for delivery in the 2023/24 marketing year, while corn sales totaled 487,600 tons and soybean sales totaled 280,400 tons. For soybeans and wheat, sales fell below the estimates of analysts surveyed by The Wall Street Journal this week, while corn sales landed on the low end of expectations.

Sunny Days Ahead: The NOAA's Climate Prediction Center gives a 73% chance for the world climate to switch over to being ENSO neutral this spring, changing over from El Niño this winter. A neutral climate impacting the U.S. Corn Belt may pave the way for an ideal planting season this spring. The agency says that it also forecasts the climate will switch back into a La Niña system after being neutral -- giving a 64% chance for a mild La Niña by August.


AHEAD


-The USDA will release its monthly WASDE report at noon ET Friday.

-The USDA will release its quarterly grain stocks report at noon ET Friday.

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


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


(END) Dow Jones Newswires

01-11-24 1508ET