By Paulo Trevisani


--Wheat for December delivery rose 3.9% to $5.92 1/4 a bushel on the Chicago Board of Trade on Wednesday, leading a rise across the grains complex ahead of the USDA supply and demand report.

--Corn for December delivery rose 1.6% to $4.76 a bushel.

--Soybeans for January delivery rose 0.3% to $13.65 3/4 a bushel.


HIGHLIGHTS


Inclement Weather: Grain futures rose amid unfavorable weather conditions for crops and signs of reviving Chinese demand. "Global supplies held by major exporters are at multi-year lows and business around the world is picking up," RCM said in a note. The firm added that soybeans enjoy a tailwind from weather problems in Brazil, where too much dryness and excessive rainfall are recorded in different growing regions. RCM also noted that "China was reported to have made its largest single-day bean purchases on Tuesday in months."

Flash Sales: The USDA said more than a million metric tons of grain exports were reported for multiple destinations. They include 433,000 tons of soybeans for delivery to China, 270,000 tons of corn for delivery to Mexico and a total of 476,500 tons of soybeans to unknown destinations. All sales are to be delivered during the 2023/2024 marketing year, the USDA said.


INSIGHT


WASDE Cap: Gains in corn futures could be limited by expectations around tomorrow's WASDE report, Summit's Tomm Pfitzenmaier said in a report. Traders are expecting "a slight increase in the yield estimate and the carryout [which] is not a lot of incentive to aggressively buy corn or cover shorts." Pfitzenmaier added: "The unknowns for corn going forward are whether or not the export demand will improve through the winter (seasonally it does), the final size of the US crop and South American growing conditions."

Less Russian Wheat: Russian wheat exports this month are likely to be lower than a year ago for the second consecutive month, SovEcon forecast. The Black Sea research firm expects exports to land between 3.8 million and 4.2 million metric tons, compared to 4.3 million tons recorded a year ago. "The decline in exports might stem from government attempts to slow down shipment at current market prices," SovEcon's Andrey Sizov said in a report. Sizov added that Moscow's unofficial price floor is currently set at $250/mt.


AHEAD


--The USDA will release its weekly export sales report at 8:30 a.m. ET Thursday.

--The USDA will release its monthly world supply and demand report at noon ET Thursday.


Write to Paulo Trevisani at paulo.trevisani@wsj.com


(END) Dow Jones Newswires

11-08-23 1509ET