By Kirk Maltais


-Corn for May delivery rose 0.9% to $4.35 1/2 a bushel, on the Chicago Board of Trade on Thursday, after the USDA reported corn export sales within analyst expectations.

-Wheat for May delivery rose 0.2% to $5.57 a bushel.

-Soybeans for May delivery fell 0.2% to $11.80 1/4 a bushel.


HIGHLIGHTS


Improving Picture: Corn export sales for the week ended March 28 totaled 959,400 metric tons. On its own, that's not a number that's typically impressive, but in context it appears that U.S. corn exports may exceed USDA targets for the full year. "According to our handy-dandy calculations, we now need to average weekly sales of only a half million tons to the end of the season to make the last USDA export number, and probably less than that, since Census Bureau exports have run consistently higher than inspections," said Charlie Sernatinger of Marex in a note.

Outweighed: A lack in trader interest regarding soybeans, which has closed lower in six out of the last seven trading sessions, appears to be coming from expectations for a large Brazilian crop to hit the export markets. "Soybeans are behaving like the funds are building short positions again amid the large harvest in Brazil and the rapidly declining U.S. export picture," said Arlan Suderman of StoneX in a note.


INSIGHT


Stiff Resistance: Indications of a wave of short-covering in CBOT grains appear to have fizzled out--with traders preferring to stay on the defensive. "Trade is waiting for signs that funds will continue to cover shorts at the beginning of the 2nd quarter as we get closer to the growing season, however there has been no signs of intent in the first four sessions of April," said Brian Splitt of AgMarket.net. Fund traders have been expected to push grain futures up by closing their large short positions they've built up since the start of the year.

Beneficial Forecast: A drier and warmer forecast for the U.S. Corn Belt heading into this weekend may allow farmers the window of time they need to get crops in the ground early, said AgResource in a note. The U.S. growing season typically begins in April and isn't finished until late May. "The choppy nature of the marketplace will be unchanged until 2024's weather/supply story emerges," says the firm, which adds that the 'odds of a timely planting season are on the rise.


AHEAD


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

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

-The USDA will release its first weekly Crop Progress report at 4 p.m. ET Monday.


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


(END) Dow Jones Newswires

04-04-24 1537ET