By Kirk Maltais


--Soybeans for March delivery fell 1.1% to $12.97 1/2 a bushel on the Chicago Board of Trade on Friday, in response to forecasts calling for ample rainfall in Brazil.

--Corn for March delivery fell 0.7% to $4.70 3/4 a bushel.

--Wheat for March delivery fell 0.4% to $6.28 3/4 a bushel


HIGHLIGHTS


Open the Floodgates: Issues with weather in South American growing areas are easing, said Charlie Sernatinger of Marex in a note. "The weather models are closing out the trading year with plenty of rain next week for northern Brazil, but less for Argentina, and lots of rain for Europe," Sernatinger said. Improved rainfall is expected to allow Brazil's bumper crops to better develop.

Left Adrift: Export sales reported by the USDA this week mostly missed analyst expectations, leaving grains without any of the momentum needed to push higher. "CBOT ag markets are lower at midday in even thinner volume as weekly export sales failed to spark short covering or the addition of new market length," AgResource said in a note. Wheat sales totaled 318,000 tons across 2023/24 and 2024/25, while soybeans totaled 983,900 tons in 2023/24, with no sales reported for 2024/25. Both were on the low-end of forecasts. Corn sales across the 2023/24 and 2024/25 marketing years were reported at 1.25 million metric tons, at the high end of analyst expectations.

Transaction Canceled: The cancellation of a previously announced tender by Egypt's state grain-buying authority this week also pressured wheat. Traders say that prices for wheat imports were seen as too high by the agency, signaling that wheat prices in the U.S. and elsewhere need to fall in order to bring about fresh business.


INSIGHT


Oh, Shucks: Traders remain unconvinced that global demand for corn will beat their low expectations. "The market feels that there is more than enough corn for any demand and are not buying futures despite the improved demand," Jack Scoville of Price Futures Group said in a note. Corn futures remain at levels that were last seen in late 2020, with fund traders continuing to hold a net short position.


AHEAD


--The USDA and CBOT will be closed in observance of the New Year holiday on Monday, reopening on Tuesday.

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

--The USDA will release its monthly grains crushings report at 3 p.m. ET Tuesday.

--Cal-Maine Foods will release its fiscal second quarter 2024 earnings report at 4:05 p.m. ET Wednesday.


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

(END) Dow Jones Newswires

12-29-23 1542ET