By Paulo Trevisani


--Soybeans for January delivery fell 1.1% to $13.12 1/2 a bushel, on the Chicago Board of Trade on Tuesday, as markets watched weather developments, with much-needed rainfall expected across Brazil's growing regions.

--Wheat for March delivery rose 0.9% to $6.22 3/4 a bushel.

--Corn for March delivery fell 0.9% to $4.72 3/4 a bushel.


HIGHLIGHTS


Exports Boost: U.S. soybeans exports received another boost as the USDA reported sales of 132,000 metric tons for delivery to unknown destinations in the current marketing year. The flash export news came after Monday's higher-than-expected increase in weekly export inspections, which bolstered prices. Meanwhile, South American production remained uncertain as dry weather conditions hurt crops in the region while rainfall is expected for the next few days.

Wheat Recovery: Wheat futures broke out of morning softness, while soybeans and corn prices fell. "Grains are mostly lower on lack of fresh news, although another round of global wheat import tenders is underpinning higher protein wheat," Marex's Terry Reilly said in a note. He added that Russian wheat at $260 a metric ton was the lowest offer for Egypt's import tender. Meanwhile, low volumes are expected through the end of the year "to knock around prices," Reilly said. Traders are also watching rainfall expected to help Brazilian crops.


INSIGHT


Corridor Works: A humanitarian corridor meant to allow Ukrainian grains into export markets is working, AgResource said in a note. The exports flow, in turn, put downward pressure on prices. "Large existing Black Sea supplies continue to act as a weight on CBOT grain rallies, with Ukrainian corn buyable for nearby shipment," AgResource said.

Argentine Flows: Wheat found support in speculative short covering, AgResource said. The firm also said that storm damage at the Bahia Blanca port in Argentina means that some terminals could be shutter or restricted. "Bahia Blanca is a major hub for Argentine wheat exports in Dec-Jan." AgResource added that "Argentine flows of winter crops will be reduced."


AHEAD


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

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

--The USDA will release its monthly Livestock Slaughter report at 3 p.m. ET Thursday.

--The USDA will release its monthly Cattle on Feed report at 3 p.m. ET Friday.

--The USDA will release its monthly Cold Storage report at 3 p.m. ET Friday.

--The USDA will release its quarterly Hogs and Pigs report at 3 p.m. ET Friday.

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


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

(END) Dow Jones Newswires

12-19-23 1458ET