By Kirk Maltais


--Wheat for March delivery rose 2.3% to $5.83 1/2 a bushel, on the Chicago Board of Trade on Tuesday, with traders balancing their books for wheat ahead of the Thursday Thanksgiving holiday.

--Soybeans for January delivery rose 0.6% to $13.75 3/4 a bushel.

--Corn for December delivery rose 0.2% to $4.70 1/4 a bushel.


HIGHLIGHTS


Pushing Ahead: After starting today's session lagging behind other grains, CBOT wheat turned the corner and finished leading the grains complex ahead of Thanksgiving Thursday. "Wheat is getting a technical bounce from all of the selling we have seen as of late," said Donna Hughes of StoneX. "Positioning before holidays, I imagine." Before today's session, wheat closed lower for 7 out of the past 10 sessions--giving traders ample room to buy in low.

Eyes Outside: Outside markets were supportive for CBOT grains earlier today, but that support evaporated by midday--which had grains paring their morning gains. "This has lessened as the dollar is now firming and energies are weaker," said Karl Setzer of Consus Ag Consulting. "We are seeing more pre-holiday position-squaring ahead of the Thanksgiving break." Crude prices turned lower in the session and finished down 0.6% to $77.40 a barrel. The U.S. dollar is up 0.2%.


INSIGHT


Bob and Weave: Brazilian weather turned slightly wetter in dry northern areas, good news for soybean farmers there but a source of pressure on commodity prices - particularly soybeans. "Soybeans appear to be on hold at these prices as we get through the U.S. holiday week and wait for next week's weather to show," said Rich Nelson of Allendale Inc. -- adding that flash sales for soybeans have also dried up in recent days, which removes a factor that was adding to soybeans' momentum. Without more rainfall in northern areas and dryness in southern areas, Brazilian crops are likely to suffer and show lower output, analysts say.

Lax Picture: Before today's uptick in wheat futures, data projecting a comfortable output in the U.S. and elsewhere had kept wheat rangebound. "Wheat is stuck," said Naomi Blohm of Total Farm Marketing in a note this morning. Although trader positioning elevated wheat out of its otherwise wobbly pattern, the supply situation is little-changed. In its latest Crop Progress report, the USDA says that winter wheat planting is 95% complete, with the condition at 48% good or excellent, up from 32% at this time last year. Meanwhile, Russian export prices continue to undercut other suppliers like the U.S., said Blohm.


AHEAD


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

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

--The USDA will release its tri-yearly Farm Labor report at 3 p.m. ET Wednesday.

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


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


(END) Dow Jones Newswires

11-21-23 1505ET