By Kirk Maltais


--Wheat for July delivery rose 3% to $6.25 3/4 a bushel, on the Chicago Board of Trade on Tuesday, bouncing as traders and analysts consider futures 'oversold' after nine straight losing sessions.

--Corn for July delivery fell 0.6% to $4.49 1/4 a bushel.

--Soybeans for July delivery fell 1% to $11.77 a bushel.


HIGHLIGHTS


Turning the Corner: Wheat rebounded after an early bout of selling sent futures down close to their lowest level in more than a month. The action was mostly technical, said Linda Meyer of Agrisource--with wheat breaking a 9-day losing streak. Meyer called wheat "technically oversold," making it an attractive buy for traders. The surge also comes after the release of the USDA's latest crop ratings--which showed a 2-point drop in the amount of winter wheat in good or excellent condition, to 47%. Positioning ahead of Wednesday's WASDE was also a factor moving wheat higher.

Strong Start: Monday's Crop Progress report from the USDA showed 72% of the U.S. soybean crop in good or excellent condition. That's up from 59% good or excellent at this time last year. What appears to be a strong starting point for soybeans - with soybean planting is 87% complete, up from the average rate of 84% - is giving fund traders little incentive to change their positions in soybeans. "The funds continue to hold a substantial short position for this time of year and they seem content to continue to sell into rallies," said Tomm Pfitzenmaier of Summit Commodity Brokerage in a note.


INSIGHT


Damage Control: Estimates surrounding the damage created by the frost activity seen in Russia last month are increasing. Some 15-30% of Russia's wheat crop has been impacted by frosts, said the Russian Grain Union - much more than what Russia's state agricultural agency said. "The sharp increase in Russian frost damage has some U.S. wheat traders discussing a Russian 2024 wheat crop under 80 million metric tons, which exacerbated the U.S./Paris wheat rally," said AgResource in a note.

The Bigger Picture: It's a busy week for grains, with traders preparing for Wednesday's WASDE report from the USDA, but there are a lot of other key reports and events on deck that may impact markets more than WASDE. "I'm not expecting to see much for changes to current numbers," said Karl Setzer of Consus Ag Consulting. "More interest may fall on Thursday's Conab data, and of course the end of month reports--the Fed decision tomorrow may have as much of an impact on commodity trade as the WASDE."


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 World Agricultural Supply and Demand Estimates report at noon ET Wednesday.

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


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


(END) Dow Jones Newswires

06-11-24 1510ET