By Kirk Maltais


--Wheat for September delivery rose 1.2% to $5.33 1/2 a bushel on the Chicago Board of Trade on Thursday, on views that U.S. export sales will soon turn higher.

--Corn for December delivery were unchanged at $4 a bushel.

--Soybeans for November delivery fell 0.6% to $10.16 a bushel.


HIGHLIGHTS


Return Trip: Export-sales hopes revived with U.S. wheat prices viewed as competitive versus exports from other nations such as Russia. "The ongoing support below the market should at some point be a more positive influence, but not expecting rallies to carry too far," Brian Pullam of Linn & Associates said.

Rolling in the Deep: Corn ground to a new multi-year low before finishing steady. Weighing on corn are predictions for larger crop yields than initially forecast by the USDA, potentially to a record-sized yield of 183-185 bushels an acre, Daniel Flynn of Price Futures Group said in a note. "It's the sheer size of the U.S. corn crop that has pressured prices to new lows," Flynn said.


INSIGHT


Not Done Yet: Even with large short positions already present in grains, there may be more to come. "The large speculative positions could get larger headed into harvest, unless something changes whether it be a negative geopolitical event or an extreme adverse weather event outside the U.S.," Terry Reilly of Marex said. Fund traders remain net short in grains, particularly for corn, which is net short by more than 300,000 contracts, according to the last CFTC report, which covered through July 23.

Rumor Mill: The USDA's notice of a new sale of soybean exports to China -- for 132,000 metric tons delivered in the 2024/25 marketing year -- confirmed rumors of Chinese interest in U.S. exports but didn't give soybean futures a boost in Thursday's session. Rumors are persisting of more sales in the pipeline, AgResource said in a note. "[We're] being told by cash connected sources, that China purchases of U.S. soybeans is up to 6-8 cargoes for October/November, and offers are still being sought," the firm said.


AHEAD:


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

--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.


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

(END) Dow Jones Newswires

08-01-24 1523ET