By Jeffrey T. Lewis


--Soybeans for November delivery rose 1.3%, to $13.24 4/4 a bushel, on the Chicago Board of Trade on Monday after a big flash sale to unknown destinations and with support from weather reports.

--Corn for December delivery fell 0.1% to $4.86 3/4 a bushel.

--Wheat for September delivery fell 2% to $6.14 a bushel.


HIGHLIGHTS


Beans Rise: Soybean futures rose on the CBOT after a big flash sale to unknown destinations was reported. Friday's WASDE crop report also had a good fundamental story for soybeans, showing the tightest balance sheet of the complex, which may still get tighter, said Arlan Suderman, chief commodities economist at StoneX. Soyoil and soybean got support from reports Argentina cut the value of the peso today, leaving Argentine farmers with little incentive to sell soybeans for crush because the peso is losing value faster than the soybean market, Suderman said.

U.S. Exports: Inspections of U.S. grain exports mostly rose in the U.S. Department of Agriculture's latest report. In its grain export inspections report for the week ended Aug. 10, the USDA said corn export inspections totaled 398,269 metric tons, soybean inspections totaled 297,797 tons and wheat inspections totaled 183,289 tons. Corn and soybean inspections increased from a week earlier, while wheat inspections declined. Total shipments for the marketing year are behind the usual pace, with corn shipments down 33% from the previous year. Soybeans are off 7.6% from the previous year, and wheat is off 18%.


INSIGHT


Blame It on the Rain: Wetter weather could have a negative effect on the development of soybeans, said Charlie Sernatinger of Marex in a note. Weather forecasts could nevertheless flip around over the rest of the week, potentially leading to sloppy trading, he said.


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 US Drought Monitor will release its updated map at 8:30 a.m. ET Thursday.


Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com


(END) Dow Jones Newswires

08-14-23 1608ET