By Kirk Maltais


--Wheat for December delivery rose 1.7% to $6.04 3/4 a bushel on the Chicago Board of Trade on Friday, with traders viewing constrained supplies around the world as offsetting the flow of cheap Russian exports.

--Corn for December delivery fell 1.1% to $4.75 3/4 a bushel.

--Soybeans for November delivery fell 1.6% to $13.38 a bushel.


HIGHLIGHTS


Go Time: Anticipation of what early harvested corn and soybeans will look like were a main pressure point for those crops. "Grain and oilseed prices continue to drift as the fall harvest slowly gains momentum," Arlan Suderman of StoneX said in a note. Rainfall is arriving to many growing areas but will serve more to hamper harvest efforts than bolster crop health, Suderman said.

Taking Cues: Higher crude oil prices have been supportive for commodity futures across the board, except for grains, which brushed off oil's strength. "Optimism around the U.S. economic outlook and strong demand in China have collided with supply cuts by OPEC+," Bill Weatherburn of Capital Economics said in a note.

Stop the Rush: The rate of soybeans crushed in the U.S. fell to its lowest level in 11 months, the National Oilseed Producers Association said in its monthly report. At 161.45 million bushels through August 2023, it's the lowest crush rate since September 2022, and down from 173.3 million bushels reported by NOPA for July. Additionally, total soyoil supplies fell to 1.25 billion pounds, the lowest end-of-month oil stocks since October 2017. Soyoil demand is one big factor in why soybean supplies are considerably tighter than other grains.


INSIGHT


Upside Possibility: Some analysts see the potential for wheat futures to climb in the near future, even with Russia's record flow of exports. "Despite a better crop in Ukraine, supply from there is threatening to break away from the world market given that the Russian attacks on key infrastructure for grains exports appear to be gradually hindering exports," Commerzbank said in a note. The firm expects U.S. wheat futures at $6.20 a bushel, which is lower than the firm had previously forecast but up from where wheat is currently trading.


AHEAD


--The USDA will release its weekly grains export inspections report at 11 a.m. ET Monday.

--The USDA will release its weekly crop progress report at 4 p.m. ET Monday.

--General Mills will release its first quarter of 2024 earnings at 7 a.m. ET Wednesday.

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


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

(END) Dow Jones Newswires

09-15-23 1519ET