By Kirk Maltais
-- Corn for July delivery rose 1% to $4.79 1/2 a bushel on the Chicago Board of Trade Friday, reacting as traders weigh improving demand indicators with an uncertain weather forecast.
-- Soybeans for July delivery rose 0.5% to $12.01 1/2 a bushel.
-- Wheat for July delivery virtually unchanged to $6.36 1/2 a bushel.
HIGHLIGHTS
Corn Pop: Corn futures were supported after the USDA announced a fresh flash sale of exports to unknown destinations. The agency said 148,240 metric tons of corn were sold, with 78,240 tons scheduled for delivery in the 2025-26 marketing year and 70,000 tons for delivery in 2026/27.
Flash sales announcements and strong export sales confirmed in the USDA's weekly report are bolstering hopes of strong corn demand globally, said Naomi Blohm of Total Farm Marketing in a note. What traders are more uncertain about is how U.S. corn planting will fare this spring.
Let the Money Roll In: Analysts and traders are seen as continuing to pile into the long side of CBOT grain futures, said Brian Grete of Commstock Investments, giving grain futures support. "The flip of the calendar to May didn't stop the recent flow of fund money into the long side of grain and soybean futures," Grete said. He adds that in the short term, grain futures are seen as likely to keep moving higher.
"Seasonal price trends are favorable, along with some weather concerns both in the U.S. and globally," Grete said.
High Water Mark: CBOT soybean futures climbed over $12 a bushel for the first time since March. Soybean futures have gained nearly 15% year-to-date.
Gains in soyoil, supported by higher crude prices, are pushing underlying soybean futures higher, with the $12-a-bushel mark a "psychological resistance" point, said Joe Davis of Futures International in a note.
INSIGHT
Stacks on Stacks: Analysts and traders are keen to see the data from the CFTC's newest Commitments of Traders report, due out at 3:30 p.m. EDT. Last week's report showed net long positions of hundreds of thousands contracts held by managed money firms.
Weather in U.S. growing regions has been less than optimal in many areas, which is stoking fears of a U.S. crop that is smaller than expected -- creating potentially higher grain prices.
However, these large net long positions mean that grains are exposed to substantial downside risk, said AgResource in a note.
Stubbornly High: Crude futures lost some steam Friday after reports that Tehran presented a new peace proposal. But counterweighing the news is fears of a significant escalation in hostilities that could further damage refineries and keep oil trade at a minimum.
"President Trump may prioritize the 'eradication of the nuclear program' over a complete reopening of the strait, as the U.S. is an energy exporter," XS.com's Samer Hasn writes. He warns that "the world may soon face a massive second inflationary shock."
Higher oil has supported grains, due to their usage in renewable fuels.
AHEAD
-- Tyson Foods is scheduled to release its first-quarter earnings report before the stock market opens Monday.
-- The USDA is due to release its weekly grain export inspections report at 11 a.m. EDT Monday.
-- The USDA is scheduled to release its weekly Crop Progress Report at 4 p.m. EDT Monday.
-- Paulo Trevisani contributed to this article.
Write to Kirk Maltais at kirk.maltais@wsj.com
(END) Dow Jones Newswires
05-01-26 1527ET
