By Paulo Trevisani


--Wheat for March delivery rose 0.6% to $6.16 1/4 a bushel on the Chicago Board of Trade on Friday, as forecast rainfall in Brazil looks insufficient to significantly boost crops.

--Soybeans for March delivery rose 0.4% to $13.06 1/4 a bushel.

--Corn for March delivery rose 0.1% to $4.72 3/4 a bushel.


HIGHLIGHTS


Rain Watch: The northern growing areas of Brazil finally got some rain after experiencing drought for much of the year. "Welcomed rainfall lingers in northern Brazil...but so far calls for widespread soaking rain failed to verify," AgResource said in a note, adding that Brazilian soybean crops may need more rain than what is forecast.

Impact on Brazil: Irregular rainfall and high temperatures had an impact on seeding and crop development in key food-producing areas of Brazil, the country's agricultural agency Conab said Friday. "The presence of areas with low, medium, and high soil moisture levels resulted in mixed conditions, being sufficient or restricted, in certain areas, for the seeding and development of summer crops," Conab said.


INSIGHT


Corn Needs: It will take production problems in South America and improved U.S. exports for corn futures to achieve and maintain rallies, Summit's Tomm Pfitzenmaier said in a note. Light trading volumes are expected because of the holidays, but Pfitzenmaier said that in the longer term, more demand for U.S. exports will be needed. On Thursday, the USDA reported weekly corn exports below expectations.

Grain Headwinds: Heading into 2024, grains markets face large stocks in the Northern Hemisphere, a humanitarian corridor in Ukraine and inexpensive Black Sea corn and wheat, AgResource said in a report. Chaotic climate patterns and an improved economic outlook for the U.S. will also move markets. "Volatility continues indefinitely," AgResource said.


AHEAD


--The USDA and CBOT will be closed in observance of the Christmas holiday. Both reopen Tuesday.

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

--The EIA will release its weekly ethanol production and stocks report at 11 a.m. ET Thursday.

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

--The USDA will release its monthly Agricultural Prices report at 3 p.m. ET Friday.

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


Write to Paulo Trevisani at paulo.trevisani@wsj.com

(END) Dow Jones Newswires

12-22-23 1503ET