By Kirk Maltais


-Corn for July delivery fell 0.4% to $4.50 1/4 a bushel, on the Chicago Board of Trade on Friday, with the market attempting to prepare for strong rainfall expected over the weekend.

-Soybeans for July delivery fell 0.2% to $11.77 a bushel.

-Wheat for July delivery rose 0.3% to $6.22 1/2 a bushel.


HIGHLIGHTS


Wash Out: The Corn Belt is expected to see big storms over the weekend, and while it could delay some planting, the rain is also expected to help quench drought issues seen in some areas. "Fieldwork halts nearby, but drought will be nearly eliminated from Eastern Kansas, Missouri, and pockets of Iowa," Daniel Flynn of Price Futures Group said in a note. The improvement of soil moisture in these areas is expected to allow for strong planting next week, after the storm passes.

Overseas Threats: Even if this weekend's rainfall in the U.S. quells drought issues in the Southern Plains, other weather threats continue to persist in Russia and Europe. "Persistent drought in Russia, the world's most important wheat exporter, and the recent cold spell in many parts of Europe are fueling supply concerns," Commerzbank said in a note.

Lackluster Demand: Flatlining expectations for U.S. export demand was the chief weight on CBOT soybeans. Analyst Karl Setzer of Consus Ag Consulting said demand "likely peaked for the year, mainly on soybeans." Soybean export sales totaled 331,000 metric tons, according to Thursday's USDA report, which is considered low by traders. Demand seems to be shifting from U.S. soybeans to other producers like South America.


INSIGHT


Onto the Next: Traders are anxious to see what next week's Crop Progress report will show for both crop planting and the condition of the existing winter wheat crop - reflecting how much this weekend's rainfall improves or derails U.S. planting, if at all. "Generally speaking, weather will be dictating market direction," Virginia McGathey of McGathey Commodities said.

Southern View: Argentina's soybean harvest is slightly behind its pace from this time last year -- but that doesn't seem to be a factor affecting the outlook of analysts and traders in their global view of soybeans. "Argentine beans are 26% harvested compared to 29% a year ago, and 30% of the crop was rated as in good or excellent condition, unchanged to a week ago." The flow of soybeans competing against U.S. exports has been a sore spot for domestic prices.


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.

-Archer Daniels Midland Co. will release its fiscal first quarter 2024 earnings at 7 a.m. ET Tuesday.


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

(END) Dow Jones Newswires

04-26-24 1535ET