By Anthony Harrup


--Wheat for March delivery settled down 0.4% on the Chicago Board of Trade at $5.10 3/4 a bushel, with continuing conflict between Russia and Ukraine seen limiting downside.

--Corn for March delivery fell 0.4% to $4.40 1/2 a bushel

--Soybeans for March delivery slipped 0.1% to $10.62 1/4 a bushel


HIGHLIGHTS


Not Much Happening: Grains ended lower in thin trade as the year nears a close. "End-of-the-year book-squaring in thin holiday trade will continue to be the feature the next couple of days, unless a story breaks to truly trigger a larger move," Arlan Suderman of StoneX said in a note. The market will watch for tomorrow's export sales data for the week of Dec. 18 and the commitment of traders report, "but the sector lacks a story currently," he said.

Russian Exports: Black Sea grains consultancy SovEcon raised its forecast for Russian wheat exports for the 2025/26 season by 400,000 metric tons to 44.6 million tons, citing a "consistently strong export pace." The firm estimates December exports at 4.2 million tons, up from 3.4 million tons a year ago.

"Russia's export campaign started slowly this season but has accelerated to near-record levels. We do not rule out further upward revisions to the export forecast, though slow farmer selling and a strong ruble remain key headwinds," SovEcon head Andrey Sizov said in a note.

Flash Sales: Private exporters reported new soybean export sales of 136,000 metric tons to China for the 2025/26 marketing year, and 231,000 tons for delivery to unknown destinations, also for 2025/26, the USDA said.


INSIGHT


Looking South: Soybean traders eye South American harvests. "South American weather overall is good enough to think a big crop is still on the way and managed funds are underwater on a lot of the purchases that they've made since the start of November," Doug Bergman of RCM Alternatives said in a note. "Until the market lets them out of more of their long positions, rallies are expected to struggle."

Ethanol Watch: The EIA's delayed report for the week ended Dec. 19 showed ethanol production easing to 1.095 million barrels a day from a record 1.131 million barrels a day the previous week. Analysts surveyed by Dow Jones have production estimates ranging from 1.055 million barrels a day to 1.130 million barrels a day for the week of Dec. 26. That report is due Wednesday.


AHEAD


-The USDA will release its weekly export sales report covering the week ended Dec. 18 at 8:30 a.m. ET Wednesday.

-The USDA and CME will be closed in observance of New Year's Day Thursday, reopening on Friday.

-The USDA will release its monthly Grain Crushings report at 3 p.m. ET Friday.


Write to Anthony Harrup at anthony.harrup@wsj.com


(END) Dow Jones Newswires

12-30-25 1546ET