By Kirk Maltais


--Soybeans for November delivery rose 0.5% to $13.04 1/4 a bushel, on the Chicago Board of Trade on Tuesday, with traders cautious about taking too firm of a stance on futures ahead of the USDA's quarterly grain stocks report.

--Wheat for December delivery rose 0.1% to $5.88 3/4 a bushel.

--Corn for December delivery fell 0.4% to $4.80 a bushel.


HIGHLIGHTS


Staying Alert: Grain traders stayed largely cautious, trying not to be caught off-guard by anything unexpected out of the USDA's slate of reports due out Friday, including its quarterly stocks report. This was a driving force in today's volatile session, said Karl Setzer of Midco Commodities. "Friday is also month/quarter end and this is generating lethargic trade as nobody wants to put on a new position at this time and have it be wrong," said Setzer.

Turbulent Times: Wheat futures saw the most volatility today, due in part to news out of Ukraine concerning new Russian strikes and diminished grain exports out of both Ukraine and Russia. Additionally, little to no progress has been made in negotiations to resume the Black Sea Grain Initiative in some form, all of which has some analysts forecasting upside for wheat going forward.


INSIGHT


Stacking Up: Analysts surveyed by The Wall Street Journal are forecasting U.S. corn stocks to be reported higher by the USDA than this time last year. Corn stocks are expected to total 1.43 billion bushels as of Sept. 1, up from 1.38 billion bushels reported at this time last year. However, soybean and wheat stocks are expected to fall off from the previous year, particularly soybeans -- which is forecast to fall back 30 million bushels to 244 million bushels. Expectations for the report look to be a driver for trading for the rest of the week.

Mixed Messages: The USDA's latest Crop Progress report showed a harvest that continues to be ahead of last year's pace, but still lagging some expectations held by analysts this year. There was 15% of U.S. corn harvested as of September 24, the USDA said Monday -- which is up from 11% this time last year and an average pace of 13% over the past five years. The soybean harvest is 12% done, up from 7% this time last year and an average of 11%. "Markets trading mixed overnight with worse than expected crop ratings supporting beans, better than expected crop ratings weighing on corn after yesterday's gains, and wheat stuck between the two," said Doug Bergman of RCM Alternatives in a note.


AHEAD


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

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

--The US Drought Monitor will release its updated map at 8:30 a.m. ET Thursday.

--The USDA will release its quarterly hogs and pigs report at 3 p.m. ET Thursday.


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


(END) Dow Jones Newswires

09-26-23 1546ET