By Kirk Maltais


--Wheat for July delivery fell 1.8% to $6.80 1/2 a bushel, on the Chicago Board of Trade on Thursday, as wetter weather in the Plains and a resumption of shipments from Ukraine pressured futures for a second day.

--Corn for July delivery fell 1.7% to $6.26 1/2 a bushel.

--Soybeans for July delivery fell 0.7% to $14.68 1/4 a bushel.


HIGHLIGHTS


Back on Track: Progress made in ensuring that Ukrainian wheat can leave the country, whether it is by land or sea, put pressure on CBOT wheat futures as worries about a supply disruption from Russia pulling out of the export deal eased. "The more reassuring announcements on the continuity of Ukrainian grains export flow limit the rebound movement recently observed in wheat," AgriTel said in a note. Also affecting wheat was precipitation in drought-stricken areas expected this weekend.

Taking Cues: The commodity liquidation that started on Wednesday continued Thursday, with grains following outside markets like crude oil lower. "The outside markets are negative with the equity market trading lower, the crude oil market sharply lower and the dollar firmer," Tomm Pfitzenmaier of Summit Commodity Brokerage said in a note. Crude oil futures fell 2.4%, while the U.S. Dollar index actually fell back 0.1% through the close of CBOT trading.


INSIGHT


Trending Down: Weak export sales reported by the USDA Thursday morning helped extend selling seen on the CBOT Wednesday. Low sales across the board failed to provide any spark to support prices, creating a reaction where fund traders perpetuated the downtrend, said Michael Zuzolo of Global Commodity Analytics. "Weak longs in this market run for cover when they don't see key technicals like the 52-week moving average violated when tested," he said. "This sets-up a negative sentiment/momentum."

Flood Waters: Melting snow is expected to push water levels on the upper portion of the Mississippi River significantly higher, NOAA said in a notice. The river's water level is expected to crest at over 18 feet in Minnesota, and higher water levels in other areas of the river may cause closures, the USDA said in its latest Grain Transportation Report. The potential flood conditions are expected to linger through the Mississippi River for roughly the next two weeks. Low water levels were an issue for grain barges last year, with areas of the river falling to their lowest levels since 1988.


AHEAD


--The USDA will release its monthly Cattle on Feed report at 3 p.m. ET Friday.

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

--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.

--Canadian National Railway will release its first-quarter 2023 earnings report after the market closes on Monday.


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

(END) Dow Jones Newswires

04-20-23 1526ET