By Kirk Maltais

--Wheat contracts for March delivery fell 1.8% to $4.80 3/4 a bushel on the Chicago Board of Trade Wednesday, as demand for U.S. wheat is seen as weak globally.

-- March corn contracts rose 0.3% to $3.70 3/4 a bushel.

--Soybean contracts for March delivery rose 0.2% to $9.02 1/2 a bushel.

HIGHLIGHTS

Wheat Losing Streak Extends to Fourth Day: Wheat futures on the CBOT traded lower for the fourth day in a row Wednesday. According to Arlan Suderman with INTL FCStone, the fall in wheat futures is not only due to stiff competition from French wheat, but that the latest Egyptian tender for wheat didn't include any U.S. offers -- instead containing offers from France, Romania, Russia, and the Ukraine. "Are we (due) for a short squeeze face ripping rally this week? Probably not," said Charlie Sernatinger of EDF Man Capital. "But just like earthquakes, the farther you are from the last one, the closer you are to the next one."

Trump Says China Buying US Corn: A rise in U.S. corn futures today was largely linked to President Trump's comments yesterday that China would be buying "a lot more (corn) than anyone thought possible." The statement buoyed optimism among grains traders and analysts that a U.S.-China trade deal would wrap in both soybean and corn purchases. However, little new information developed regarding negotiations today, which resumed in Washington D.C. this week.

INSIGHT

Swine Fever Could Depress Grains Futures: The continued culling of the Chinese hog population as a result of the spread of African swine fever could cut the size of any potential grain sales to China -- should a trade deal with the Chinese be reached. African swine fever is still a large concern to the U.S. hog market, with lean pork futures on the CME down 6.3% for the day.

Exports Sales Release Will Unleash Six Weeks of Data: Data released by the USDA this Friday will cover six weeks of previously unreported export sales reports. This release will bring the USDA up to date with its export sales reporting. It is for that reason that the agricultural market is watching the results so closely, since the numbers will help determine if the Chinese have meaningfully re-engaged with the U.S. market in its show of good-faith, while negotiating a full trade deal with President Trump.

AHEAD:

-- Agricultural Outlook Form begins on Thursday, Feb. 21, in Arlington, Va. The USDA's chief economist will be providing the USDA's 2019 agricultural outlook in a speech at 8:10am.

-- U.S. jobless claims, an indicator of U.S. economic health, will be released on Thursday at 8:30am.

-- March options on the CBOT expire on Friday for corn, soybeans and wheat - with April options becoming the front month.

(END) Dow Jones Newswires

February 20, 2019 16:11 ET (21:11 GMT)

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