Agricultural commodities fell at the Chicago Exchange for the first time in five sessions but losses were contained due to concerns about Russian supplies, with the the global grains trading company Cargill saying it won't deal with Russian grains at its own export station. 

Cargill said on Wednesday it'll take another step to back off the Russian market by quitting operations with the largest wheat supplier at its own export station starting July. 

Russian exports could be hampered as well if Moscow recommended a temporary cut in grain exports as some Russian media alluded. 

However, Reuters sources said Russia doesn't plan to stop wheat exports but will ask exporters to raise prices for the farmers to cover production costs. 

Conversely, Ukrainian official data showed Ukrainian grain exports rose to 5.1 million tones in March compared to 1.4 million tones in March 2022. 

And some analysts said Brazil is ready to supply nearly half the soybeans that Argentina will import after undergoing the worst drought in 100 years, which destroyed its fields and cut 2023 output by half. 

Corn

Corn futures due in May fell 0.1% to $6.49 a bushel. 

Soybeans 

Soybean futures due in May fell 0.2% to $14.74 a bushel. 

Wheat

Wheat futures due in May fell 1.9% to $6.92 a bushel. 

US stock indices rose on Thursday following earlier data while concerns about the banking sector fade away as authorities intervene. 

Banking Troubles

Banking shares rebounded today, with the SPDR-S&P regional bank index rising 1%, accumulating 7% of gains since March 23. 

Investors continue to show optimism that the banking crisis is tapering off with the volatility index VIX hitting 19 after scaling 30 earlier this month.

Data

Earlier US data showed the GDP grew 2.6% y/y in the fourth quarter of 2022, down from 3.2% in the third quarter, and missing estimates of 2.7%. 

US unemployment claims rose to 198 thousand in the week ending March 25, above estimates of 196 thousand, and above the previous reading's 191 thousand.

Dow Jones rose 0.3%, or 85 points as of 15:07 GMT to 32,803,while S&P 500 climbed 0.6%, or 23 points to 4,050, as NASDAQ added 0.8%, or 102 points to 12,028.

Oil prices rose in European trade on Thursday after a short hiatus from gains, almost hitting two-week highs as concerns about US oversupplies fade. 

Recent data showed a spike in US crude stocks last week, while US output slowed down as well.

Prices are also boosted by a tumble in dollar's standing against major rivals after weak US data.

Global Prices

US crude rose 1.25% to $73.82 a barrel, while Brent added 1.2% to $78.34 a barrel. 

US crude lost 1.05% on Wednesday on active profit-taking away from two-week highs at $74.32. 

Brent fell 1.1% after a two-day wave of gains that sent prices to March 14 highs at $78.96. 

US Stocks

The Energy Information Administration announced a drawdown of 7.5 million barrels in the week ending March 24, while analysts expected a buildup of 1.8 million barrels. 

It's the largest inventory drawdown in 2023 in a sign of improving US demand on fuel. 

US Output

The EIA also announced a drop in US crude production by 100 thousand bpd last week to a total of 12.2 million barrels. 

The Dollar

The dollar index fell 0.5% on Thursday to one-week lows at 102.12, against a basket of major rivals, underpinning dollar-denominated commodities. 

The decline came after weak US data showed weak US growth while unemployment claims rose estimates. 

Such data hurt pricing for a 0.25% rate hike by the Federal Reserve in May. 

Kurdish Supplies

Turkey stopped the Kurdistan Region from pumping crude through its oil pipeline after a court order than required the approval of the Iraqi government to ship the oil.

Such legal conflicts in Iraq between the federal government and Kurdistan led to a cut of 450 thousand bpd in crude exports.

Barkley's expects an increase of $3 a barrel in crude stocks from its $92 projections for Brent in 2023 with a long-term disruption in Kurdish exports.

US unemployment claims rose to 198 thousand in the week ending March 25, above estimates of 196 thousand, and above the previous reading's 191 thousand.