Market Update

Corn gluten items had limited confirmed trades for Tuesday. A lower CIF NOLA, MW barge, and MW rail were confirmed at $560, $535, and $535/st, individually. Pressure has been persistent on corn gluten items, and most expect this tone to continue until Memorial Day, when unsettled tones are expected emerge. The irregular pricing for the April-May period is due to diminished interest on animal feed items on both export and domestically when typically, maintenance down time at processing plants limits offerings on the spot market, supporting values.

CME grain pricing levels were mixed for the day with soybean items indicating pressure while wheat and corn were supported. Soybeans dropped on profit taking across the globe. Corn was up due to expected dry weather across the US Midwest while wheat moved up on the  newly-renewed Black Sea grain export deal and improvement in US winter wheat condition. Corn was higher by $0.0650 to $5.77/st with renewed…