CME grain prices shifted higher across the board again on Thursday. December soymeal increased by $9.20 and closed at $423.00/st. November soybeans increased by $0.045 and settled at $13.15/bu. Furthermore, December corn rose by $0.13, reaching $5.05/bu, and December wheat jumped by $0.1375 to $5.94/bu. The combination of strong export demand and concerns over Brazil’s production potential in the 2023/24 season, due to drought conditions, has resulted in a notable rise in corn and wheat prices. Additionally, soybeans have also seen a positive shift, driven by the gains made in corn and wheat.

Weekly Export Sales – Released October 19, 2023

The weekly soybean export sales for October 12th in the marketing year 2023/24 amounted to 1,371.9 thousand metric tons (TMT). This represents an increase of 315.1 TMT compared to the total last week and exceeds the previous four-week average of 742.9 TMT. Export sales…