CME grain prices shifted higher across the board on Wednesday. December soymeal increased by $2.40 and closed at $449.80/st. January soybeans increased by $0.0375 and settled at $13.65/bu. Furthermore, December corn rose by $0.075, reaching $4.76/bu, and December wheat surged by $0.22 to $5.92/bu.

Notable gains were seen in the grain market as anticipation builds for the release of tomorrow’s World Agricultural Supply and Demand Estimates (WASDE) report from the USDA. The optimism of China’s export market, combined with planting delays in Brazil and a surge in the soymeal market, led to a two-month high in soybean prices. Additionally, wheat prices saw a double-digit increase as production concerns in the Southern Hemisphere intensified due to El Niño conditions.

Weekly Weather and Crop Update

The most recent report from the USDA’s Weather and Crop Bulletin highlighted a decrease in shower…