Most CME grain prices witnessed a downward trend on Thursday. The only grain that experienced an increase was December soymeal, which rose by $0.10 and closed at $449.90/st. January soybeans shifted down by $0.2225 to $13.43/bu. Furthermore, December corn dropped by $0.08 to $4.68/bu, and December wheat fell by $0.115 to $5.80/bu.

The grain market witnessed a significant drop in prices today following the release of the WASDE report, which contained bearish USDA data that sparked a wave of technical selling. Corn prices experienced a slight decline due to the latest yield estimates that added nearly two bushels per acre. On the other hand, soybeans suffered a double-digit decrease because of higher production estimates for this year’s crop.

November 2023 WASDE

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