Most CME grain prices had a downward trend on Friday. The only grain with an increase was January soybeans, which rose by $0.04 and settled at $13.47/bu. December wheat dropped by $0.055 and closed at $5.75/bu. Additionally, December soymeal fell by $0.50 and closed at $449.40/st., and December corn decreased by $0.04 to $4.64/bu.

The corn and soybean markets are closely monitoring South American planting progress and weather patterns for fresh price indications after the latest updates from the USDA. Meanwhile, wheat prices have dropped again since the recent Russian missile strike on a civilian ship near Odesa, Ukraine, resulting in higher freight costs in the Black Sea.

Weekly Export Sales – Released November 9, 2023

Soybean export sales for the week ending November 2nd, in the marketing year 2023/24, amounted to 1,080.2 thousand metric tons (TMT). This represented an increase of 70.2…