Most CME grain prices had a downward trend on Thursday. The only grain with an increase was December corn, which rose by $0.04 and settled at $4.74/bu. December wheat dropped by $0.07 and closed at $5.53/bu. Additionally, December soymeal fell by $2.40 and closed at $466.80/st., and January soybeans decreased by $0.2475 to $13.60/bu. The USDA released export sales data that exceeded expectations, leading to an increase in corn prices. Meanwhile, soybean prices suffered a double-digit loss, largely due to the anticipation of upcoming rain in Brazil. In addition, wheat prices declined as rainy weather is forecasted to move across the U.S. Plains.

Weekly Export Sales – Released November 16, 2023

Soybean export sales for the week ending November 9th, in the marketing year 2023/24, amounted to 3,918.4 thousand metric tons (TMT). This represented an increase of 2,838.2 TMT compared to last week and was above…