Trading for corn gluten products was relatively steady today. Sources reported one trade on CIF NOLA for corn gluten meal which resulted in a decline in the current price range. Meanwhile, other sources observed a lack of activity, reporting no change.
CME grain prices were mixed on Tuesday. December wheat saw an increase of $0.095, closing at $5.43/bu, and January soybeans recorded a rise of $0.1675, settling at $13.46/bu. In addition, December soymeal dropped by $8.40 to $450.30/st. and December corn decreased by $0.04, reaching $4.51/bu. The recent weather trends in Brazil have caused soybeans to surge by double digits as the region has experienced hot and dry conditions this season. On the other hand, corn prices decreased as a result of technical selling, fueled by the belief that the U.S. has successfully completed one of its biggest harvests on record.
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