CME grain prices had an upwards trend on Thursday. March wheat increased by $0.0875, closing at $6.42/bu, and January soybeans jumped by $0.1625, settling at $13.11/bu. In addition, January soymeal dropped by $1.70 to $406.80/st. and March corn rose by $0.0375 to $4.88/bu. Soybean prices have soared by double digits fueled by concerns over Brazil’s production capabilities, along with strong export sales in the U.S. Similarly, corn prices rose as a result of positive export sales data released by the USDA. Market players are primarily focused on the upcoming WASDE report that is set to be released tomorrow.

Weekly Export Sales – Released December 7, 2023

Soybean export sales for the week ending November 30th, in the marketing year 2023/24, amounted to 1,517.6 thousand metric tons (TMT). This represented a decrease of 377.7 TMT compared to last week and was below the prior four-week average of 1,947.3 TMT….