CME grain prices were mixed on Thursday. March wheat increased by $0.025, closing at $6.12/bu while January soybeans dropped by $0.11, settling at $12.97/bu. In addition, January soymeal dropped by $4.50 to $395.40/st, but March corn rose by $0.0275 to $4.72/bu. Market players are consistently analyzing the current weather patterns in South America and processing the latest round of export sales data from the USDA that was released today. The price of soybeans showed a significant decrease, primarily due to the forecasted rainy weather conditions in South America.

Weekly Export Sales – Released December 21, 2023

Soybean export sales for the week ending December 14th amounted to 1,989.4 thousand metric tons (TMT) for the marketing year 2023/24. This represented an increase of 905.4 TMT compared to last week but was above the prior four-week average of 1,336.2 TMT. Export sales for the crop season 2024/25…