CME grain prices shifted higher across the board on Friday. January soymeal increased by $4.20 and closed at $399.60/st. January soybeans increased by $0.025 and settled at $12.99/bu. Furthermore, March corn rose by $0.005, reaching $4.73/bu, and March wheat increased by $0.0375 to $6.16/bu. In recent months, grain prices have struggled to make significant gains and only managed to show minor increases in the session before Christmas. However, the movement of grain prices continues to depend significantly on weather forecasts in South America.

Weekly Weather and Crop Update

The latest report from the USDA’s Weather and Crop Bulletin highlighted heavy precipitation in the Atlantic Coast States, leading to a transition from rain to snow in the middle and northern Atlantic States. Another storm on December 16-17 brought heavy rain from Florida northward, while significant…