Trading for corn gluten products remained relatively steady for feed, while values for corn gluten meal showed a decrease in the current price range for Iowa. Market participants noted that corn gluten meal may continue to decrease, in line with soybean meal.
Most CME grain prices were on a downward trend on Wednesday. The only grain that increased was January soybeans, which jumped $0.035 and closed at $13.16/bu. March wheat decreased $0.1325 and settled at $6.23/bu. Additionally, January soymeal dropped $4.30 and closed at $398.90/st, and March corn fell by $0.0375 to $4.76/bu. Despite minor gains in soybean prices due to technical buying, wheat prices plummeted by double-digits. Analysts continue to view demand for U.S. wheat as weak, while also acknowledging the strong production in Russia.
Weekly Soybean Crush
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