Reports suggest the price range for wheat midds decreased in Minneapolis and Kansas City, while Buffalo increased. Market participants noted a tight market after the holidays, as well as persistent issues on the farm mill side in both the Northeast and central states.
CME grain prices were mixed on Thursday. March wheat increased by $0.1325, closing at $6.13/bu while March soybeans dropped by $0.095, settling at $12.67/bu. In addition, March soymeal dropped by $4.20 to $376.20/st, but March corn rose by $0.0125 to $4.66/bu. Soybean prices suffered losses due to current South American weather conditions which led to more technical selling. However, corn prices showed minor gains following a round of technical buying. On the other hand, wheat prices rebounded from early losses and surged by double-digits. The rise in wheat prices was driven by concerns over global supplies due to cold weather in the Black Sea.
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