Price ranges for wheat midds has remained steady for the day. Market participants have noted that demand seems to be strong, and the market continues to be tight with many weather scenarios to work through.

CME grain prices were mixed on Wednesday. March wheat increased by $0.0075, closing at $6.10/bu while March soybeans dropped by $0.12, settling at $12.36/bu. In addition, March soymeal dropped by $3.30 to $364.30/st, but March corn rose by $0.0025 to $4.59/bu. Grains were choppy today, with corn and wheat showing minor gains while soybeans dropped by double-digits. The decline in soybean prices was driven by a wave of technical selling, following Brazil’s cuts to its outlook for 2023/24 soybeans and rainy forecasts in South America.

Weekly Ethanol Update

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