Based on recent reports, there has been a decrease in the price of corn gluten meal, while corn gluten feed showed a slight increase. Market participants have stated that wet mills are not running properly in sub-zero temperatures, resulting in possible production disruptions which could lead to further price pressure in the near term.
Most CME grain prices had a downward trend on Wednesday. The only grain price that increased was March wheat, which rose $0.005 and closed at $5.82/bu. March soybeans decreased $0.215 and settled at $12.05/bu. Additionally, March soymeal dropped $12.40 and closed at $358.70/st, while March corn fell $0.0125 to $4.42/bu. Grain prices continued to decrease on a combination of market players assessing the possibility of Brazil reaching a record-breaking soybean production, competition overseas, and large U.S. and global stocks. Soybean prices dropped by double-digits following the current weather forecasts in South America.
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