CME grain prices shifted higher across the board on Thursday. March soymeal increased by $2.60 and closed at $361.30/st. March soybeans increased by $0.0775 and settled at $12.13/bu. Furthermore, March corn rose by $0.0175, reaching $4.44/bu, and March wheat increased by $0.03 to $5.85/bu. Despite a round of technical buying today, corn, soybean, and wheat prices showed minimal gains. Corn is close to hitting three-year lows, while soybeans were at the lowest levels in over two years. However, the slowdown in shipping activity in the Red and Black Seas is creating new stress and adding upward pressure for commodities such as grains.

Weekly Ethanol Update

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