Price ranges for corn gluten meal remained relatively stable throughout the day. However, there were reports on corn gluten feed that led to a decline in Illinois, Iowa, and Chicago rail prices. Market participants noted that the market is still on the defensive end and is moving lower as corn continues to weaken.
Most CME grain prices showed a downward trend on Wednesday. The only grain price that increased was March wheat, which rose $0.005 and closed at $5.83/bu. March soybeans decreased $0.1825 and settled at $11.60/bu. Additionally, March soymeal dropped $5.60 and closed at $342.00/st, while March corn fell $0.0775 to $4.11/bu. Corn prices faced a technical setback, closing at a three-year low. Meanwhile, soybean prices suffered double-digit losses due to a round of technical selling. However, the expectation of large crop supplies for the upcoming year continues to keep any momentum in the grain market.
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