Recent reports indicate a drop in price ranges for wheat midds in the Kansas City and Minneapolis markets. Market participants voiced the ongoing pressure in the market and stated that the market seems to be close to a possible bottom.
Most CME grain prices were higher on Wednesday. The only grain market with a decrease was March wheat, which dropped by $0.15 and closed at $5.71/bu. March soybeans jumped by $0.0275 and settled at $11.34/bu. Additionally, March soymeal increased $3.50 and closed at $331.30/st, and March corn rose $0.05 to $4.13/bu. Corn prices climbed higher for the third straight session today, driven by another wave of technical buying. Meanwhile, soybean prices followed the upward trend of corn, while wheat prices dropped by double-digits due to concerns about sluggish U.S. exports combined with large global stocks and strong overseas competition.
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