CME grain prices shifted higher across the board on Friday. May soymeal increased by $7.00/st and closed at $341.40/st. May soybeans increased by $0.1775 and settled at $11.84/bu. Furthermore, May corn futures rose $0.0175 to $4.39/bu, and May wheat increased by $0.0925 to $5.37/bu. Prices for wheat, soybeans, and corn jumped after the release of today’s World Agricultural Supply and Demand Estimates (WASDE) report from the USDA, prompting a wave of technical buying.

March 2024 WASDE

The USDA’s latest World Agricultural Supply and Demand Estimates (WASDE) report for March indicated only slight adjustments but fell short in its projections for South America.

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