Prices for corn gluten meal dropped in the Illinois and Iowa truck markets as well as the Midwest rail market today. A minor decrease in the value of corn gluten feed was noted in Illinois. Market participants said there is downward pressure on both meal and feed prices due to extremely low demand in the market.
Most CME grain prices had an upward trend on Tuesday. The only grain with a decrease was May soybeans, which dropped $0.0225 and closed at $11.85/bu. May wheat increased $0.0975 and settled at $5.52/bu. Additionally, May soybean meal jumped $2.00 and closed at $333.90/st. and May corn rose $0.035 to $4.39/bu. Corn prices captured modest gains due to short-covering and technical buying, receiving additional support from rising wheat prices. Soybean prices faced slight losses after a round of technical selling, while wheat prices rose as market players continue to assess the recent attacks in Ukraine.
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