Corn gluten meal (CGM) and corn gluten feed (CGF) were relatively steady for Tuesday April 16, but the Midwest and Chicago rail markets showed a slight decrease. Market sources said that CGF may have found a bottom for right now, while CGM continues to remain steady, apart from the rail market.

CME grain futures had a negative trend on Tuesday April 16. May corn decreased $0.005, falling to $4.31/bu. May wheat fell $0.02, dropping to $5.49/bu. May soybeans decreased $0.1325, settling at $11.45/bu. Additionally, May soymeal prices were down $3.20 to $335.30/st. There was a slight decrease in corn prices as planting progress favored higher supplies in the US for the 2024 marketing year, while soybean prices plunged by double-digits following fast planting progress in the US, according to USDA’s Crop Progress report on April 15. Furthermore, massive Black Sea exports and a strong US dollar continue to push wheat prices down.
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