Furthermore, May soymeal rose $0.80 per short ton to $346.00 per ton, while May corn dropped $0.0525 per bushel, reaching $4.37 per bushel.

Grain futures showed a decline in soybean and corn prices following a wave of technical selling, with planting progress across the Midwest this past week creating seasonal downward pressure. On the other hand, wheat prices surged due to weather issues in Russia, Europe and the US and persistent geopolitical concerns in the Middle East and Black Sea regions.

Wheat middlings prices in the Minneapolis and Kansas City markets rose slightly on Wednesday, while values in the Buffalo market remained steady. Market sources said that the current market situation is very unusual, since most regions are trading within a similar price range.

Weekly Ethanol Update

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