Central Illinois soybean meal prices hit 4-month high

Central Illinois soybean meal prices hit 4-month high

Chicago Mercantile Exchange (CME) grain prices edged higher across the board on Monday May 6.

The July CME soybean futures contract increased by 33.75 cents per bushel to settle at $12.48 per bu, and July soymeal jumped by $15.40 per short ton to $387.60 per ton.

Meanwhile, the July CME corn futures contract increased by 8.75 cents per bu to $4.69 per bu, and July wheat rose by 26.25 cents per bu to close at $6.48 per bu.

Corn prices continued to rise amid persisting floods in Brazil and expectations of another wet week in the US. Soybean and wheat prices showed double-digit gains, likely due to spring rain causing planting delays in the US, as well as worsening droughts in Russia.

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