Chicago Mercantile Exchange (CME) grain prices fell on Wednesday May 8. The July CME soybean futures contract decreased by 18.75 cents per bushel to settle at $12.27 per bu, and July soymeal dropped by $4.70 per short ton to $378.50 per ton.

Meanwhile, the July CME corn futures contract decreased by 8.5 cents per bu to $4.58 per bu, and July wheat fell by 8.75 cents per bu to close at $6.34 per bu.

Corn and soybean prices showed notable losses while market participants continue to square positions ahead of the USDA’s WASDE report on Friday. Wheat prices followed the downward trend due to weather concerns in Russia, including drought and recent frosts damaging yields.

Weekly ethanol update

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