Central Illinois soybean prices hit 3-month high

Central Illinois soybean prices hit 3-month high

Chicago Mercantile Exchange (CME) grain prices rose on Monday May 13. The July wheat futures contract increased by 23.50 cents per bushel, closing at $6.87 per bu, while July soybean meal dropped by $5.40 per short ton to $366.50 per ton.

Meanwhile, the July soybean futures contract increased by 0.50 cents per bu, settling at $12.19 per bu, and July corn rose by 2.75 cents per bu to $4.72 per bu.

Grain prices pushed higher, with market participants remaining focused on last Friday’s World Agricultural Supply and Demand Estimates (WASDE) data and ongoing weather concerns in Russia, where more yield-damaging frosts occurred over the weekend. Wheat showed double-digit gains, which also lifted corn and soybean prices.

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