Grain prices on the Chicago Mercantile Exchange rose on Wednesday May 22. The July soybean futures contract increased by 10 cents per bushel, settling at $12.46 per bu, while July wheat dropped by 4.50 cents per bu, closing at $6.93 per bu.

Meanwhile, July soybean meal jumped by $5.90 per short ton to $378.20 per ton, and July corn rose by 3.25 cents per bu to $4.61 per bu.

Production cuts in Brazil, combined with concerns about rainfall delays for US planting, boosted corn and soybean prices. Meanwhile, wheat prices surged briefly to a 10-month high before dropping back following some technical selling.

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