Grain prices on the Chicago Mercantile Exchange rose on Thursday June 6. The July soybean futures contract increased by 22.75 cents per bushel, settling at $12.00 per bu, while July wheat dropped by 7.25 cents per bu, closing at $6.39 per bu.

Meanwhile, July soybean meal jumped by $3.30 per short ton to $362.80 per ton, and July corn rose by 12.75 cents per bu to $4.52 per bu.

Corn and soybean futures captured double-digit gains after the anticipation of hotter weather later this month, along with the implementation of the new Brazilian tax plan. Wheat futures did not follow the same trend as corn and soybeans, leaving them with a seventh consecutive losing session.

Weekly export sales, released June 6

Soybean
US soybean export sales for 2023/24 reached 189,600 tonnes in the week to May 30, down by 43% week on week and 42% below the four-week average. Export sales for the 2024/25 crop season were…