Chicago Mercantile Exchange grain prices fell on Thursday June 20, with the July CME soybean futures contract decreasing by 18.75 cents per bushel to settle at $11.55 per bu, and July soymeal dropping by $7.00 per short ton to $357.60 per ton.

Meanwhile, the July CME corn futures contract declined by 10.25 cents per bu to $4.39 per bu, and July wheat futures fell by 9.25 cents per bu to close at $5.72 per bu.

Grain prices plunged after rainy forecasts improved yield expectations for corn and soybeans, despite hotter-than-normal weather forecast for the central US later this month. Wheat prices also fell, weighed down as harvest progress continues.

Wheat middlings prices in the Minneapolis, Kansas City and Buffalo markets rose on Thursday. Market participants highlighted a notable price hike leading up to the Independence Day holiday, anticipating a tight market over the next two weeks.

Weekly ethanol update