Most grain prices on the Chicago Mercantile Exchange rose on Tuesday July 16. The August soybean futures contract increased by 12.50 cents per bushel, settling at $10.90 per bu, but September wheat dropped by 1.75 cents per bu, closing at $5.30 per bu.
Meanwhile, August soybean meal jumped by $1.60 per short ton to $335.40 per ton, and September corn rose by 5.25 cent per bu to $3.95 per bu.
Corn gluten meal (CGM) and corn gluten feed (CGF) prices slightly increased in the Midwest rail market. Market participants said that, despite corn prices being under pressure, CGF and CGM managed to move slightly higher.
Crop progress
US crop conditions were in line with the previous week’s numbers for corn and soybeans, but spring wheat improved in the week to Sunday July 14, according to the USDA’s weekly crop progress report released on Monday July 15.
Corn
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