Chicago Mercantile Exchange grain prices mostly rose on Wednesday July 31. The August soybean futures contract increased by 1.25 cents per bushel, settling at $10.28 per bu, while September corn futures contract dropped by 6.00 cents per bu, closing at $3.82 per bu.

Meanwhile, August soybean meal jumped by $2.10 per short ton to $354.10 per short ton, and September wheat rose by 3.25 cents per bu to $5.27 per bu.

Corn prices slipped as revised forecasts project wet and mild weather conditions for early August, compared with previous expectations of hot and dry weather for the first week. The recent slump in soybean and wheat prices triggered some bargain buying in Wednesday’s session, causing a modest rise.

Weekly ethanol update
Weekly average ethanol production in the US was 1.109 million barrels per day in the week to July 26, up by 14,000 bpd week on week and up by 3.9% year on year, according to reports by the US…