Based on the most recent reports, the price range for corn gluten meal in Illinois decreased and both Iowa and Midwest rail for corn gluten feed dropped. Market participants reported a softer tone for meal and feed and anticipate the price trend to be going down.

CME grain prices had an upwards trend on Tuesday. March wheat increased by $0.1375, closing at $6.10/bu, and March soybeans jumped by $0.03, settling at $12.48/bu. In addition, March soymeal dropped by $0.90 to $367.60/st. and March corn rose by $0.0425 to $4.59/bu. Grain prices rebounded from Monday’s slump after corn, wheat, and soybean prices benefited from some technical buying, especially for wheat. The favorable conditions in Argentina and the recent rainfall in Brazil, expected to boost yield potential, were also factors for the gains in soybeans and corn.

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