Price ranges for wheat midds showed a decrease in the Kansas City, Minneapolis, and Buffalo markets. Market participants observed a similar market scenario last year with a sharp downward slope. Sources also mentioned that farm mills are operating well but demand remains weak.
CME grain prices shifted higher across the board on Wednesday. March soymeal increased by $2.20 and closed at $363.30/st. March soybeans increased by $0.0075 and settled at $12.40/bu. Furthermore, March corn futures rose $0.0575 to $4.52/bu, and March wheat jumped $0.1425 to $6.10/bu. Corn prices rose due to lingering weather concerns in South America, while soybean prices showed minor gains after some technical selling. However, wheat prices surged by double-digits because of technical buying and are now displaying indications of breaking out of a bearish trend that has persisted since mid-December.
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