According to recent reports, there is a steady to weaker trend in the price of corn gluten meal and corn gluten feed. Market participants have reported a drop in corn gluten feed values in the Iowa market and a decline in corn gluten meal CIF NOLA barge values. Sources have indicated that soybean meal is a factor as the market remains under negative pressure along with weak demand.
CME grain prices were mixed on Tuesday. March wheat showed an increase of $0.0475, closing at $5.95/bu, and March soybeans recorded a gain of $0.0325, settling at $11.99/bu. In addition, March soymeal dropped $2.30 to $358.80/st, and March corn decreased $0.04 to $4.38/bu. Improved weather forecasts in Argentina led to a decline in corn prices, while analysts anticipate that the USDA will report a higher production volume in its February WASDE report. However, there has been a moderate increase in soybean and wheat prices following a round of technical buying.
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