CME grain prices were mixed on Thursday. May wheat increased $0.1275, closing at $5.60/bu while May soybeans dropped $0.01, settling at $11.91/bu. In addition, May soymeal dropped $1.30 to $337.70/st, but May corn rose $0.1525 to $4.42/bu. Corn and wheat prices captured double-digit gains following USDA’s latest Prospective Plantings and quarterly stocks reports that were released today.

Prospective Planting and Grain Stocks

Based on the most recent USDA Grain Stocks report, Corn totaled 8.3 billion bushels, up 12.9% from the prior year at the respective time. Wheat stocks totaled 1.08 billion bushels, up 15.5% from March 2023 while soybean stocks were up 9.4% from the prior year at 1.84 billion bushels.

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