Most CME grain prices were on a downward trend on Thursday. The only grain that showed an increase was May soymeal, which rose $4.70 and closed at $335.60/st. May soybeans shifted down $0.055 to $11.59/bu. Furthermore, May corn dropped $0.055 to $4.28/bu, and May wheat fell $0.0675 to $5.51/bu. The latest WASDE report from the USDA contained a combination of bullish and bearish data. However, market players seemed to focus on the fresh reminder of large domestic and global grain stocks, resulting in a round of technical selling for corn, wheat, and soybeans.

April 2024 WASDE

The USDA’s latest World Agricultural Supply and Demand Estimates (WASDE) report for April caused grains to slide after disappointing US ending stocks and updated South American production numbers.

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