05.17.2024
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Grain futures prices on the Chicago Mercantile Exchange (CME) shifted higher across the board on Tuesday.
May soybean meal increased by $0.90 per short ton and closed at $345.20 per ton. May soybeans increased by $0.065 per bushel and settled at $11.67 per bushel.
Furthermore, May corn futures rose by $0.0325 per bushel to $4.43 per bushel, and May wheat increased by $0.1475 per bushel to $5.85 per bushel.
Short covering was the primary driver behind the increase in grain futures, coupled with a weaker US dollar which boosted prices for all commodities.
Crop progress
The US Department of Agriculture (USDA)’s weekly crop progress report for the week to Sunday April 21 began reporting the progress of corn emerged. Planting progress for corn and soybeans in the US moved forward, exceeding expectations. On the other hand, there was a noticeable drop in the quality ratings for winter wheat.
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