Chicago Mercantile Exchange (CME) grain prices edged higher across the board on Monday May 6.

The July CME soybean futures contract increased by 33.75 cents per bushel to settle at $12.48 per bu, and July soymeal jumped by $15.40 per short ton to $387.60 per ton.

Meanwhile, the July CME corn futures contract increased by 8.75 cents per bu to $4.69 per bu, and July wheat rose by 26.25 cents per bu to close at $6.48 per bu.

Corn prices continued to rise amid persisting floods in Brazil and expectations of another wet week in the US. Soybean and wheat prices showed double-digit gains, likely due to spring rain causing planting delays in the US, as well as worsening droughts in Russia.

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