Chicago Mercantile Exchange (CME) grain prices fell on Tuesday May 7. The July CME soybean futures contract decreased by 2.25 cents per bushel to settle at $12.46 per bu, and July soymeal dropped by $4.40 per short ton to $383.20 per ton.

Meanwhile, the July CME corn futures contract decreased by 2 cents per bu to $4.67 per bu, and July wheat fell by 6 cents per bu to close at $6.42 per bu.

The price of corn displayed slight losses while market participants eagerly awaited the next WASDE report from the USDA. Soybean prices declined, with market participants assessing the damage caused by the recent Brazilian flooding, while wheat prices suffered a moderate setback following the latest crop progress data by the USDA.

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