Chicago Mercantile Exchange (CME) grain prices mostly fell on Thursday May 9. The July CME wheat futures contract showed the only increase, rising by 3.5 cents per bushel to close at $6.37 per bu.

The July soybean futures contract decreased by 19.25 cents per bu, settling at $12.08 per bu, and July soymeal dropped by $5.60 per short ton to $372.90 per ton.

Meanwhile, July corn fell by 2 cents per bu to $4.56 per bu.

Concerns over weather conditions in Russia continued to affect wheat prices, resulting in moderate gains. However, soybean prices plunged after a round of technical selling, driven by expectations of ample global supplies in Friday May 10’s WASDE report. Corn prices showed a slight setback influenced by spillover weakness in soybeans.

Weekly export sales, released May 9, 2024

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