Chicago Mercantile Exchange (CME) grain prices surged on Friday May 10. The July wheat futures contract increased by 26 cents per bushel, closing at $6.63 per bu, while July soybean meal dropped by $1 per short ton to $371.90 per ton

Meanwhile, the July soybean futures contract jumped by 10.50 cents per bu, settling at $12.19 per bu, and July corn rose by 13.25 cents per bu to $4.69 per bu.

May 2024 WASDE
The USDA’s May World Agricultural Supply and Demand Estimates (WASDE) report provided its first official estimates for the upcoming crop year. For 2024/25, US wheat outlook showed increased exports, larger supplies and higher stocks and domestic use. Globally, supplies are lower, but there is increased consumption, higher trade and reduced stocks.

…