Chicago Mercantile Exchange (CME) grain prices fell on Wednesday May 15. The July CME soybean futures contract decreased by 1 cent per bushel to settle at $12.13 per bu, and July soymeal dropped by $1.60 per short ton to $371.70 per ton.

Meanwhile, the July CME corn futures contract decreased by 5 cents per bu to $4.62 per bu, and July wheat fell by 6.75 cents per bu to close at $6.65 per bu.

Weekly ethanol update
The weekly average ethanol production in the US rose to 1 million barrels per day in the week to Friday May 10. This marked an increase of 35,000 bpd compared with the previous week and was unchanged from the same week last year, according to reports by the Energy Information Administration (EIA).

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