Chicago Mercantile Exchange grain prices fell on Tuesday June 4. The July CME soybean futures contract decreased by 5.50 cents per bushel to settle at $11.79 per bu, and July soymeal dropped by $4.40 per short ton to $355.10 per ton.

Meanwhile, the July CME corn futures contract declined by 1 cent per bu to $4.42 per bu, and July wheat futures fell by 14.50 cents per bu to close at $6.58 per bu.

Another wave of technical selling caused grain prices to fall back into the negative, partly driven by the seasonal planting progress for corn and soybeans. Wheat prices captured double-digit losses while the 2023/24 winter wheat crop harvest is ramping up, which will replenish domestic stocks.

Prices for corn gluten feed and corn gluten meal increased in the Illinois, Iowa truck market and Chicago rail market. Market sources have observed an upward trend in some prices, while other markets were quiet with steady prices.

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