Chicago Mercantile Exchange grain prices fell on Tuesday June 25, with the July CME soybean futures contract decreasing by 12 cents per bushel to settle at $11.63 per bu and July soymeal dropping by $7.50 per short ton to $365.30 per ton.
Meanwhile, the July CME corn futures contract declined by 8 cents per bu to $4.25 per bu, and July wheat futures fell by 10.75 cents per bu to close at $5.41 per bu.
Corn gluten meal (CGM) prices remained consistent with last week’s values, while prices for corn gluten feed (CGF) showed an uptick in the Iowa and Illinois truck market. Market participants noted that there is minimal trading with corn futures under so much pressure.
Crop progress
US corn, soybean and spring wheat crop conditions dropped in the week to Sunday June 23. However, crop conditions for winter wheat showed improvement, according to the USDA’s weekly crop progress report released on Monday June 24.
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