Chicago Mercantile Exchange grain prices fell on Wednesday August 7, with the November CME soybean futures contract decreasing by 8 cents per bushel to settle at $10.18 per bu and September soymeal dropping by $7 per short ton to $323.60 per ton.

Meanwhile, the September CME corn futures contract declined by 5.50 cents per bu to $3.83 per bu, and September wheat futures fell by 5 cents per bu to $5.38 per bu.

Wheat middlings prices in Minneapolis declined on Wednesday, while Kansas City and Buffalo prices held steady. Market participants noted that prices continue to be under pressure due to a lack of demand.

Weekly ethanol update
Weekly average ethanol production in the US was 1.06 million barrels per day in the week to August 2, down by 42,000 bpd from a record-setting 1.11 million bpd a week earlier but up by 4.3% year on year, according to reports by the US Energy Information Administration on…