US Corn market dropped dramatically after higher inventory than expected. this brings a lot of relief to Ethanol, Livestock and Food Processors. However, even as futures dropped but local cash price is still strong. Today’s price was as below.
May 13 Corn closed at $6.33 1/2, up 4 1/2 cents,
May 13 Soybeans closed at $13.78, up 16 1/4 cents,
May 13 CBOT Wheat closed at $7.12 1/2, up 13 1/2 cents,
***Because freezing weather are threatening to damage parts of US Winter Wheat crop