Soybeans: As much as USDA blew trade estimates out of the water on corn, the soybean acreage estimate dropped by, with USDA acres at 75.2 vs. a 76.5 average trade estimate. This would likely lead to beans being sharply higher as it seems ending carryout will fall to demand rationing levels if not for the bearish corn report. The stocks estimate was bearish on beans coming in at 619 million bushels above trade estimates for 591 million bushels. Early calls are for beans to be down 20 to 25 in sympathy with corn.
Daily CME spot market prices:
Block cheese: $2.13 (unchanged)
Barrel cheese: $2.0875 (up 1 cent)
Butter: $2.03 (up 1 cent)
Grade A NFDM: $1.625 (unchanged)
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