• Dry Whey to open soft
• Class IV & NFDM futures to open mixed
• Butter to open steady to higher
Soybeans garnered the limelight in the grain complex as prices soared to near 50¢ higher before losing steam and falling – closing in negative territory. Yesterday’s move has the earmarks of a “blow-off” top for soybeans. Dairy producers across the land have been waiting for some sign that protein costs would drop along with corn. That sign may have come yesterday with a final battle cry from market bulls. Corn prices fell in sympathy to soybeans. Export sales exceeded expectations, and we expect to see continued strong demand at current price levels. We still see corn as having bottomed for the time-being – and likely the next few months..
• Grain futures to open mixed
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