Spot session results:
Block cheese: $1.645 (down 1.5 cent)
Barrel cheese $1.5725 (down 2.75 cents)
Grade A NFDM: $1.53 (unchanged)
Butter: $1.505 (unchanged)
In the grain complex, massive selling pressure early in yesterday’s session subsided for the grains, and nearby months for corn actually closed incrementally higher, while beans managed to go from about 20 lower to only one to three lower on the close.
Thursday’s weather talk contradicted Wednesday’s as it was centered around hotter and dryer in Argentina. Additionally, some large sales of 2013 and 2014 grains were announced and, all in all, the bears were put off as the old crop/new crop corn spread (March13/Dec13) widened by 8 ¼ cents to $1.38 ¾ after having been lower early on. Overnight it was slightly lower.
This morning, we look for the grain complex to open slightly lower.
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