USDA will release November’s milk production figures this afternoon. Generally, anything north of a 5.0% increase will be perceived as bearish, while a percentage increase of less than 4.0% – while not bullish per se – will be seen as less than expected, and therefore bullish versus expectations.
DHM Numbers: Weekly dairy cow slaughter under federal inspection bounced back during the first week of December, typical of a post holiday-shortened Thanksgiving week.
Pennsylvania dairy replacement auction prices were steady to slightly higher.
In its December Short-Term Energy Outlook (STEO), EIA expects that average heating oil expenditures by households that use oil as their primary heating fuel during the 2014-15 winter will be 27% ($632) below last winter's expenditures.
The Class III futures plummet continues for most of 2015. While nearby months turned positive amid stability in spot pricing, deferred (August and September 2015) contracts posted the steepest losses in yesterday’s session.