USDA’s World Agricultural Supply and Demand Estimates report leaned bearish for both corn and soybeans, with yield, production and ending stock estimates ahead of pre-report expectations.
Inflation in September was higher than expected, up 0.3% from August and +2.4% versus September 2023, compared to calls for +0.2% month-over-month and +2.3% year-over-year.
August was yet another strong month for cheese exports with 94 million pounds shipped out, explaining part of why spot cheese prices went on a run higher in September.
Class III contracts for the rest of 2024 fell, with November settling at $21.00 per hundredweight, down 39 cents, and December closing at $20.44 per hundredweight, 42 cents lower.
After making small movements over the last two days, the CME barrel market resumed its downward trajectory and closed at $2.1200 per pound, $0.0325 lower.
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