The much-anticipated World Agricultural Supply and Demand Estimates (WASDE) report was released on Friday with results ending in line with expectations. Harvested acres were raised by 600,000 for corn matching the average guess amongst analysts whereas soybean acres declined by 300,000. Yields rose for both corn and soybeans at 176.3 and 50.6 bushels/acre, respectively. In the end, ending stocks were printed at 185 million for soybeans and 1.408 billion on corn. Corn rallied 7.5 cents/bu post report to $5.175 while soybeans traded 16 cents stronger with November ending at $12.865/bu. Meal values were $5/ton stronger across the forward curve. The wheat complex ranged from 3 cents lower to 7 higher.
CME spot product markets changed modestly on Friday. Whey added a quarter cent to $0.53/lb. Cheddar blocks were bid 1.75 cents in the green to $1.79. Barrels dropped 1.25 cents as two transactions took place. Butter lost a half cent and non-fat dry milk closed 1.25 cents higher to $1.3575/lb.
Class III milk values endured weakness in the fourth quarter of 2021 with October losing 21 cents, November 20 cents, and December off 4. 2022 months were 3 cents higher to 16 lower in February. Class IV saw most of their months settle out in the green.
