Barrels continued to decline, landing at $2.1475 per pound and giving up 15 cents, the largest single-day drop since November 2020. Block prices, on the other hand, rose to $2.1200 per pound, adding a penny. Butter made up some of last week’s lost ground, climbing to $2.8050 per pound, adding 7.25 cents.
Despite the big drop experienced by barrels, Class III futures climbed. Fourth quarter Class III contracts settled at $22.60 per hundredweight, up 31 cents. Q4 Class IV ended the day at $21.37 per hundredweight, tacking on nine cents.
USDA pegged US ending corn stocks at 1.76 billion bushels as of September 1, up 29% from last year and the largest number in four years. At the same time, soybean inventories were pegged at 342 million bushels, up 22% year-over-year.
Ever.Ag - The risk of loss trading commodity futures and options can be substantial. Investors should carefully consider the inherent risks in light of their financial condition. The information contained herein has been obtained from sources to be reliable, however, no independent verification has been made. The information contained herein is strictly the opinion of its author and not necessarily of Ever.Ag and is intended to be a solicitation. Past performance is not indicative of future results.
