CME barrels reversed the recent downward trend and climbed $0.0225, while spot blocks shed $0.0425. Both finished the week at $1.8875 per pound. Seven loads of blocks and two of barrels changed hands. Spot butter slipped to $2.6250, down 1.5 cents, with 26 lots trading. That brought the week’s butter volume to 90 loads, the most since August.
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. Corn yield estimates of 183.8 bushels per acre and soybean yields of 53.1 bushels per acre, if realized, would both be record highs. Corn production estimates reached 15.203 billion bushels, up from 15.186 billion in September, while soybean production was pegged at 4.582 billion bushels, down from 4.586 billion the previous month.
Grain markets dropped lower post-WASDE. The December corn contract slipped to $4.1575 per bushel, $0.0275 lower, and March futures declined to $4.3300 per bushel, shedding $0.0325. Nearby soybeans fell to $10.0550 per bushel, giving up $0.0925, while the January contract decreased to $10.2100 per bushel, losing 10.5 cents.
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.
