Friday’s Milk Production report, which showed there was more milk in August than expected, had a bearish effect on spot blocks and butter. But while prices dropped, the movement wasn’t dramatic. Spot blocks slipped to $2.2000 per pound, down $0.0375, while butter decreased to $2.9400 per pound, $0.0325 lower. Barrels, NDM and dry whey were unchanged.
Drought in Brazil threatens to delay planting and growing. That raises the potential for an extension of the US soybean export window into February 2025. As a result, soybean contracts jumped higher through 2026. Nearby futures had the biggest increases, with November 2024 and January 2025 contracts settling at $10.3925 and $10.5675, respectively, each up $0.2725.
US corn harvest is moving along, reaching 14% complete as of September 22. That compares to 9% last week and 11% on the five-year average. Soybean farmers are also bringing in crops at a relatively quick pace. Harvest is 13% completed, up from 6% the previous week and the five-year average of 8%.
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