Milk Prices Gain a Little Ground
Dairy finishes mixed Wednesday. Class III milk gained nearby with October up 6 cents to $21.85, November up 13 cents to $21.26 and December holding unchanged at $20.72. Class IV milk slipped lower except for October, it gained 1 cent at $24.77, November down 1 to $23.88, and December fell 19 cents to $22.24/cwt.
The spot CME products trade had Cheese higher. Cheddar Blocks up 1 ¾ cents to $2.05 ¼, with Barrels up 1 ½ cent to $2.20/lb. Butter stayed unchanged at $3.18 1/2/lb with Dry whey also unchanged at $41/lb and only Non Fat Dry milk softening, falling ½ cent to $1.52 1/2/lb.
The USDA released the October World Supply and Demand Report. Corn came in as expected with a slightly lower Yield of 171.9 bu/acre and carry out slightly lower but at trade expectations at 1.172 billion bushels. Soybeans were more of a surprise. Yield was lowered to 49.8 bu/acre versus pre-report expectations at 50.6. Reductions to exports on soybeans held the carry out number unchanged at 200 million bushels.
Corn finished the day unchanged at $6.93/bu, soybeans gained 19 ¾ at $13.96 even, and Soybean meal gained $8.30/ton to $414.30/ton.
With Ever.Ag this is Jenny Wackershauser on Know your Markets.
