CME spot butter settled at $3.0850 per pound, giving up nine cents, while NDM dipped to $1.3950 per pound, down $0.0025. Spot cheese was mixed, with blocks dipping to $2.2800 per pound and losing 3.5 cents, while barrels rose to $2.4350 per pound, tacking on five cents.
The latest WASDE report was neutral amid relatively unchanged supply and demand fundamentals. September US new-crop corn ending stocks came in at 2.057 billion bushels, down from 2.073 billion in August but above trade expectations of 2.007 billion bushels. US new-crop soybean ending stocks were pegged at 550 million bushels, down from 540 million in August and below trade expectations of 565 million bushels. A generous soybean and corn harvest is expected to add to US stockpiles.
After initially dropping following the WASDE report, grain prices rallied. September corn futures settled at $3.8625 per bushel, up 5.75 cents, and the nearby soybean contract climbed to $9.9150 per bushel, up 11.75 cents.
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