It was green across the board today in Chicago, with the exception of whey. CME blocks broke through a psychological barrier, settling at $2.0000 per pound, up $0.0425 to the highest price since August 2023. At the same time, barrels jumped to $2.0900 per pound, tacking on $0.0850 and reaching a level last seen in May. Butter volume was heavy, at 17 lots exchanged. But prices still managed to rise to $3.1400 per pound, adding $0.0425. Whey prices remained steady at $0.5625 per pound with zero loads sold.
The latest USDA World Agricultural Supply and Demand Estimates report was neutral for corn, with new-crop corn ending stocks slipping to 2.073 billion bushels, down from 2.097 billion in July. But when added to large old-crop supplies, there should be plenty of corn to go around. WASDE was bearish for soybeans, with new-crop ending stocks pegged at 560 million bushels, up from 435 million bushels in July.
Corn futures climbed a little following new supply, demand, planting and acreage data, with September futures settling at $3.8325 per bushel, up 6.5 cents. The nearby soybean contract slipped to $10.1200 per bushel, giving up 16 cents.
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