Whey once again took center stage, increasing by 1.5 cents in the spot market. January whey futures pulled back slightly, likely due to their recently strong performance, but deferred futures all showed gains. Class III futures fluctuated throughout the day, showing no clear direction, but Q1 futures remain strong compared to history. With the holiday production season largely wrapping up this week, the demand outlook is dimming.
Today’s Highlights
- Dry whey prices remain buoyant, rising to 73 cent per pound, 1.5 cents higher, with two lots traded. The only other movers on the day: barrels ($1.6875 per pound, down $0.0025) and NDM ($1.3825, down $0.0050).
- USDA’s December WASDE report held surprises for the corn balance sheet. US ending stocks fell to 1.738 billion bushels, down 200 million from the month prior and well below forecasts. At the same time, ethanol and export demand was revised higher. Soybean stocks were unchanged on the month at 470 million bushels.
- Corn futures pressed higher on the heels of the WASDE report. December corn settled at $4.4050 per bushel, up 6.5 cents, while March futures finished at $4.4900, a gain of $0.0725. January and March soybean contracts rose to $9.9475 and $10.0025 per bushel, respectively, both up $0.0475.
