Grains Dive Following USDA Report
The USDA released their September quarterly stocks report on Friday with all three grain complexes heading South afterwards. Corn stocks fell 7% when compared to last year’s number. Despite a reduction in stocks year over year, the number released was higher than analyst estimates. Soybean stocks were raised by 45% to 438 million. All wheat stocks grew by 5% as well. Corn prices fell 8.5 cents to $3.5625. Soybeans lost 9.5 cents and settled at $8.455. Meal prices declined $2-4 per ton to $305 per ton. Wheat contracts ranged from 3-7 cents lower.
Class III milk prices were 6-15 cents lower in 4th quarter. 2019 prices were 1-8 cents lower January – July and even beyond that. Class IV markets were mainly unchanged Friday.
Cheddar blocks gained 3 cents to $1.69 per pound. Three uncovered bids were left. Barrels had the most active day as 10 loads moved. Barrels lost 1.75 cents in the end to settle at $1.3825. Butter and nonfat dry milk both closed unchanged. Butter at $2.32 and nonfat dry milk at 87.5 cents per pound. Dry whey added a half cent to 55 cents per pound.