Bin Busting Feed Stocks
When it comes to feed, the USDA reminded us again on Friday in their release of the quarterly grain stocks report that there should be plenty to go through the coming year. Corn stocks are up 32% from September 2016, coming in at 2.29 billion bushels. Soybean stocks rose 53% from the year prior and total 301 million bushels. Wheat stocks were down 11%.
In the CME spot trade, the markets saw a flury of activity in the barrel market again where 23 loads changed hands. Prices dropped 3 3/4 and finished at $1.69 1/4. Block cheese fell a half cent to $1.73 1/2. Butter continued its sizable drop on Thursday by dropping another 7 cents on Friday to finish at $2.31 1/2. That's the lowest butter price registered since mid May.
Not wanting to be left out, grade A nonfat dry milk dropped 1/4 cent finishing at 82 3/4 cents.
Weekly average prices are as follows:
- Grade A nonfat dry milk comes in at 83 1/4 cents,
- Barrels at $1.70
- Blocks averaged $1.71 1/3
- Butter averaged $2.39 1/4
Class III markets did very little with this information, falling 7 cents in its average from now through the end of the year to $16.16. Class IV markets for the same time period fell to $15.34.