Class III Milk Futures Rally Higher
The USDA released its November WASDE report with lower corn and soybean yields, as well as slightly increased demand. Corn yields saw a decrease to 175.8 bushels per acre as a nationwide average versus 178.4 in the October report. Corn 20/21 ending stocks are now projected at 1.702 billion bushels. For soybeans, yield was decreased to 50.7 bushels per acre versus 51.9 in October. 20/21 soybean ending stocks are now pegged at 190 million bushels. Both corn and soybean ending stock numbers are the lowest since 2013.
Soybeans led the grain complex higher off the friendly USDA WASDE report. November soybeans rallied 33.25 cents to $11.3825/bushel. December soybean meal skyrocketed $10.70 to $394.80/ton. December corn gained 15.50 cents to $4.23/bushel. December 20 corn set a contract high at $4.2725/bushel. December Chicago Wheat climbed 11 cents to $6.0850/bushel. December crude oil increased $1.08 to $41.38/barrel.
Fats and feeders’ futures printed both red and green. December live cattle gained 5 cents to $111.87/cwt. January feeder cattle fell 32 cents to $140.40/cwt.
Class III milk futures rallied higher as spot cheese took a breather from its freefall last week into yesterday and held firm today. November milk added 34 cents to $23.80/cwt. December finished limit up to $19.81/cwt. January gained 61 cents to $18.40/cwt. February through December settled 0-18 cents higher today.