Dairy Markets Soften
The softer dairy complex took a back seat to the USDA’s monthly supply and demand report. Soybeans were the big surprised where yield dropped a half a bushel after acreage climbed 700,000 acres. In the end production remained the same but beginning stocks were decreased by 44 million leaving the balance sheet 45 million short of last month’s number. Garnering support in the market, soybeans finished 26 cents higher soybean meal rose $11 per ton.
Corn had a different story where yield rose nearly 2 bushels to 171.8 bushels on a national average. Just shy of last year’s 174.8 number. Edning stocks number remain largely the same however after a 500lk acre reduction to its plantings and a 55 million bushel reduction to its beginning stocks.
In the end corn rose 3 cents in sympathy with soybeans
The dairy complex had a little bit of a different tone, blocks dropped 3.75 in the spot session after a single trade a finished at $1.725 per pound. Barrels dropped 3 cents to $1.685 per pound it was the most active of all the products trading 14 loads. Butter dropped 1.25 cents to $2.3325 per pound. Grade A nonfat dry milk remain unchanged at 77.25 cents
Class III milk prices on average dropped 5 cents in the fourth quarter with the average now resting at $16.18 per CWT. Class IV markets dropped much more, first quarter 2018 dropped 23 cents.