Grain, Milk Markets Move Lower
Highlighting the ag markets on Thursday with the USDA’s release of the November Supply and Demand report. In the report we saw a reduction in both corn and soybean yields. Corn was lowered from 180.7 to 178.9 losing 1.8 bushels per acre. Soybeans were lowered from 53.1 to 52.1 losing 1 bushel per acre. Corn and soybeans traded lower on the release of the report but came back towards the end of the session. December corn settled up 1.25 cents at 3.735. November beans settled down ¼ cent at $8.675.
The CME spot markets on Thursday were mainly lower. Butter lost 1 ¾ cents at $2.1925 per pound. Blocks fell 3.5 cents to $1.39 per pound, trading 7 times. Barrels were unchanged in today’s session at $1.305 per pound. With the most volume of the session Grade A nonfat dry milk fell 1.25 cents to 85 ¾ cents, trading 11 times. Dry whey lost ¾ of a cent to 43 ¾ cents.
Class III markets were softer on Thursday falling 3 cents in November and 18 cents in December. 2019 markets were also down on the day, losing 3 to 6 cents from January to September.