July 1, 2018

More Soybeans Than Corn: Record Acreage Report

 |  By: Know Your Market

The USDA annual acreage report forced the king to hand over his crown. For the first time ever more acreage was planted to soybeans then corn. The USDA reported

on Friday that 89.1 million acres of corn would be planted in the United States versus 89.5

million acres of soybeans. Soybeans besting corn by 400,000



In the dairy markets, another King was born. That royalty was found in the barrel market.

Another 13 loads traded on Friday bringing the total load count for the week up to 80. Prices rose 5 and 1/2 cents, finishing at $1.39. Blocks finished 4 and ¼ cents higher after just two loads moved from seller to a buyer. It finishes at $1.55 and ½ cents. Butter followed suit rising a penny and 3/4 on six loads to 26 and ¾ cents. Grade A nonfat dry milk remained unchanged. Nothing traded it finishes at 74 and ¾ cents once more. Whey did not trade either, however, finished 1/2 cent lower back to 40 and ¾. 


In Class III markets an anomaly trade took place in July where prices rose 27 cents to $14.61 cents. This now 74 cents off the low established on Tuesday. Elsewhere in the Class III, complex prices did not rise nearly as much when markets settled. The average price from now through the end of the year finished at $15.67 cents. Class IV markets saw little activity, rising a penny in their average to $14.74.

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