Prices Mainly Higher After Rocky Stock Market
Highlighting the ag markets on Thursday was the USDA’s release of the October supply and demand report. In it, we found a reduction of the corn yield three-fifths bu. per acre and an addition to the soybean yield of three-tenths of a bu. per acre. Ultimately, after additions and subtractions in the balance sheet, ending stocks on corn rose 39 million to 1.813 billion while soybeans added 40 million to 885 million.
All wheat ending stocks rose by 21 million and ended up a 956 million. Traders reacted to the report in a friendly manner. Corn jumped 10 cents initially but closed up 6 at $3.69 and a quarter cent per bu. Soybeans settled at $8.58 and a quarter, also up 6 cents on the day.
CME spot product markets on Thursday were mainly higher. Blocks and dry whey were the exceptions as blocks fell a penny to $1.65 per lb. Whey was unchanged at 56 and a quarter cent per lb. Barrels added a half cent following 8 trades and 12 bid to settle at $1.37 per lb. Grade A nonfat dry milk moved 1 and a quarter cent higher to 87 cents on 8 bids. Butter was the big mover as it jumped 4 cents to $2.26 and three-quarter cents per lb. after 1 trade and 7 bids.
Class III markets were lower all day. October through December lost 9-14 cents per cwt. The 2019 average ranged from 2-12 cents softer. Class IV milk moved in the opposite direction. January through April up 7 cents each and May through December 5 cents higher, respectively.