September 30,2020
The USDA released its Quarterly Grain Stocks report, pushing grain markets higher. The USDA pegged corn stocks as of September 1st at 1.995 billion bushels, much lower than a trade estimate of 2.250 billion bushels. Soybean stocks were also reported lower than expected at 523 million bushels vs a trade estimate of 576 million bushels.
December corn added 14.25 cents to $3.79/bushel. November soybeans closed 30.50 cents higher to $10.2350 bushel. December Chicago Wheat finished 28.50 cents higher to $5.78/bushel. Fats and feeders gave back most of yesterday’s gains. October live cattle fell 35 cents to $108.55/cwt. October feeder cattle dropped $1.57 to $141.35/cwt. Crude oil increased 57 cents to $39.86/barrel.
Blocks and barrels continued their move higher in the CME Cash Dairy Product Trade. Blocks gained ¾ of a penny to $2.5725/lb. Barrels surged 7 cents to $1.80/lb. Butter remains at $1.51/lb. Grade A Nonfat Milk gained 1 penny to $1.14/lb. Dry Whey settled at $.3850/lb.
Class III milk futures saw strength today. October milk rallied 29 cents to $19.56/cwt. November and December added 4 cents to $18.62 and $17.52/cwt. First half 2021 average is $16.50/cwt. Class IV futures saw very little movement today.
milkbusiness.com
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