Class III Milk Futures See Strength
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.