CME barrels reversed the recent downward trend and climbed $0.0225, while spot blocks shed $0.0425. Both finished the week at $1.8875 per pound. Seven loads of blocks and two of barrels changed hands. Spot butter slipped to $2.6250, down 1.5 cents, with 26 lots trading. That brought the week’s butter volume to 90 loads, the most since August.
USDA’s World Agricultural Supply and Demand Estimates report leaned bearish for both corn and soybeans, with yield, production and ending stock estimates ahead of pre-report expectations. Corn yield estimates of 183.8 bushels per acre and soybean yields of 53.1 bushels per acre, if realized, would both be record highs. Corn production estimates reached 15.203 billion bushels, up from 15.186 billion in September, while soybean production was pegged at 4.582 billion bushels, down from 4.586 billion the previous month.
By Ever. Ag
October 11, 2024
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