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Feed Prices Decline Following Bearish WASDE Report

USA 14.10.2024
Source: DairyNews.today
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Feed markets saw a dip in prices as the latest USDA World Agricultural Supply and Demand Estimates (WASDE) report presented higher-than-expected figures for corn and soybean yields. CME barrel cheese, however, rebounded from a recent slump, gaining $0.0225 to close the week at $1.8875 per pound, while spot block prices decreased by $0.0425, ending at the same price.
Feed Prices Decline Following Bearish WASDE Report
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Butter prices also softened, dropping to $2.6250 per pound, with a total of 90 lots traded throughout the week—the highest weekly volume since August.

The WASDE report projected record corn and soybean yields, with estimates at 183.8 bushels per acre for corn and 53.1 bushels per acre for soybeans. Corn production estimates rose slightly to 15.203 billion bushels, compared to last month’s 15.186 billion, while soybean output was adjusted down to 4.582 billion bushels from 4.586 billion in September.

Following the report, grain markets responded with lower prices. December corn futures dropped by $0.0275 to $4.1575 per bushel, with March futures also declining to $4.3300 per bushel, down $0.0325. Soybean prices were similarly impacted, as the nearby contract fell $0.0925 to $10.0550 per bushel, and the January contract closed down 10.5 cents at $10.2100 per bushel. This bearish outlook reflects the increased yield expectations and supply adjustments, exerting downward pressure on grain prices.

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