Dairy finishes mixed Wednesday.
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Class III milk gained nearby with October up 6 cents to $21.85, November up 13 cents to $21.26 and December holding unchanged at $20.72. Class IV milk slipped lower except for October, it gained 1 cent at $24.77, November down 1 to $23.88, and December fell 19 cents to $22.24/cwt.

The spot CME products trade had Cheese higher. Cheddar Blocks up 1 ¾ cents to $2.05 ¼, with Barrels up 1 ½ cent to $2.20/lb. Butter stayed unchanged at $3.18 1/2/lb with Dry whey also unchanged at $41/lb and only Non Fat Dry milk softening, falling ½ cent to $1.52 1/2/lb.

The USDA released the October World Supply and Demand Report. Corn came in as expected with a slightly lower Yield of 171.9 bu/acre and carry out slightly lower but at trade expectations at 1.172 billion bushels. Soybeans were more of a surprise. Yield was lowered to 49.8 bu/acre versus pre-report expectations at 50.6. Reductions to exports on soybeans held the carry out number unchanged at 200 million bushels.

Corn finished the day unchanged at $6.93/bu, soybeans gained 19 ¾ at $13.96 even, and Soybean meal gained $8.30/ton to $414.30/ton.

With Ever.Ag this is Jenny Wackershauser on Know your Markets.

Globally, consumers can’t get enough of the quality and taste of American dairy products. Foreign exports of American dairy are twice the volume of the nation’s domestic dairy consumption. Last year, about 18% of U.S. dairy production was exported, and economists forecast that percentage to grow more than 25% in 2023.

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