Spot blocks dropped to $1.8700 per pound, shedding $0.0550, with one lot trading. Barrels slipped to $1.8050 per pound, giving up $0.0225, with three loads exchanged.
The October Class III contract fell to $18.04 per hundredweight, 46 cents lower. Fourth quarter Class IV futures climbed to $19.10 per hundredweight, up 29 cents.
The October “all cheese” contract decreased to $1.8960 per pound, losing $0.0540.
Spot butter jumped to $2.7225 per pound, gaining $0.0425, with four lots changing hands.
Fourth quarter butter futures advanced to $2.7003 per pound, tacking on $0.0504.
Spot NDM remained at $1.1000 per pound, with five loads trading.
Fourth quarter NDM contracts settled at $1.1433 per pound, $0.0184 higher.
WMP prices at the most recent GlobalDairyTrade Pulse event settled at $2,655 per metric ton, or $1.20 per pound, up 8.4% compared to the previous Pulse and down 1.0% versus Contract 2 at the latest main auction.
Spot dry whey rose to $0.3000 per pound, adding a half cent, with two lots exchanged.
October dry whey futures eased to $0.3003 per pound, down $0.0048.
In the latest World Agricultural Supply and Demand Estimates report, USDA pegged US 2023-24 corn ending stocks at 2.221 billion bushels, above the pre-report consensus. New-crop soybean stock estimates totaled 220.0 million bushels, above the average consensus call.
The September corn contract slipped to $4.6325 per bushel, shedding eight cents. September soybean futures dropped to $13.3175 per bushel, $0.2075 lower.
FROM THE TRADING DESK: Grain markets took a beating today following USDA’s September WASDE report. Despite cutting forecasted yields, USDA pegged US corn ending stocks above industry expectations on the back of higher anticipated acres. December corn finished the day at $4.7650 per bushel – the lowest since September 2021. Even with a downtick in soybean ending stocks, November soybeans slumped, heading back to mid-August levels.