USDA: #Soybean plantings down 1.2 million acres from last year. Kansas, Minnesota, and Ohio contribute 0.25 million apiece to that decline. #Soy acres up in the Delta states, Indiana, and Wisconsin.
US Jan milk production was +1.8% YoY but US butterfat production was +3.1% YoY because US was 5 points higher YoY at 3.97%.
Higher butterfat percent/milksolids leads to higher cheese yield from the milk.
US cheddar cheese at retail (CPI data) in Dec 2017 was +1.1% higher YoY at $4.95 per lb. But NDPSR Dec cheese price to dairymen was 8.4% LOWER YoY at 1.6481.