OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | 4 to 8 Higher |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 2 to 3 Higher |
| Soybean Futures: | 8 to 9 Higher |
| Soybean Meal Futures: | $3 to $4 Higher |
| Wheat Futures: | 2 to 4 Higher |
MILK:
Overnight markets showed little direction for Tuesday. The general idea is spot prices will remain choppy. The market fundamentals are rather benign, following the pattern of recent weeks. Milk production has rebounded from the hot weather, allowing for sufficient milk to be available for both bottling and manufacturing. More milk moving to bottling for school accounts will not tighten the supply unless demand increases across the board. Spot milk prices are higher, but there is no concern over a shortage. The July Milk Production report will be released Thursday and is expected to show higher milk output than a year ago.
CHEESE:
Cheese prices are expected to remain choppy. Buyers are able to purchase what they need to fill orders and prepare for upcoming demand. Cheese production remains steady. Spot milk prices are higher due to more milk moving to bottling.
BUTTER:
Butter has yet to find solid support. Cash activity remains significant, but buyers see little need to be aggressive. Offers to sell on the daily spot market are plentiful. Current butter production is more than ample to meet demand.

