Opening Calls:
| Class III Milk Futures: | 10 to 15 Higher |
| Class IV Milk Futures: | Steady to 5 Lower |
| Butter Futures: | 1 to 2 Lower |
Outside Market Opening Calls:
| Corn Futures: | 1 top 2 Lower |
| Soybean Futures: | 1 to 4 Higher |
| Soybean Meal Futures: | $1 to $2 Higher |
| Wheat Futures: | 3 to 6 Higher |
Milk:
Class III milk futures look to initially show some double-digit strength as traders seem to be bored with the sideways action of the week. They looked for anything that could support higher traded and found it Thursday in the increase of barrels. Futures are expected to be higher prior to spot trading but will then react accordingly. Futures may be carving out a sideways trading pattern. The same cannot be said for Class IV futures, which continue to remain under pressure. The bounce of butter price had limited impact due to steadily falling nonfat dry milk. Snow and cold weather has hit the central and east and northeast regions, which may impact milk production for a brief period of time, but this is not unusual and is something that is expected in winter. It might have some impact on overall milk production across the country.
Cheese:
Barrel cheese price has increased two days and might be high enough to bring sellers back in more aggressively. Price increases have been short-lived for some time now and this may not be an exception. The weakness of blocks may soon pull barrels back. Solid support still seems elusive.
Butter:
Price tipped back Thursday likely setting the stage for further loss Friday. Sellers may want to sell product at the best price they can and may be more aggressive. Strong butter output in December likely carried over through January as churning remained very active as plants utilized heavy cream supplies.
.jpg)
