Opening Calls:
| Class III Milk Futures: | 5 to 10 Higher |
| Class IV Milk Futures: | Steady to 8 Higher |
| Butter Futures: | Steady to 1 Higher |
Outside Market Opening Calls:
| Corn Futures: | 2 to 4 Lower |
| Soybean Futures: | Mixed |
| Soybean Meal Futures: | $2 to $3 Lower |
| Wheat Futures: | Mixed |
Milk:
The price strength from the second half of last week should continue Monday. Overnight trade was higher but limited to a few contracts. Spot trading will decide further price strength or weakness. Milk production continues to increase seasonally as spring flush begins. Some plants have initiated production limitations in anticipation of increasing milk receipts. Plants are full and cannot take on any more milk other than current patron milk. Spot milk is available at a discounted price, Sellers are having greater difficulty finding buyers and need to move it greater distances in some instances. Some bottling demand has dropped off for the school systems due to spring break. However, that is not as noticeable due to the variable in-person school attendance that has been taking place all year.
Cheese:
Buyers have stepped up to the plate the past two days taking advantage of the dip in prices. Buyers have stepped up in order to increase ownership of fresh cheese for demand or replenish inventory. Prices remain in a range that has been established since early November with good support under the market. There is a good chance spot prices will again increase Monday as sellers may hold back waiting to see how aggressive buyers will be.
Butter:
The price spread between butter and cheese continues to slowly widen. Butter is in stronger demand from both the food service industry and the export market. Inventory is heavy, but the greater demand seems to be for fresher product. However, trading on the spot market has been light, which indicates supply in the country is readily available. Holiday demand is complete, which may have some impact on price strength.
