OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 15 to 24 Lower |
| Soybean Futures: | 25 to 35 Lower |
| Soybean Meal Futures: | $3 to $5 Lower |
| Wheat Futures: | 12 to 16 Lower |
MILK:
Reports will probably filter through as to the decline of milk production due to continued hot weather. However, there is some indication some of the extreme heat may subside; but many areas will continue to remain dry. However, some of the rain that moved across the Northern Plains and Western Corn Belt brought some relief to crops, hitting grain futures hard overnight. This will have little impact on dairy activity Monday, but it may have greater impact down the road depending on how crop yields turn out this year. Current milk production is strong and expected to remain that way with the limiting factor being cow comfort due to hot weather. Trading will be slow to develop Monday as traders will wait for direction from spot trading to provide price direction.
CHEESE:
Block cheese price is not quite yet ready to trend higher after weakening again Friday. This may be temporary, but the fact that there is sufficient cheese available for demand with no current indication of supply tightness does keep buyers unaggressive and unconcerned for the time being. The supply of barrels is somewhat tighter, but sufficient for demand.
BUTTER:
Price movement has been uneventful and is expected to remain sideways for a period of time. Demand is strong and supply is sufficient. The food service pipeline has been replenished and is being maintained. Cream is available, keeping churns active. Buyers and sellers are comfortable doing business at the current price level. Price is not expected to move much Monday.
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