OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 3 to 5 Higher |
| Soybean Futures: | 8 to 14 Higher |
| Soybean Meal Futures: | $1 to $3 Higher |
| Wheat Futures: | 1 to 3 Higher |
MILK:
Milk futures have been under a general steady pressure as it is seen that underlying cash cheese prices are not yet ready to trend higher. October and November Class III futures are struggling to hold above $18.00. Milk supply is steady to lower from previous weeks, but production remains higher than a year ago. Plants continue to operate on full schedules in order to process the available milk. Demand remains strong but is slowing somewhat through retail channels. USDA will release the May Dairy Products report Friday, which will show the production of dairy products for the month. The report is not a market-mover. Markets will be closed on Monday for the extended July Fourth holiday.
CHEESE:
Cheese just cannot break out of the pattern it has been in. Any price strength has been short-lived. It is unclear when, or if, it will break out of that pattern anytime soon. Sellers keep bringing cheese to the spot market with buyers remaining unaggressive. Buyers have been able to purchase supply without difficulty.
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