OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 7 to 10 Higher |
| Soybean Futures: | 7 to 10 Higher |
| Soybean Meal Futures: | $2 to $3 Higher |
| Wheat Futures: | 6 to 9 Higher |
MILK:
Traders have had the weekend to ponder the overall market and seem to have come up with little to stimulate trade. Of course, overnight trading is generally very thin anyway. The market sentiment finished last week in a bearish posture as spot cheese and butter were under pressure. The question is whether price have fallen far enough to entice buying interest in preparation for increased fall demand. The concern for higher feed prices is still alive and well as uncertainty over grain production is still evident. The June Milk Production and Cold Storage reports will be released this week providing some market direction.
CHEESE:
The brief rally of cheese prices recently and the quick erasing of those gains and then some in the case of barrels, will make it very difficult to overcome. Traders will be very cautious over any price strength being able to be maintained for any duration of time. Greater effort will be required to maintain any price uptrend.
BUTTER:
Price is in a downtrend and at risk of making new lows since the high was set in April. A decline of 0.50 cent or more would move price back to the lowest level since March. Current supply and demand is balanced, leaving buyers somewhat complacent.
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