OPENING CALLS:
| Class III Milk Futures: | Steady to 10 Higher |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 3 to 5 Higher |
| Soybean Futures: | 2 to 5 Higher |
| Soybean Meal Futures: | $2 to $3 Higher |
| Wheat Futures: | 2 to 4 Higher |
MILK:
Class III futures would be substantially higher if it were not for the weakness of dry whey. Buyers of dry whey just are not aggressive, seeing readily available supply. Higher cheese production keeps whey prices under pressure due to readily available supply. Milk output remains strong even though there is a decrease on overall output. Spot milk is readily available in the Midwest running at a substantial discount to class. Bottling demand has slowed as the summer progresses. Milk is readily available for all areas of bottling and manufacturing.
CHEESE:
Buyers seem to be stepping up in the cheese market as they look ahead and prepare for expected upcoming demand. There is sufficient cheese available, but buyers want to purchase ahead at lower prices, and now is the time to accomplish that. Demand is reported to be strong with some recent upticks in demand from some areas.
BUTTER:
Butter has been stable with little fundamental reason to move one way or the other. Churning remains active with restaurant demand steady to slightly increasing. Retail demand has softened but continues to remain strong. Price is expected to remain sideways for a time.
