OPENING CALLS:
| Class III Milk Futures: | Steady to 5 Higher |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 3 to 5 Lower |
| Soybean Futures: | Mixed |
| Soybean Meal Futures: | $1 to $2 Higher |
| Wheat Futures: | 4 to 6 Lower |
MILK:
Milk futures are not expected to see much action prior to spot trading, but trade may be a bit higher. However, traders remain cautious over any long-term price strength. That has been the pattern so far this year, and that pattern may be tough to break. Spot prices will need to trend higher and that may be a tall order at the present time. However, with orders increasing for school accounts, it will pull some milk away from manufacturing. This may not be enough to tighten supply sufficiently to move prices substantially higher, but it may allow for some upside due to buying interest for later demand.
CHEESE:
Cheese prices are not expected to move much Monday. Blocks seem to be at a level of comfort with barrel strength a bit questionable. The price gap of nearly 34 cents is generally not sustainable, but it can remain that way for an extended period of time as we have seen in the past. Buyers have not been aggressive due to plentiful supplies.
BUTTER:
Butter prices remains in a downtrend and there is little to indicate a change of trend anytime soon. Retail demand is slower while restaurant demand is steady. Demand should improve over the next few weeks for the Labor Day weekend, but supplies are sufficient to easily satisfy that demand. Look for price to remain choppy.
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