OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 2 to 4 Lower |
| Soybean Futures: | Steady to 3 Lower |
| Soybean Meal Futures: | $2 to $3 Higher |
| Wheat Futures: | 6 to 8 higher |
MILK:
Class III milk futures seem to have nowhere else to go except lower. Underlying cash cheese prices show no indication of trending higher. Milk production shows no indication of trending lower. Less milk is available for manufacturing due to greater bottling needs for school systems, but supply remains sufficient for manufacturing needs. Cooler weather is beginning to show up in many places, which will improve cow comfort and milk production. However, some rebound will not be fully realized until the next lactation of cows. Hopefully, demand will increase much more than it is. It will be a slow start to the week as traders will likely wait for spot trading to establish or exit positions.
CHEESE:
Cheese is choppy and will likely remain that way for an undetermined period of time. Maybe even through the end of the year. Demand should increase as packagers and recutters begin purchasing for holiday needs, but with readily available supplies, buying may not be aggressive.
BUTTER:
Price is trying to build an uptrend, but it is developing slowly. Supply is sufficient for current demand, but increased demand is anticipated as the calendar heads toward fall and the holidays. Demand for Labor Day has already been filled with no other major demand period until late in the year. Regular demand will need to utilize production and reduce inventory.
