OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Steady to 5 Higher |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | Mixed |
| Soybean Futures: | 4 to 7 Lower |
| Soybean Meal Futures: | $1 to $2 Lower |
| Wheat Futures: | Mixed |
MILK:
Class III milk futures quickly turned tale Wednesday with the weakness of barrels. Spot dry whey traded lower, but that did not have the impact the weakness of barrels had. The overall attitude of trades remains bearish, but the strength of block cheese has trimmed that bearishness a bit. More milk moving to bottling reducing the amount of milk available for manufacturing might begin to support the market. Buyers of cheese may be willing to increase ownership of supply as time moves closer to the stronger demand period of the year. Milk production continues to slow, but supply remains readily available for both bottling and manufacturing. Trading activity may be light until further direction is seen from spot trading.
CHEESE:
The weakness seen Wednesday in barrels may be short-lived if blocks can maintain support and buyers remain aggressive as they look forward to increased demand. Supplies are readily available to the market, but the time of year is right for buyers to increase ownership as they look ahead and prepare for fall and holiday demand.
BUTTER:
Butter production has slowed, but supply is plentiful. Any shortfall on production will be readily satisfied by inventoried product. More cream will be available to the market soon as ice cream production will slow. Fundamentals do not suggest a change of the current trend anytime soon.
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