OPENING CALLS:
| Class III Milk Futures: | Steady to 4 Lower |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Steady to 1 Higher |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 2 to 4 Higher |
| Soybean Futures: | 5 to 7 Higher |
| Soybean Meal Futures: | $1 to $2 Higher |
| Wheat Futures: | 2 to 4 Higher |
MILK:
Class III milk futures continue to have a difficult time finding support. Either blocks, barrels or dry whey seem to show weakness on a giving day which keeps traders unwilling to buy and hold futures positions. Traders continue scalp the market rather than establish long term trading positions. Class IV futures have established a strong uptrend as butter and nonfat dry milk remain in an uptrend. Senator Kirsten Gillibrand (D-NY), Chair of the U.S. Senate Agriculture Subcommittee on Livestock, Dairy and Poultry is holding a hearing Wednesday at 8:30 a.m. CST to address declining milk prices and impacts to dairy farmers. The hearing will be live-streamed and can be accessed at this link:
CHEESE:
Block cheese just could not break out of the upper end of the price range. Buyers did not want to push price any higher based on available supply. Sellers continue to move product in order to limit inventory build. However, increasing demand may change that as more inventory is being used to satisfy demand.
BUTTER:
The gain of butter price Tuesday turned the market higher keeping the uptrend intact. Price returning to the highest level it has been since May 21 is certainly a good sign. Demand is improving seasonally. Further gain is expected.
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