OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | 5 to 8 Lower |
| Butter Futures: | 1 to 2 Lower |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 5 to 7 Lower |
| Soybean Futures: | 10 to 15 Lower |
| Soybean Meal Futures: | $1 to $2 Lower |
| Wheat Futures: | 6 to 8 Lower |
MILK:
Milk futures could go either way Thursday. Spot cheese may run out of steam if current buyer interest is satisfied, leaving prices too high for those who only need to purchase on price weakness due to having sufficient supply on hand. Milk and product movement is being hindered due to the winter storm moving across numerous states. Farm milk output will also be impacted in the path of the storm. This will be temporary and likely may not result in much lost milk, if any. There has been a recall issued by Toboton Creek Dairy in the state of Washington for E. coli contamination of their raw milk dated Feb. 1 with best buy dates of Feb. 1 through Feb. 9. The selling of raw milk is legal in the state of Washington. The milk can be returned for a full refund.
CHEESE:
Block cheese has increased four consecutive trading days with a gain of 15 cents. Barrel price has increased five consecutive trading days with a gain of 17.75 cents. During that time, there has been limited activity. Sellers have been holding back waiting to see how much buyers will bid the market higher. Cheese is available with orders being placed ahead of time and buyers purchasing for anticipated demand due to delays of transportation.
BUTTER:
Further weakness is possible in butter. The inability of the bounce of price to hold may indicate buyers may not think price is low enough to purchase on a consistent basis. The market is searching for a level at which buyers and sellers will feel comfortable.
.jpg)
