OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 5 to 10 Higher |
| Soybean Futures: | 10 to 15 Higher |
| Soybean Meal Futures: | $1 to $3 Higher |
| Wheat Futures: | 15 to 20 Higher |
MILK:
Milk production is steady to higher across the country. Milk supply is sufficient for demand with some milk offered on the spot market around class price or slightly below. Milk that is more abundant in some areas continues to move to those areas that are lacking. Plants are balancing milk supply with their workforce as well as moving supply to the market. The events in the Ukraine are not expected to have any direct impact on the market. However, it could impact feed prices as they may increase as a result. Ukraine is a significant exporter of corn and wheat. Whether those export will be affected is anyone's guess, but the futures market has been increasing because of that potential. USDA will release the January Cold Storage report Tuesday afternoon. If the market follows the pattern it did after the release of the price projections by USDA on the World Agricultural Supply and Demand report, there could to some strong market movement depending on the increase or decrease of supply.
CHEESE:
Cheese futures showed no trading activity overnight with wide bid and offers posted. There may not be much market activity until spot trading. Steady spot prices on Friday provided no direction. The cold storage report will be watched closely as to whether inventory increased in January or held steady. Inventory generally increases during the first half of the year.
BUTTER:
Price may be comfortable near the current level and may fluctuate up and down as buyers and sellers accomplish business. Buyers are looking ahead preparing for Easter demand as well as buying for second quarter orders and expected demand. The inventory report could show a slight build of inventory due to increased churning activity.
