| Class III Milk Futures: | 5 to 10 Lower |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
| Corn Futures: | 3 to 5 Lower |
| Soybean Futures: | 8 to 12 Lower |
| Soybean Meal Futures: | Mixed |
| Wheat Futures: | 10 to 12 Lower |
Class III futures moved higher than they should have in relation to the increase of barrel cheese price Monday. Traders were optimistic from early trade, which trigger buying interest and short covering. Overnight trade shows futures trying to correct and be more in line with underlying cash. There are many people bullish on prices as the year progresses, which has milk futures making new highs. Milk production is steady to increasing depending on the area of the country. Production per cow is higher than a year ago. However, cow numbers continue to decline. Increasing milk prices may slow culling but the nation's dairy herd may not grow anytime soon. Current milk supply is available for bottling and manufacturing needs.
CHEESE:Barrel price above blocks provides the impression there is solid support under the market. The idea is that the strength of barrels will keep blocks from declining and may pull price higher. Buyers want to increase ownership for upcoming demand and sellers know it. Sellers are holding out for higher prices.
BUTTER:Price has a distance to go to regain the loss and it may be difficult for it to achieve anytime soon. However, price below the world price may increase international demand. Exports in 2021 have been phenomenal and expected to remain strong for the foreseeable future. Domestic demand continues to remain strong.
