OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Steady to 5 Lower |
| Butter Futures: | 1 to 2 Lower |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | Mixed |
| Soybean Futures: | 8 to 12 Lower |
| Soybean Meal Futures: | Steady to $1 lower |
| Wheat Futures: | 15 to 25 Higher |
MILK:
Milk futures have made a nice rebound this week gaining back some of the losses of last week. The extent of the rebound is uncertain and will be determined by how aggressive buyers want to be in the cash market. The estimate of lower corn acreage with potentially higher feed prices will probably keep the nation's dairy herd from expanding. Higher corn prices have a strong tendency to keep milk prices higher. The market will need to balance high prices with supply and demand. Dry whey might be an indication of high prices curing high prices. Dry whey has been steadily weakening with price down to the lowest level since Nov. 11, 2021. Whey has provided substantial support to Class III for over a year.
CHEESE:
Buyers have been aggressive over the past two days taking advantage of the recent decline of prices. It is likely further strength might unfold but prices are nearing the highs of last week again. Continued higher cheese prices may be difficult to materialize as buyers may again hold back. Demand is steady, providing support to the market.
BUTTER:
There is not much to be said about butter as price continues to move within a sideways range. The weakness of price over the past five days may increase the desire of buyers to be step up more aggressively to take advantage of the lower price. However, sellers continue to offer product and reduce price to move it. Not much price movement is expected Friday.
