OPENING CALLS:
| Class III Milk Futures: | Steady to 5 Higher |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 7 to 10 Higher |
| Soybean Futures: | 6 top 11 Higher |
| Soybean Meal Futures: | $4 to $6 Higher |
| Wheat Futures: | 10 to 14 Higher |
MILK:
Class III milk futures last week gained about half of its losses from the previous week. Cheese prices moved back up renewing the positive outlook for milk prices. The trade action of Friday might indicate cheese prices could again move higher Monday. However, buyers may be near a threshold, which could result in them stepping back resulting in another price retracement. The bullish implications of the planted acreage report and higher corn prices may also support milk futures in the anticipation of limited growth in cow numbers and milk production. Traders may remain cautious until further direction is seen from spot trading.
CHEESE:
Cheese prices may be near resistance again at which buyers may step back to wait for a price retracement. Concern stems from the weakness of dry whey. Price may have moved to a level at which the market has switched to alternatives to keep prices of end products from increasing too much. Trading activity increased in spot dry whey Friday and yet price still fell substantially. This will drag on Class III futures.
BUTTER:
Price is having a difficult time finding sufficient buyer interest to push higher. It has remained in a somewhat tight trading range over the past month. Supply and demand seem to be balanced. Easter demand has been satisfied with buyers looking ahead to fill orders and build inventory for later demand.
