OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Steady to 1 Higher |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 8 to 10 Higher |
| Soybean Futures: | 12 to 15 Higher |
| Soybean Meal Futures: | $3 to $5 Higher |
| Wheat Futures: | 20 to 30 Higher |
MILK:
The trend has been higher for Class III futures and sideways for Class IV futures. Traders remain optimistic in both markets as buyers remain supportive in the spot market. As long as buyers continue to remain concerned over milk supply and continue to purchase supply ahead of time, prices will remain supported. Feed prices continue to increase with corn and soybean meal higher again overnight. Milk production is increasing seasonally but at lower levels than a year ago. Nevertheless, milk receipts are higher at the plant level, which is welcomed by most plants. Some milk continues to be moved around depending on available labor or plant issues, which has some spot milk remaining at a discount to class. Class III milk futures look to regain the losses since prices fell back for the last high.
CHEESE:
Traders viewed the stable market Monday as supportive. Price may not be high enough for sellers to offer product to the market and price may be too high for buyers to continue to bid up. This could provide some stability for a brief period. Demand is steady keeping product moving.
BUTTER:
Price continues to remain in a sideways range about in the middle of the high and low established since the beginning of the year. Butter futures show little change for the year and are holding a slight discount to cash. USDA is a little more optimistic raising the average price on the latest World Agricultural Supply and Demand report.
