OPENING CALLS:
| Class III Milk Futures: | 5 to 12 Lower |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | Mixed |
| Soybean Futures: | Mixed |
| Soybean Meal Futures: | Steady to $1 Higher |
| Wheat Futures: | 4 to 7 Lower |
MILK:
There may be some anticipation that spot prices may settle back a bit as traders wait to see the numbers on the March Milk Production report to be released Wednesday. The interest will be whether cow numbers will have reached a level of stability or increase from the previous month. This may result in a pause of prices moving higher as the level of demand will be assessed. Rising inflation and higher food prices might have some impact on overall demand. Cow numbers are not expected to increase much due to high feed prices and the high cost of production. However, stability of milk production may keep supply readily available for demand.
CHEESE:
It is difficult to assess what will take place in spot cheese trading Tuesday due to the divergence of cheese prices Monday. Buyers may have reached a threshold for the time being in barrels. If current buyer interest is satisfied for blocks, the market could retrace. However, any price retracement may be short-lived.
BUTTER:
Price is expected to remain choppy for the foreseeable future. Supply and demand are balanced, keeping price in a narrow range as buyers and sellers are comfortable doing business at this level. Butter futures show no anticipation of any price increase as the year progresses.
