OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | 5 to 10 Higher |
| Butter Futures: | 1 to 2 Higher |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 3 Higher |
| Soybean Futures: | 6 to 10 Higher |
| Soybean Meal Futures: | $3 to $4 Higher |
| Wheat Futures: | 3 to 6 Lower |
MILK:
Trading activity may be light until direction is seen from the spot market. Steady cheese prices Thursday supported Class III futures in the anticipation prices will increase further. There is sufficient milk for all areas of bottling and manufacturing. Milk production continues to increase as spring flush continues. Cow numbers are slowly increasing as milk prices are strong. The May milk price is on track to set a new record high. USDA raised their average milk price for this year on the World Agricultural Supply and Demand report Thursday.
CHEESE:
Cheese prices may rebound further as buyers may take advantage of these lower prices. Some of the buying is for immediate needs while some is to increase ownership to fill later orders or to build supplies for anticipated demand. Cheese stocks have not been building very much so far this year, indicating strong demand continues.
BUTTER:
Price continues to hold in a range. The strength Thursday is not expected to be a change in trend. Buyers needed to come in to purchase supply to fill orders. There could be follow-through strength Friday as sellers may hold back to see how aggressive buyers will be.
