OPENING CALLS:
| Class III Milk Futures: | Steady to 5 Lower |
| Class IV Milk Futures: | 5 to 10 Lower |
| Butter Futures: | Steady to 1 Lower |
OUTSDE MARKET OPENING CALLS:
| Corn Futures: | 10 to 12 Lower |
| Soybean Futures: | 12 to 15 Lower |
| Soybean Meal Futures: | $3 to $5 Lower |
| Wheat Futures: | 8 to 12 Higher |
MILK:
Milk futures succumbed to further pressure last week as underlying cash remained choppy. Overnight trade points to lower prices prior to spot trading. The decline of the stock market might weigh on price potential as consumers see lower buying power for their money. Higher inflation and fuel prices may alter consumer food spending habits. Milk production continues to increase as weather improves. Milk is available for both bottling and manufacturing without any concern over shortages. There remain some difficulties over the availability of trucks and drivers, which causes some delays, but it has not caused any extreme difficulties. Spot milk is available generally at a discount. The planting pace is picking up, which is improving the outlook for feed availability and possible lower prices.
CHEESE:
Cheese prices are consolidating and it is uncertain how long this will remain. Buyers and sellers seem comfortable doing business at current prices. More milk is available for cheese production as milk receipts increase. Schools will be closing over the next few weeks, also moving more milk to manufacturing. Cheese prices may continue to remain sideways.
BUTTER:
Price has established a lower sideways range than what it had during February and March. Churning remains active with sufficient supply of cream available. Buyers are able to purchase to fill orders as well as purchase for anticipated demand through the end of the year. Supply and demand are balanced.
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