| Class III Milk Futures: | 5 to 15 Higher |
| Class IV Milk Futures: | 5 to 10 Higher |
| Butter Futures: | Mixed |
| Corn Futures: | 1 to 3 Higher |
| Soybean Futures: | 10 to 14 Lower |
| Soybean Meal Futures: | $5 to $7 Lower |
| Wheat Futures: | 5 to 7 Lower |
It certainly was nice to see a rebound of futures on Friday with contracts showing further strength overnight. However, there is little anticipation of a change in trend anytime soon. The pattern has been that price rebounds have been short-lived only to have prices fall back and nearby futures make new lows. Milk production remains at the lows of the year with likely a few more weeks before milk receipts at plants begin to increase. The extent of the increase is uncertain. High feed prices and cost of production may hinder the rebound of milk production. Milk futures may see some follow through strength until spot trading provides direction.
CHEESE:The hope is that buyers will need to be more aggressive in the cash market as they prepare for holiday demand. However, buyers have been able to purchase supply without having to chase the market. Sellers want to move supply rather than put more into inventory. Sellers remain unwilling to hold back and speculate on higher prices as the year progresses. They want to move product.
BUTTER:Price is poised to move above $3.10 as buying for current demand and expected holiday demand increases. Butter production in July improved but that has not increased supply compared to last year. Domestic demand is weaker but international demand remains strong.
