| Class III Milk Futures: | 10 to 20 Lower |
| Class IV Milk Futures: | 5 to 10 Lower |
| Butter Futures: | Mixed |
| Corn Futures: | 2 to 4 Lower |
| Soybean Futures: | 6 to 8 Lower |
| Soybean Meal Futures: | Steady to $1 Lower |
| Wheat Futures: | 6 to 8 Lower |
With the extended weekend, traders seemed to believe it best to liquidate some of the long positions they held in anticipation of lower prices moving through the holidays. Milk futures were under pressure right from the start. Further selling is likely as underlying cash may reflect supplies of dairy products are mostly in position of holiday demand. Orders will continue to be placed but not as aggressively as they had been. Supply for orders and anticipated demand has been met. It will be up to ongoing demand to determine the strength of prices through the end of the year. Schools are back in session with fluid milk demand back to pre-holiday levels.
CHEESE:The weakness of blocks Wednesday may have been an indication that pre-holiday demand may have been met. The weakness of barrels may be the anchor that will pull blocks down to narrow the spread. Higher cheese production should leave supply readily available to the market.
BUTTER:Price continues to hold well as both domestic and international demand remains strong. Churning schedules have increased with plants wanting to meet demand as well as build inventory. Current supply remains lower than a year ago, but the gap is beginning to narrow. Butter futures to hold a discount through the end of the year and next year.
