OPENING CALLS:
| Class III Milk Futures: | Steady to 5 Lower |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 2 Lower |
| Soybean Futures: | 2 to 4 Lower |
| Soybean Meal Futures: | $1 to $2 Higher |
| Wheat Futures: | Mixed |
MILK:
Milk futures have held or moved higher so far this week. Fundamentals have not changed much which provided little price direction. Much of the trading is being done in the short term as traders try to scalp the market to take a profit and are quick to exit when it does not look favorable. This will dictate much of the trading activity the next two weeks. USDA will release the November Milk Production report on Monday providing traders with something to indicate longer-term direction.
CHEESE:
Block cheese price has been choppy with price slighter lower for the week so far. The same cannot be said for barrels with price 17.75 cents lower so far. Yet, even with the weakness of barrels, Class III futures have held well. Prices could bounce today.
BUTTER:
The movement of butter this week has been similar to block cheese with spot price slightly lower. During the week, there has been quite a bit of price movement. Buyers and sellers are positioning themselves for the end of the year as well as taking care of last-minute business. This will keep price volatile.
