OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Steady to 1 Lower |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 3 Higher |
| Soybean Futures: | 3 to 6 Higher |
| Soybean Meal Futures: | $2 to $3 Higher |
| Wheat Futures: | Steady to 2 Higher |
MILK:
Milk futures could not find strength Thursday with underlying cash prices showing nothing for traders to hang their hats on. Overnight trade showed no activity with bid and offers rather wide. Without any solid direction of cash, milk futures continue to drift lower. Milk output has not yet been affected negatively by lower milk prices. Milk production has remained higher than a year ago as milk per cow continues to improve. USDA will release the January Dairy Products report Friday, providing the volume of dairy products produced during the month. This will be compared to a year ago and the previous month to get an idea of demand.
CHEESE:
Traders who had anticipated low cheese prices to increase buyer interest and demand have been disappointed. Business is being done, but only when the price is right, keeping prices rangebound. There is no significant demand event on the horizon, leaving it to regular demand to move prices. Cheese stocks are lower than a year ago but historically large.
BUTTER:
Price has now taken back half of its gain since late January and has moved to the lowest price since Feb. 1. Even greater buyer interest with some buyers already working on third quarter contracts, price has not been able to trend hi
