OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 3 to 4 Lower |
| Soybean Futures: | 6 to 8 Lower |
| Soybean Meal Futures: | $1 to $2 Lower |
| Wheat Futures: | 8 to 10 Lower |
MILK:
Bipartisan legislation to combat the unfair practice of mislabeling nondairy products using dairy names was reintroduced. As written, the Defending Against Imitations and Replacements of Yogurt, milk, and cheese to Promote Regular Intake of Dairy Everyday Act (DAIRY PRIDE Act) of 2023 would require nondairy products made from nuts, seeds, plants, and algae to no longer be mislabeled with dairy terms such as milk, yogurt, or cheese. This was in response to the FDA proposing that plant-based drinks can use the name "milk" on their labels. The FDA is currently accepting comments through April 24. Trading activity may be limited and choppy until direction is received from spot trading. However, even movement of spot prices lately has not garnered much volatility and Monday may be no exception.
CHEESE:
April and May cheese futures traded slightly lower overnight. Futures do not show much anticipation for higher prices through the year with cheese futures peaking in October at $2.02. With current price at $1.95, it does not leave much potential. Obviously, this can change as the year progresses and fundamentals change, but it currently reflects the bearish attitude of the market.
BUTTER:
Growing inventory and strong churning activity may keep price entrenched in a range for an extended period. Buyers see no need to be concerned over supply and are purchasing ahead on price dips. Price is expected to remain in a range.
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