| Class III Milk Futures: | 5 to 8 Lower |
| Class IV Milk Futures: | 4 to 8 Lower |
| Butter Futures: | 1 to 2 Lower |
| Corn Futures: | 2 to 4 Higher |
| Soybean Futures: | 6 to 10 Higher |
| Soybean Meal Futures: | $4 to $6 Higher |
| Wheat Futures: | 1 to 3 Higher |
Pressure continues to slowly erode milk futures. Block cheese price moving to the lowest level since early August does not bode well for the market. Reports from the Central region indicated some spot milk loads have been offered as much as $11.00 below the class. This is likely a first as spot milk prices do not remain $10.00 or more below class this long after the end of the year holidays. Last year, spot milk was averaging about $1.50 below class. Moving closer to spring flush makes one wonder how much milk will be available and at what price. Milk futures are expected to have limited upside price potential.
CHEESE:The block/barrel spread has moved closer together over the past few days with a difference of only 10 cents. Last time it moved closer together, it remained that way for only a short period of time before barrels fell back again. Once buying of barrels is satisfied, there may be a void under the market as sellers may have difficulty finding buyers again.
BUTTER:Price is expected to show further weakness again Thursday after slipping lower Wednesday. The weakness may keep buyers less aggressive while sellers try to move product. Active churning and plentiful cream supply keeps butter available for demand with inventory building.
