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 2 Lower |
| Soybean Futures: | 7 to 12 Lower |
| Soybean Meal Futures: | $2 to $3 Lower |
| Wheat Futures: | 2 to 4 Higher |
MILK:
The market is likely to remain choppy. Traders continue to scalp the market, attempting to take a profit from the choppy movement. Long-term positions are not being established by speculators. Milk production in March was considered neutral to the market while the increase in cow numbers provides some cause for concern. Culling has not yet increased even though milk prices are low and cull cow prices are high. The desire is to produce milk and to be efficient at it. Overall demand for dairy remains good. Sufficient supply and the potential for increased production during spring flush may keep prices in a sideways pattern. Underlying cash prices may remain choppy for a time.
CHEESE:
The strength of barrels and the weakness of blocks continue to move the block/barrel spread closer together. Trading activity has increased as buyers like current prices and are purchasing for current demand as well as for projected upcoming demand. Prices may be establishing a range in which they could remain though spring flush.
BUTTER:
Price is content in the range it has been since early this year. Buyers and sellers take care of business without much fanfare. Fundamentals are benign, leaving little to influence the market. Cream supplies have tightened yet remain sufficient for churning.
