OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 4 to 6 Higher |
| Soybean Futures: | 5 to 9 Higher |
| Soybean Meal Futures: | $1 to $2 Lower |
| Wheat Futures: | 10 to 12 Higher |
MILK:
Milk declined last week but held well in spite of the large decline of cheese prices. There will be some anticipation cheese prices may bounce this week due to prices possibly falling low enough to generate buyer interest. There is sufficient cheese available to the market with the potential for prices to remain choppy. Lower prices will stimulate demand while higher prices will increase selling interest. Milk production is improving as spring flush unfolds. Milk plants indicate milk receipts are increasing. There remains a wide range of spot milk prices with much of it around $5.00 to $6.00 below class with some as much as $10.00 or more below class. The milk is there, but many plants are short-staffed and are not able to take on extra milk. Schools will be closed later this week for the Easter holiday, putting more milk out for manufacturing. USDA will release the Dairy Products report Monday, indicating the level of manufacturing output in February.
CHEESE:
There was more buying interest on the decline of spot cheese prices Friday. This may carry through Monday as prices may have declined sufficiently to generate increased buying interest. Cheese prices have fallen back near the level from which the sharp price increase began in March.
BUTTER:
Not much fanfare is expected for butter. Price remains comfortable to buyers and sellers with supply and demand balanced. This keeps the market in a sideways range. The February Dairy Products report should show strong output during the month.
