OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 3 Lower |
| Soybean Futures: | Mixed |
| Soybean Meal Futures: | $2 to $4 Lower |
| Wheat Futures: | 4 to 6 Higher |
MILK:
May Class III milk futures have taken back what was gained during March with later contracts continuing to trend lower. Class IV futures continue to make new contract lows as butter struggles at the lower end of the trading range and nonfat dry milk price continues to erode. Spring flush is gearing up as there is a definite change in the weather. More milk will be available for bottling and manufacturing, which will impact production schedules. Demand is good but not good enough to move prices higher. Activity may be limited ahead of spot trading as traders may be cautious over underlying price uncertainty.
CHEESE:
Blocks may be at a level at which buyers will be willing to purchase for upcoming demand and to rebuild aging programs. Barrels remain weak as supplies are more abundant. More milk was available for manufacturing over the Easter season as schools were closed, but manufacturing may not have increased substantially due to the limited ability of plants to take on extra milk.
BUTTER:
Price is at the low end of the recent trading range and may see further weakness in the near term. More cream was available last week, prompting some plants to run on full schedules during the Easter holiday. Inventory is growing as production is meeting demand and then some. Demand is steady.
.jpg)
