OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 2 Lower |
| Soybean Futures: | 4 to 8 Lower |
| Soybean Meal Futures: | $1 to $2 Lower |
| Wheat Futures: | 4 to 6 Lower |
MILK:
It may be difficult for milk futures to see further gains ahead of spot trading as traders will be cautious over a third day of gains for cheese. That would defy the recent pattern and possibly trigger further buying interest in milk futures. The current milk supply is plentiful, which keeps bottling and manufacturing satisfied. Schools have already closed or will be closing for the summer over the next two weeks. This will move more milk to manufacturing, keeping supply of dairy products readily available.
CHEESE:
Cheese buyers have been more aggressive over the past two days, but will they remain aggressive for a third day? Sellers continue to bring loads to the spot market and higher prices might increase the desire to sell more supply. Dry whey continues to show weakness, moving price below the level it was when dry whey began trading on the daily CME spot market in March of 2018. Prior to that, prices were recorded in the week NASS price reports.
BUTTER:
Price still holds at the top end of the trading range but unable to find continued support to allow the market to trend higher. Supply and demand are balanced with buyers and sellers comfortable. Churning remains active with some plants running on full seven-day weeks.
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