OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Steady to 1 Higher |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 3 Lower |
| Soybean Futures: | 10 to 14 Lower |
| Soybean Meal Futures: | $4 to $5 Lower |
| Wheat Futures: | 6 to 8 Lower |
MILK:
Class III futures were surprisingly active with June showing the most activity and the greatest price swing. June futures ranged from $15.74 to $16.06. There has been no change in fundamentals over the weekend that would indicate any price direction. It is possible block cheese falling back and eliminating the gains of early last week might uncover some buying interest again like last time. However, the milk supply is strong with plenty available for processing. Schools are closed and will be closing soon, leaving more available for manufacturing, which could put pressure on prices.
CHEESE:
Cheese price had weakened in the last half of last week, putting them back to where the price rally began. It is possible the pattern could be repeated, and buyers may take advantage of the lower prices. With sufficient supply available to the market, upside potential will be limited.
BUTTER:
There is not much to say about butter as it is likely to continue the pattern so far this year. Buyers and sellers are comfortable doing business in the current price range. Supply is readily available. Current inventory is running above a year ago.
