OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | Mixed |
| Soybean Futures: | 4 to 6 Lower |
| Soybean Meal Futures: | $1 to $2 Lower |
| Wheat Futures: | 1 to 2 Lower |
MILK:
Milk futures have been unable to find a bottom as cash cheese has been unable to find a bottom. Only June and July Class III futures showed light trading activity. Traders will be cautious prior to spot trading but will likely have a negative bias. Price increases continue to be sold. Traders continue to trade the market on a short-term basis rather than a long-term position. Weather remains good for milk production, keeping milk receipts at the plant level higher. This will continue through spring flush, which will keep the market sufficiently supplied.
CHEESE:
Prices have yet to find a bottom as buyers remain complacent. There is little reason for them to be aggressive as sellers want to move supply. It was a little surprising block cheese was able to close higher Tuesday. Some late selling pressure took the price off the high, but selling was not aggressive enough to push it back down. It may not hold Wednesday if it follows that pattern it has been recently.
BUTTER:
Price continues to hold with buyers and sellers comfortable doing business in the current price range. Price is near the top end of the trading range but is likely to fall back again as supply is sufficient for demand. Cream is tightening from the ample supply it was, but it is sufficient to keep churning activity strong.
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