OPENING CALLS:
| Class III Milk Futures: | 3 to 10 Higher |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Steady to 1 Lower |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 8 to 12 Higher |
| Soybean Futures: | 16 to 24 Higher |
| Soybean Meal Futures: | $8 to $10 Higher |
| Wheat Futures: | 8 to 10 Higher |
MILK:
Milk futures have been under pressure with new contract lows on a daily basis. There could be some short covering today as there is a three-day weekend with markets closed on Monday due to Juneteenth. Many times, traders will liquidate some positions ahead of an extended weekend if they have some profits. There might be some trading interest due to the weather forecasts for hot weather which would impact milk production. Strong corn prices and the general correlation between it and milk over time may be the reason for higher overnight prices in milk contracts later this year. Current fundamentals are not indicating any change in trend as milk supplies are plentiful even though spring flush has passed its peak.
CHEESE:
Buyers remain unaggressive during spot cheese trading with initial bids during spot trading always placed lower. Sellers then need to decide how much they want to move product knowing they will need to lower price to do business. So far, they have wanted to continue to move cheese rather than hold and store it.
BUTTER:
Buyers continue to purchase, and sellers continue to sell in a price range, with both sides being comfortable with price. Business is being done with little fanfare. Supplies are sufficient for current demand with some contracting being done for fourth-quarter needs. Not much movement is expected today.
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