| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
| Corn Futures: | 4 to 6 Lower |
| Soybean Futures: | 2 to 5 Lower |
| Soybean Meal Futures: | Mixed |
| Wheat Futures: | 1 to 2 Higher |
Class III milk futures had a nice increase over the past two days. If the pattern holds, that may be about it depending on what underlying cash does today. Current milk prices are low due to plentiful supplies of milk available to manufacturing. Spot milk prices continue to remain at a significant discount making it very attractive for plants that have extra processing capacity to purchase at attractive prices. Milk futures were mixed but mostly lower overnight as traders may think the recent price increase may have run its course.
CHEESE:The increase of cheese prices could increase the interest from sellers as they continue to have product to sell. There are no indications cheese supplies have tightened or that demand has increased significantly. This may keep prices choppy and in a range.
BUTTER:Price may test the bottom of the range before finding more aggressive buyer interest again. Supply is readily available with inventory higher than a year ago. Churning remains active but may slow a bit soon as cream supply tightens. Some plants will then sell some of their cream rather than churn it due to low butter price and higher cream prices.
