OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | Mixed |
| Soybean Futures: | 7 to 9 Higher |
| Soybean Meal Futures: | $1 to $2 Higher |
| Wheat Futures: | 8 to 10 Lower |
MILK:
There is not much going on in the milk market after the recent volatility. The market has settled in line with underlying cash and may only move in relationship with cash. There are reports of continued heavy culling resulting in lower milk receipts at the plant level. It is uncertain whether this will eventually tighten supply sufficiently to push milk prices higher. Spot milk supply is decreasing due to lower production and the increase of milk moving to deficit areas as schools reopen.
CHEESE:
Block cheese price seems to be supported with barrels potentially still moving up and down due to more supply. Limited trading activity has been taking place recently which means buyers can purchase what they need through regular channels in the country. Sellers have not been aggressive at moving supply.
BUTTER:
Price should be supported as buyers prepare for upcoming demand later in the year. However, there is no concern over supply, which will keep price supported but not increasing to any great extent. Lower world prices and demand may keep upside price potential limited.
