OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | 4 to 8 Higher |
| Butter Futures: | 1 to 2 Higher |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 2 to 3 Higher |
| Soybean Futures: | 11 to 14 Higher |
| Soybean Meal Futures: | $4 to $5 Higher |
| Wheat Futures: | 5 to 7 Higher |
MILK:
Milk production is steady to lower but there remains sufficient supply for both manufacturing and bottling. Spot milk is tight with prices over class, leaving most utilizing contracted milk or patron milk. The supply of milk through the rest of the year will be determined by the impact weather has had on the lactation and the level of culling. There is no indication culling has slowed down very much. Milk futures show a better outlook for milk prices but not to any great extent. In fact, milk futures show a high for the year in October and then a seasonal decline. The high will not be sufficient to encourage filling barns back up or to encourage expansion. Milk futures should remain supported.
CHEESE:
Prices may be choppy but should be supported as buyers should be purchasing ahead for demand through the end of the year. Upside may be limited unless stronger demand surfaces.
BUTTER:
The volume of unfilled bids at the close of spot trading would suggest butter price could move higher again today. Buyers may turn more aggressive now that attention will be focused on orders and the potential increase in demand. Churning is active as cream has become more available. This should keep supply sufficient for demand.
