OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | Mixed |
| Soybean Futures: | 2 to 3 Higher |
| Soybean Meal Futures: | $1 to $2 Lower |
| Wheat Futures: | 5 to 8 Higher |
MILK:
It was not a surprise USDA extended the application deadline for the Milk Loss Program (MLP) to Monday, Oct. 30, 2023, allowing more time for eligible dairy farmers to apply for much-needed, weather-related disaster recovery assistance. This is a usual occurrence for USDA with all sign-up programs. It does allow anyone who believes they have a loss to take advantage of the program if that has not already been done. There is anticipation buyers of cheese may be more aggressive the rest of the month, which could support milk prices, but a strong increase of prices may be difficult to unfold as supply is sufficient for demand. More premium may be added to milk futures in 2024.
CHEESE:
Cheese prices may improve, but increases may be slow to develop as buyers may remain unaggressive but willing to take advantage of lower prices. Manufacturers remain willing to move supply to the market rather than hold in anticipation of higher prices. Current demand has not been able to reduce supply.
BUTTER:
The price bouncing back from the lows Friday will keep traders guessing as to price direction Monday. Buying interest surfaced Friday, indicating there is an interest in buying a break. This could support price to some extent as buyers cannot afford to step back for any length of time. The market could develop a trading range.
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