OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Steady to 1 Lower |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 2 Lower |
| Soybean Futures: | 3 to 5 Higher |
| Soybean Meal Futures: | $2 to $4 Lower |
| Wheat Futures: | 5 to 7 Lower |
MILK:
Class III milk futures are scrapping near the lows again after a nice rally earlier in the month. It may be difficult to see further price strength as we move into November soon. The current milk supply is sufficient for demand, leaving little concern over supply. Maybe there could be a greater surge in demand in November, which could increase prices as buyers would need to step up purchases. However, any price increases may be short lived as we move closer to the holidays.
CHEESE:
Steady cheese prices Friday will leave traders cautious ahead of spot trading. Buyers have been lowering their bids for cheese with sellers moving to meet those bids. Sellers want to move supply, leaving buyers less aggressive and able to purchase at lower prices. Dry whey has been the only category showing strong support.
BUTTER:
Price will likely erode further this week as many of the orders for the holidays have been placed and butter is in position to fill those orders. Butter output has been increasing as cream is becoming more available. September inventory above a year ago is a concern, which may pressure price further.
