OPENING CALLS:
| Class III Milk Futures: | 5 to 10 Higher |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 3 to 4 Lower |
| Soybean Futures: | 9 to 12 Lower |
| Soybean Meal Futures: | $5 to $7 Lower |
| Wheat Futures: | 3 to 5 Lower |
MILK:
Milk futures were supported by gains in underlying cash. The market may remain supported until further direction is seen from spot trading. Market fundamentals have not changed much. The holiday season is nearly upon us, which generally sees better demand. However, buyers may already have sufficient supply contracted or on hand, leaving little reason for them to be aggressive. It may be difficult for prices to rise very much unless demand is greater than anticipated. Current demand is good but not good enough or prices would be higher, and inventory would be lower.
CHEESE:
It is unlikely cheese prices will increase very much as higher prices will increase selling interest. Plants do not want inventory to build at this time of year and will want to move it as soon as possible. Buyers may remain complacent and purchase as needed.
BUTTER:
The bounce in butter Monday may be short lived as it is unlikely buyers will purchase to build inventory at this time of year. However, the lower price may keep buyers active, which could move the market into a range. Traders had anticipated price would fall and cash is now down near futures.
