OPENING CALLS:
| Class III Milk Futures: | Steady to 8 Higher |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 2 Higher |
| Soybean Futures: | 6 to 9 Higher |
| Soybean Meal Futures: | $2 to $4 Higher |
| Wheat Futures: | 2 to 3 Higher |
MILK:
Milk futures are not expected to move much even if there is further price strength of cheese today. Traders have become accustomed to price increases being short-lived. This will change at some point, but it is not likely under current market fundamentals. Cash and futures are expected to drift along possibly into next year as milk production will keep sufficient supply available for demand. Culling may increase in time but likely not in the near term. If underlying cash holds in the vicinity of where it is currently later contracts will roll down as premium erodes. Today is the last trading day for November futures and options with the November Federal Order prices being announced on Wednesday.
CHEESE:
Cheese prices could see further strength today at least until the immediate demand of buyers is satisfied. Upside price potential is anticipated to be limited. Fill-in buying for orders that come in ahead of the holidays will provide some price strength, but not a trend higher.
BUTTER:
Price may see limited movement with the market possibly remaining in a sideway range for the time being. Buyers will not be very
