OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | Mixed |
| Soybean Futures: | 1 to 2 Higher |
| Soybean Meal Futures: | Steady to $1 Higher |
| Wheat Futures: | Steady to 1 Higher |
MILK:
There is nothing exciting taking place in the dairy markets at the present time. Traders remain bearish on milk futures are underlying cash fails to provide support. Any hope for an increase in demand through the end of the year was dashed some weeks ago. The outlook for early next year is not very positive at the present time. Although spot milk prices are much better than a year ago, milk prices are worse than a year ago as both domestic and international demand continues to underperform. Dairy cattle slaughter in November was the lowest monthly slaughter since May 2021 and the lowest November slaughter since 2020. Cows are not being culled as readily as they had been in 2021 as the current herds mostly have higher producing cows that farmers want to keep.
CHEESE:
Price may revisit the lows seen in late June before the selling runs its course. The market is trying to find a level at which demand will improve and supply will decrease. USDA will release the November Cold Storage report Friday, which will provide an indication of demand for the month. Stocks are expected to be near last year's levels.
BUTTER:
The slight weakness of butter may send buyers to the sidelines in anticipation of lower prices through the end of the year. Churning has increased due to more cream being available. This will provide more supply during a lower demand period.
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