OPENING CALLS:
| Class III Milk Futures: | Steady to 5 Higher |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 2 to 3 Lower |
| Soybean Futures: | 7 to 10 Lower |
| Soybean Meal Futures: | $1 to $2 Lower |
| Wheat Futures: | 2 to 4 Higher |
MILK:
Not much is expected in the way of futures price movement for Class III futures. Hopefully, prices have found a bottom, but traders will remain cautious, and underlying cash does not seem to have much strength. Sellers continue to be active on the spot market leaving buyers unaggressive. Class IV futures showed strength last week as butter price provided support. There is no tightness of milk supply leaving sufficient for bottling and manufacturing. USDA will release the October Dairy Products report this afternoon providing an indication of dairy product production for the month. There will be no Dairy Revenue Protection prices released due to the report.
CHEESE:
Block and barrel prices both moved to $1.52 on Friday. It is unusual for prices to settle at the same level. It is uncertain as to which way prices will move today. The recent pattern has been that prices exchange strength and weakness on a daily basis. This could result in blocks increasing and barrels decreasing today.
BUTTER:
Either butter paused in its upward price trend, or it may have run out of steam. The strength of last week was surprising as active churning has kept supply readily available for demand. Much of the holiday demand has already been shipped with fill-in buying likely driving the market. Once immediate orders are filled, price may fall back.
