OPENING CALLS:
| Class III Milk Futures: | 5 to 10 Lower |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 2 to 3 Higher |
| Soybean Futures: | 7 to 9 Higher |
| Soybean Meal Futures: | $1 to $2 Higher |
| Wheat Futures: | 1 to 2 Higher |
MILK:
The increase of cheese prices had little influence on Class III futures Wednesday. The idea is the potential for upside may be limited as much of the demand for the holidays has been met. Milk production continues to improve as the weather has been good and cows have settled into this year's feed rations. The time of year will soon be moving to a period during which demand seasonally slows. That is not expected to be any different this time as consumer income may keep food purchases lower than usual as they purchase less or purchase alternatives. Demand is not expected to fall, but it is likely not to improve.
CHEESE:
Prices may have limited upside potential. Current buyer interest that has pushed prices higher may drop back once the demand is filled. Prices are expected to remain choppy during the rest of the year. Buyers have little concern over supply.
BUTTER:
A seller was looking to move a load Wednesday but could not find any buyers. Buyers may be satisfied for the time being and may purchase only at lower prices unless immediate orders come in that need to be filled. Butter is readily available to the market.
