OPENING CALLS:
| Class III Milk Futures: | 4 to 6 Higher |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 2 Higher |
| Soybean Futures: | 8 to 12 Higher |
| Soybean Meal Futures: | $3 to $5 Higher |
| Wheat Futures: | Mixed |
MILK:
Continued strength in milk futures has turned traders more bullish on the market. The January Milk Production report was friendly, which has changed market sentiment to some extent. The proof will be in demand as we move through the next few months. But it seems the bottom is in but that may not be without price fluctuations. Today is the last trading day for February futures and options with the February Federal Order prices to be announced on Wednesday.
CHEESE:
Barrels have reached the highest level since November 16, 2023. Blocks have not been quite as strong but have recently found more support. The January Cold Storage report was neutral for cheese with American cheese and total cheese stocks slightly higher than a year ago.
BUTTER:
Price took a breather on Monday, but support may remain as inventory in January was 6% below a year ago. Stocks increased 49.5 million pounds from December, but demand was strong, keeping stocks lower than a year earlier. Buyers are interested in purchasing and holding for later demand.
