OPENING CALLS:
| Class III Milk Futures: | 4 to 8 Lower |
| Class IV Milk Futures: | 5 to 10 Lower |
| Butter Futures: | Steady to 1 Lower |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | Steady to 1 Lower |
| Soybean Futures: | 1 to 2 Lower |
| Soybean Meal Futures: | $1 to $2 Higher |
| Wheat Futures: | 4 to 6 Lower |
MILK:
The weakness of milk futures Tuesday will keep traders cautious Wednesday. Futures action ahead of spot trading may be limited as traders will be cautious due to the inability of cheese prices to hold the highs during trading Tuesday. The March contract takes over as the front month with about half of the contract priced. Price movement will be limited relative to the April and May contracts based on underlying cash fluctuations. The February Federal Order class prices will be released Wednesday.
CHEESE:
The market reacted more to the inability of spot cheese prices to hold the highs during spot trading Tuesday rather than prices remaining steady to higher. Traders will be cautious over whether sellers will be more aggressive Wednesday with prices maybe reaching a plateau for a time.
BUTTER:
The weakness of butter is expected to be temporary, but traders reacted negatively by selling futures contracts. Futures continue to hold a premium to cash throughout most of the year in anticipation of higher prices. Demand will improve in March as the Easter season approaches.
