OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | 4 to 8 Higher |
| Butter Futures: | Steady to 1 Higher |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | Steady to 1 Lower |
| Soybean Futures: | 6 to 8 Lower |
| Soybean Meal Futures: | $1 to $2 Lower |
| Wheat Futures: | 2 to 3 Higher |
MILK:
Traders seem uncertain over continued underlying cash price strength. Trading activity ahead of the spot market may remain mixed with traders waiting to see which direction it will show. Milk production is slowly improving, which leaves sufficient available for bottling and manufacturing. It may be too early for a sustained price increase of underlying cash. Spring flush has begun and although production is below a year ago, there may be more milk available to the market in the near term. Farmers continue to push milk production and are trying to keep stalls full.
CHEESE:
Buyers stepped up to take advantage of the lower prices, but that may have a limit as buyers may not be very aggressive to purchase during spring flush. The increase may be short-lived as prices will reach a buyer threshold again. Demand is not improving to any great extent with international demand improving but certainly not by leaps and bounds.
BUTTER:
Spot butter price is pushing to the top of the trading range. Easter demand may be able to move the price above the range as buyers will need to fill orders. However, there is a good amount of butter already purchased and shipped to retail and food service outlets.
