OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Steady to 1 Higher |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 2 to 4 Lower |
| Soybean Futures: | 4 to 6 Lower |
| Soybean Meal Futures: | $3 to $4 Lower |
| Wheat Futures: | 1 to 3 Lower |
MILK:
Milk supply remains sufficient for current demand with milk receipts increasing at the plant level. Spring is beginning and it will be interesting to see how much milk production will increase. The winter has been mild overall, which has kept milk production consistent. Production is below what it was a year ago with slower demand as well. That has kept prices depressed. One would think the market may be at the bottom as demand may be stimulated. However, prices at the retail level are not reflective of the current farm-level milk prices. Traders will be cautious Monday with limited trading activity ahead of spot trading.
CHEESE:
It is uncertain how aggressive the sellers of cheese will be this week. Prices should be near a level at which buyers will step up to take advantage of the lower prices. However, there is little concern over a tight supply at the present time, leaving buyers willing to purchase as needed and at lower prices.
BUTTER:
Price has developed a large, sideways range which may remain intact moving through the next month. Increasing demand for butter ahead of the Easter season has not been able to move prices out of the range. Buyers may already have sufficient supplies on hand that were already purchased at lower prices. This will meet needs without having to chase the market to fill orders.
.jpg)