OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | Mixed |
| Soybean Futures: | 4 to 5 Higher |
| Soybean Meal Futures: | $1 to $3 Higher |
| Wheat Futures: | 7 to 9 Lower |
MILK:
Milk futures unable to gain much last week indicates traders are presently bearish. Milk futures are aligned with the underlying cash. Futures likely will move relative to cash as volatility may decrease briefly. There is little to indicate the direction of prices today or this week. The fundamentals have not changed much and the major reports are now behind. It will be up to demand to support prices or turn prices higher. Even though overnight trading activity was low relative to what it has been the past week, volatility will be prominent as underlying cash and the news dictates.
CHEESE:
Cheese prices have recently made a nice run higher and may hold these levels. Inventory has not increased above a year ago indicating that supply and demand are balanced. Manufacturing is steady with buyers not very aggressive with purchases. Sufficient supply is keeping them active but not aggressive.
BUTTER:
Butter has solid support near the current level. Further gains are possible as there is concern over reduced cream supply during the summer and the potential for increased demand. Buyers were active last week and are expected to be the same this week.
