OPENING CALLS:
| Class III Milk Futures: | 6 to 12 Higher |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 2 Lower |
| Soybean Futures: | Mixed |
| Soybean Meal Futures: | $1 to $2 Higher |
| Wheat Futures: | 1 to 2 Lower |
MILK:
Milk futures are showing quite a bit of volatility lately, which may indicate the market may be ready to turn and move in another direction. Traders may become a bit more bullish and begin to feel the cheese market may have limited downside risk. However, increasing milk receipts due to spring flush will continue to keep sufficient milk available for demand. Spot milk prices continue to run at a discount to class.
CHEESE:
Traders focused on the increase in block cheese Monday rather than a steady barrel cheese price. The market is expected to remain somewhat choppy in the near term. This may keep traders scalping the market for a minor profit rather than establishing long-term positions.
BUTTER:
Butter price is expected to trade within a range for the time being. Buyers and sellers seem comfortable in this range as active churning keeps supply readily available for demand and inventory increasing. Butter futures indicate traders believe the price will increase over time.
