OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 4 to 5 Lower |
| Soybean Futures: | 12 to 16 Lower |
| Soybean Meal Futures: | $3 to $5 Lower |
| Wheat Futures: | 7 to 9 Lower |
MILK:
Milk futures are not expected to show much volatility unless spot prices move significantly Monday. The recent pattern of underlying cash is one of choppiness. Buyers and sellers are doing business as needed with sufficient supply being available. Class III milk futures have been trending lower since the highs in mid-June. Milk production is slowing seasonally as summer weather impacts cow comfort. This is not expected to result in a shortage of milk as the supply is sufficient for demand from both bottling and manufacturing. The supply may tighten if demand increases and milk production remains below a year ago.
CHEESE:
Cheese prices are expected to be choppy this week with blocks and barrels trading places as the higher category and diverging daily. This has been the recent pattern and this is not expected to change in the near term.
BUTTER:
The butter price should remain supported as buyers will increase purchases at lower prices. Demand is expected to improve seasonally, increasing buying to meet current orders and to purchase supply for upcoming demand. However, the market is expected to remain choppy.
