OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | Steady to 1 Higher |
| Soybean Futures: | 3 to 5 Higher |
| Soybean Meal Futures: | $2 to $3 Higher |
| Wheat Futures: | 7 to 9 Higher |
MILK:
The minor weakness of Class III futures Thursday did not indicate prices will fall back again. The weakness of dry whey pressured futures. Traders will be uncertain about the direction of spot prices, leaving them cautious ahead of spot trading Friday. Cheese prices may have reached an upper threshold which may increase selling interest. Further weakness of spot prices could have a significant impact on milk futures. Milk production continues to decline but supply remains sufficient for demand. Trading activity will be light ahead of spot trading as traders are uncertain of price direction.
CHEESE:
Mixed prices on the spot market may indicate buyers have reached a threshold. This may increase seller interest as they try to take advantage of the higher prices. Cheese production is steady, keeping sufficient fresh cheese available to the market.
BUTTER:
Buyers and sellers are comfortable at the current price level. Inventory is sufficient and will be used to supplement any shortfall of fresh supply. The cream supply is tighter but is moving regionally to places where supply is needed. As schools open, more cream will become available as milk is standardized for the school system.
