OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 2 Lower |
| Soybean Futures: | 3 to 6 Higher |
| Soybean Meal Futures: | $2 to $4 Higher |
| Wheat Futures: | 9 to 11 Lower |
MILK:
The weakness of cheese prices will leave traders unwilling to buy into the market unless they see a change in trend. There is little anticipation of a change in trend for the time being. The supply of milk is sufficient, keeping bottlers and manufacturers busy. Milk production has not rebounded as much as anticipated by now but is expected to slowly improve. Demand has been less than expected, which is keeping sellers active and buyers complacent. The market will need to prove itself before traders turn bullish.
CHEESE:
Sellers of cheese continue to offer it to the spot market as they want to move their supply rather than hold it in inventory. Buyers are purchasing on an as needed basis and not for the long term. Aging programs are being rebuilt but unexceptional demand leaves sufficient supply available.
BUTTER:
The supply and demand for butter is balanced, leaving the price in a sideways pattern. Retail demand is improving as increased demand for the holidays picks up. However, the increase in demand will be easily met due to strong butter production and higher inventory. The price is expected to remain choppy.
