OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | Steady to 1 Lower |
| Soybean Futures: | 1 to 2 Higher |
| Soybean Meal Futures: | $1 to $2 Lower |
| Wheat Futures: | 2 to 4 Lower |
MILK:
Milk prices continue to erode with all Class III contracts below $19.00. The exception is the nearby November as much of the contract is priced and will remain close to $20.00. The market fundamentals have not changed much, leaving traders taking short-term positions and liquidating them when they have a profit. Without support from underlying cash, there is little interest in buying futures for the long term. Milk production is variable with some plants indicating a slight increase in milk receipts while others report milk production remaining flat. The weather has been mild and good for cow comfort which is improving production per cow.
CHEESE:
Cheese is struggling to find support. Buyers have sufficient supply on hand and see sufficient production keeping them complacent over supply throughout the rest of the year. Buyers continue to hold back as sellers remain aggressive continuing to move cheese rather than hold it.
BUTTER:
Butter may develop a lower trading range. The supply of bulk butter is sufficient as a large volume went into storage earlier in the year. Buying is done as orders are placed that need to be filled in a short period of time. Previously contracted orders have been filled or supply already in place to fulfill those contracts.
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