OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 2 Higher |
| Soybean Futures: | 2 to 4 Higher |
| Soybean Meal Futures: | $1 to $2 Higher |
| Wheat Futures: | 4 to 5 Higher |
MILK:
The strength of milk futures on Friday did not carry over through overnight trading and is not expected to continue Monday unless underlying cash prices show strength. Any buying in the cash market this week will be for regular demand as buyers look ahead to next year. Holiday buying has been finished with overall demand not as good as had been expected. Milk prices may see support if production continues to decline similar to what took place in November. Milk production is steady to higher in most areas of the country from previous weeks, but lower than a year ago in some areas. The USDA will release the November Cold Storage report Monday afternoon.
CHEESE:
Cheese prices have been holding recently with prices likely having reached the upper threshold for the time being. Buyers are not expected to be aggressive this week as they assess holiday demand. Manufacturing will increase as more milk is available to the market as schools are closed.
BUTTER:
Monday's Cold Storage report is expected to show demand was good in November. There have been reports that inventory is building, but that may not be reflected on this report, but on the December report. Inventory is expected to show a decrease from October but higher than a year ago. Buyers may not be aggressive at the current price and may hold back on purchasing through the end of the year.
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