OPENING CALLS:
| Class III Milk Futures: | 5 to 10 Higher |
| Class IV Milk Futures: | 2 to 5 Higher |
| Butter Futures: | Steady to 1 Higher |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | Mixed |
| Soybean Futures: | 5 to 8 Lower |
| Soybean Meal Futures: | $2 to $3 Lower |
| Wheat Futures: | 1 to 3 Lower |
MILK:
Milk futures are holding, being supported by steady to higher spot prices. The overnight trading activity moved the February contract to $20.99 with increased activity Thursday, likely moving the price back above $21.00. The concern over bird flu continues to grow and it could have a continued significant impact on milk production. There is sufficient milk for bottling and manufacturing, but the supply could tighten if more farms are impacted by bird flu. However, demand will need to remain strong or a decrease in milk supply may not have much impact on the market. Today, Jan. 9, is the National Day of Mourning for former President Jimmy Carter. The agricultural markets will close at 12:15 p.m. CST.
CHEESE:
Cheese prices seem to be supported with limited downside expected. However, prices may have limited upside for the near term as the market balances supply with demand. Spot milk prices have increased significantly over the past week with milk available at class to $1.00 higher. Manufacturers do not have as much milk available for purchase as they had during the holidays.
BUTTER:
Butter is trending sideways to higher at a similar price and pattern as a year ago. The price may be higher if it were not for ample cream supplies available to manufacturers. Retail demand is steady while food service demand is slower than expected.
