| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
| Corn Futures: | 4 to 6 Lower |
| Soybean Futures: | Steady to 2 Lower |
| Soybean Meal Futures: | $2 to $3 Lower |
| Wheat Futures: | 4 to 6 Lower |
Milk futures have made a nice rally over the past three days. Traders may be cautious over further gains as the underlying cash price increases have been short-lived. However, the attitude in the market seems to have changed with buyers possibly turning more aggressive as they desire to increase ownership of supply. There are headwinds to higher prices as demand needs to improve in order to keep pace with the increasing milk production. There are some reports that milk receipts at some plants are nearing the level of a year ago. Spring flush may take place earlier this year as the weather improves cow comfort.
CHEESE:The strength of cheese this week and the increasing interest of buyers may result in higher prices again today. Cheese supply is available, which may limit strength. Buyers may reach a threshold unless demand shows greater improvement.
BUTTER:The butter price may have found a bottom, but may not see much upside price potential. Inventory is increasing and is above a year ago. Churning is active due to the large cream supplies with plants running on full schedules. Retail demand is improving.
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