| Class III Milk Futures: | Steady to 4 Lower |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
| Corn Futures: | 2 to 4 Lower |
| Soybean Futures: | 1 to 3 Lower |
| Soybean Meal Futures: | Mixed |
| Wheat Futures: | 1 to 4 Higher |
Milk futures will remain bearish unless solid support surfaces in underlying cash. That may be a lot to ask in the current market environment. The bearishness that surfaced as President Trump announced tariffs on Canada and Mexico with added tariffs on China, remains in place. The calendar is moving closer to the time of year known as spring flush and will put more milk on the market. The increase will be difficult to anticipate as milk production per cow has been lagging a year ago. Nevertheless, there will be an increase in milk output. Demand needs to improve or prices will remain low with limited upside potential. Futures are expected to be under further pressure unless traders see strength in cash.
CHEESE:The large decline of block cheese on Friday was a surprise, the bearishness of the decline will be difficult to overcome. Buyers may step in to purchase at the lower price, but they may not be aggressive. Sellers have cheese to sell and continue to offer it to the market. Manufacturers want to keep the supply from building at the plant level.
BUTTER:Butter manufacturers continue to work through abundant cream supplies. This has resulted in low multiple cream supplies as excess needs to clear the market. Most plants are operating on full schedules and have sufficient cream from current supplies or patrons. The abundance allows buyers to purchase without having to chase the market. They have been buying on the continued weakness.
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