| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
| Corn Futures: | Mixed |
| Soybean Futures: | 2 to 4 Higher |
| Soybean Meal Futures: | Steady to $1 Higher |
| Wheat Futures: | Mixed |
The milk production and cold storage reports are behind, and even though the reports were not very friendly to the market, milk futures have been holding well. Increasing milk production may keep the upside price potential limited, but demand may be sufficient to hold the market at the current levels. The downside may be limited, but the upside price potential is limited for now. Milk components remain strong but may slip as milk production increases. Milk futures are not expected to see much volatility ahead of spot trading as traders will be uncertain of spot price movement. Traders continue to scalp the market with short-term trade.
CHEESE:Cheese prices are expected to continue in a sideways pattern with limited upside price potential. Cheese inventory is growing, and cheese output remains steady. Production schedules will increase as more milk becomes available due to the spring flush.
BUTTER:The butter price has remained in a 4-cent range over the past three weeks. The bearish implication of the February Cold Storage report may keep the upside price potential limited for the foreseeable future and maybe longer. Some buyers are purchasing and freezing butter for later use. This will limit aggressive buying later in the year when demand increases.
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