OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | 2 to 4 Higher |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 4 to 6 lower |
| Soybean Futures: | 4 to 5 Lower |
| Soybean Meal Futures: | $1 to $2 Lower |
| Wheat Futures: | 2 to 4 Lower |
MILK:
Milk futures are going nowhere as underlying cash prices remain range bound. Traders show little interest in establishing long-term positions and continue to scalp the market, attempting to take small profits from daily price moves. The milk supply is sufficient for demand. The spring flush is taking place with more milk available to the market. Current demand is not keeping up with the increasing milk supply, keeping milk prices at lower levels. The market needs a catalyst to increase the long-term buying interest of traders. It was unusual to see the overnight trading activity focused on the second half of 2025, with contracts 4-18 cents lower on good volume. The February Federal Order class prices will be announced Wednesday afternoon.
CHEESE:
Traders feel the strength in cheese prices from Tuesday will be short-lived. The market will need to prove otherwise for traders to turn more aggressive buyers and establish positions for the long term. Cheese production is increasing as more milk is available for manufacturing.
BUTTER:
Butter continues to see strong activity during spot trading as manufacturers want to limit plant inventories. Price increases result in more offers showing up, allowing buyers to increase ownership without having to chase the market higher.
