OPENING CALLS:
| Class III Milk Futures: | 5 to 8 Higher |
| Class IV Milk Futures: | 4 to 8 Higher |
| Butter Futures: | 1 to 2 Higher |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 2 Higher |
| Soybean Futures: | 5 to 7 Lower |
| Soybean Meal Futures: | $1 to $2 Lower |
| Wheat Futures: | 3 to 5 Higher |
MILK:
Class III milk futures drifted higher in light trading activity. The block cheese price has increased for two consecutive days, but traders are cautious over how much further it will increase. Milk futures are expected to remain choppy. Milk production is increasing, with more milk moving to manufacturing. Increasing cheese production will keep a sufficient amount of cheese readily available to the market. The weather has been good for cow comfort, improving feed intakes. Milk production per cow is expected to remain above a year ago over the next few months.
CHEESE:
Cheese buyers step up when prices dip, but see no need to buy aggressively and chase the market higher. There needs to be an improvement in demand to turn traders bullish. Cheese inventory continues to run below a year ago, providing a positive aspect to the market, but supplies are increasing seasonally.
BUTTER:
Buyers took advantage of the lower butter price and stepped up during spot trading on Wednesday. At the close of spot trading on Wednesday, there were eight unfilled bids remaining, which may indicate further buying interest Thursday. The cream supply remains heavy, but there are indications that the supply is beginning to decrease.
