| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Steady to 4 Higher |
| Butter Futures: | Steady to 1 Higher |
| Corn Futures: | 1 to 2 Lower |
| Soybean Futures: | Steady to 3 Higher |
| Soybean Meal Futures: | $1 to $2 Lower |
| Wheat Futures: | 4 to 5 Higher |
Traders find little reason to buy milk futures aggressively. The underlying weakness of the cheese prices has turned the market bearish. The overall weather has been good for milk production, keeping sufficient milk available for bottling and manufacturing needs. Overnight trading activity was light but points to lower futures ahead of the spot trading period. Demand for dairy products is expected to improve as the summer progresses, but the extent of the increase may be limited due to high food prices and consumers adjusting their diets. Not only that, but all prices of goods and services have increased, reducing disposable income.
CHEESE:Increased cheese output is being reflected in the spot market as cheese prices have not found support. Cheese demand has improved at the retail level, but increased cheese output leaves sufficient available for buyers. The lower cheese prices should garner buyer interest.
BUTTER:There has been a lot of activity during spot trading, with 98 loads of butter changing hands this week. We may see more traded this week than last week, when there were 102 loads traded. Demand is improving and buyers are purchasing supplies to meet that demand and increase ownership for expected later demand.
