Wednesday Morning Dairy Market Update - Mixed Overnight Trade; Will Butter Rebound?

OPENING CALLS:

Class III Milk Futures:	Mixed
Class IV Milk Futures:	10 to 40 Higher
Butter Futures:	Mixed

OUTSIDE MARKET OPENING CALLS:

Corn Futures:	1 to 2 Lower
Soybean Futures:	Mixed
Soybean Meal Futures:	Mixed
Wheat Futures:	1 to 3 Lower

MILK:

Class III milk struggled with pressure from outside markets, while Class IV was hit yet again with the weakness in butter. Overnight markets are showing small gains in Class IV while Class III is mixed.

CHEESE:

Cheese fell in the cash trade Tuesday. Futures also lost ground with all sectors of dairy trading lower. Barrels continue to show a lack of interest while blocks found weakness in the cash trade. Overnight markets are steady to slightly lower.

BUTTER:

Butter yet again found a new low in the cash trade, trading to the lowest level seen since Dec. 3, 2021. Overnight markets are mixed. Inventories are lower than last year. However, without a shift in demand, the market feels there is adequate supply.