OPENING CALLS:
| Class III Milk Futures: | 2 to 4 Higher |
| Class IV Milk Futures: | 4 to 8 Lower |
| Butter Futures: | 1 to 2 Lower |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 2 to 3 Higher |
| Soybean Futures: | 3 to 4 Higher |
| Soybean Meal Futures: | $2 to $3 Higher |
| Wheat Futures: | 2 to 3 Higher |
MILK:
Class III futures were slightly higher overnight with some follow-through buying. Traders will remain cautious as the recent strength in cheese prices is expected to be short lived. It is unlikely milk prices will trend higher at this time of year. Hopefully, they will hold and not show further weakness as time progresses. Milk production is improving, with milk readily available for bottling and manufacturing. Cow numbers are expected to remain strong as farms retain cows to provide cash flow and limit the need to purchase high-priced replacements.
CHEESE:
The block cheese price has increased over the past two days as buyers have been aggressive. When immediate buying is satisfied, the price may likely settle back again.
BUTTER:
The butter price might retest the low of last week as immediate buying interest has been satisfied. Churning is active with many plants running on full schedules. The cream supply is slowly increasing and keeping plants supplied with limited interest in purchasing extra cream from the spot market.
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