OPENING CALLS:
| Class III Milk Futures: | 4 to 8 Higher |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | Mixed |
| Soybean Futures: | 3 to 5 Higher |
| Soybean Meal Futures: | Steady to $1 Higher |
| Wheat Futures: | 2 to 3 Lower |
MILK:
There is limited news to impact the dairy markets. Grain prices remain in a range at low levels with plentiful supplies for the year. Milk production continues to increase, keeping bottling and manufacturing plants sufficiently supplied. Cow numbers remain large with milk production per cow significantly higher than a year ago. Underlying cash prices are expected to continue to chop around in a sideways pattern. Trading activity has declined due to reduced volatility. Major reports will not be released due to the government shutdown.
CHEESE:
There is little anticipation of cheese prices seeing much upside price potential in the near term or through the rest of the year. Much of the buying by packagers or recutters has been completed. Cheese demand is steady with cheese production increasing due to the increase in milk production.
BUTTER:
If the recent pattern holds, the butter price may fall back again once immediate buyer interest is filled. Whether the price will fall to new lows is anyone's guess. Churning has increased with some plants operating seven days a week. Cream supplies are plentiful.
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