OPENING CALLS:
| Class III Milk Futures: | 4 to 5 Higher |
| Class IV Milk Futures: | 2 to 6 Lower |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 2 Higher |
| Soybean Futures: | 4 to 6 Higher |
| Soybean Meal Futures: | $0.50 to $1 Lower |
| Wheat Futures: | 1 to 2 Higher |
MILK:
Milk futures are expected to remain choppy. The weakness in butter and cheese on Wednesday will leave trader's cautious over further decline. Milk production is increasing as cow comfort has improved, and feed quality is generally good. Even with milk futures showing low prices through next year, there are expansions still taking place. Milk replacement prices are high, but cow numbers continue to increase. Milk futures have seen volatility, but it has been limited.
CHEESE:
Spot cheese prices may see further weakness today as buyers do not see the need to be aggressive. There is sufficient cheese available to buyers, and manufacturers want to move supplies rather than build plant inventories.
BUTTER:
New lows for the year on Wednesday do not bode well for the price through the rest of the year. Manufacturing has increased with numerous plants running on full schedules due to the increasing cream supplies. There is a good amount of bulk butter in inventory, with manufacturers producing more retail-size packaging.
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