OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 2 Lower |
| Soybean Futures: | 1 to 2 Lower |
| Soybean Meal Futures: | Steady to $1 Higher |
| Wheat Futures: | 1 to 2 Lower |
MILK:
The volatility of milk futures on Tuesday did not carry over in the overnight session. There is little fundamental news to change the market and develop a trend. The milk supply is sufficient for demand, with milk production slowly increasing. Milk receipts are increasing at the plant level, resulting in a higher output of dairy products. This is not overwhelming the market but providing a sufficient supply to reduce inventory depletion. Milk futures are expected to remain choppy and in a sideways trading range.
CHEESE:
There are reports that cheese demand is slowly improving, but increased cheese production may keep up with the demand pace. The latest Cold Storage report showed American cheese stocks increasing slightly, when usually stocks would decrease. Other cheese stocks decreased seasonally. This may be the pattern through the rest of the year.
BUTTER:
There are reports that cheese demand is slowly improving, but increased cheese production may keep up with the demand pace. The latest Cold Storage report showed American cheese stocks increasing slightly, when usually stocks would decrease. Other cheese stocks decreased seasonally. This may be the pattern through the rest of the year.
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