OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | Mixed |
| Soybean Futures: | 3 to 6 Higher |
| Soybean Meal Futures: | Mixed |
| Wheat Futures: | 2 to 3 Lower |
MILK:
Milk futures are expected to remain choppy. Traders may attempt to create some volatility to take a small profit out of the market. Otherwise, the market has been rather unexciting. The weather has been good for cow comfort. A plentiful supply of feed will be available for the year, ensuring strong milk output. Milk production continues to improve seasonally, with milk output per cow significantly higher than a year ago. USDA will release the delayed September Milk Production report on Monday.
CHEESE:
Cheese prices may see further strength today, but they may not generate buying interest as traders anticipate limited upside potential. Cheese output is steady with demand, but not exceptional. Inventory may not be declining as much as usual. It is uncertain what inventory was in September, as the Cold Storage report was not released. So far, there are no plans to release the report until the government shutdown ends.
BUTTER:
The butter price held on Thursday with unfilled bids and no offers remaining at the close of spot trading. Buyers could become more aggressive today to take advantage of the lower price, but with strong butter production, they may see no need to be aggressive as butter remains readily available.
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