OPENING CALLS:
| Class III Milk Futures: | 1 to 5 Lower |
| Class IV Milk Futures: | 2 Higher |
| Butter Futures: | 0.5 to 1.5 Higher |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | Mixed |
| Soybean Futures: | 3 to 4 Higher |
| Soybean Meal Futures: | 2 to 5 Lower |
| Wheat Futures: | 3 to 5 Higher |
MILK:
Class III Milk futures are trading 1 cent higher to 7 cents lower this morning while Class IV Milk futures are 2 cents better on the February contract. The government is finally open after the longest shut down in history. With that, food assistance programs are back, bringing more utilization of dairy products in U.S. homes. Non-fat dry milk futures have rallied overnight, trading 0.5 cents to 1.5 cents higher in this early morning hour.
CHEESE:
Cash cheese trade was mixed Thursday, but futures found some strength in the afternoon trading hours. The overnight trade has been uneventful with markets 0.6 cents lower to 0.2 cents higher.
BUTTER:
Butter is trading 0.475 cents to 1.15 cents higher this morning, showing continued strength to close out the week. Thursday's cash trade had big gains, and it appears like butter will close higher for the week, which is a big change from the losses we saw last week. With the government back open, we can expect normal dairy reports to return, as well as the next milk production report later this month.
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