OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | 0 to 1 Higher |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 2 Lower |
| Soybean Futures: | 2 to 3 Higher |
| Soybean Meal Futures: | 5 Lower |
| Wheat Futures: | 4 to 5 Lower |
MILK:
Class III Milk futures are trading 2 cents higher to 3 cents lower this morning while Class IV Milk futures have not yet traded. Agricultural Secretary Brooke Rollins spoke earlier this week about changing the dietary guidelines to include more dairy products, as well as finding new avenues for marketing our dairy products. She even added concern over rising input prices and the unique labor force needs of our dairy industry. The market isn't ready to get bullish on her words but if an actual plan is implemented, this could bring new hope to the milk market.
CHEESE:
Cheese took a big hit Wednesday in the cash trade and again in the futures market. Traders believe we will rebound some in today's trade, specifically in blocks, but new demand is needed to really pull prices out of the gutter.
BUTTER:
Butter is trading 0.5 cents higher in these early morning hours. It's trying to fight for the small amount of gains it can hold onto as we approach the end of the week. Retail merchandisers are running pre-holiday sales and consumer demand has shown some increased interest in buying. Supply is still plentiful, so traders don't expect a big change in fundamentals anytime soon.
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