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 4 Higher |
| Soybean Meal Futures: | 1 to 2 Higher |
| Wheat Futures: | 4 to 5 Lower |
MILK:
Class III Milk futures are trading 2 cents higher to 9 cents lower this morning while Class IV Milk futures have not yet traded. There is no reason to get bullish with the production numbers released Monday. However, there is a shift of thinking that if production is declining, we might find some strength as we head into winter.
CHEESE:
Cash cheese trade has really set the tone for how cheese futures will behave this week. If cheese prices fall low enough, there is interest in buying. The question is, how low do we have to go?
BUTTER:
Butter has had a bright start to the week after falling so hard last week. Monday's cash rally was a surprise, but futures struggled to keep up. Tuesday's cash trade took some of the gains away, but futures decided to continue from Monday's strength. The overnight trade perfectly sets the tone for how the market is feeling today with some contracts 0.5 cents higher and others 0.5 cents lower. Eyes will be on cash for hope of a continued bounce.
