OPENING CALLS:
| Class III Milk Futures: | 4 to 6 Higher |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Steady to 1 Higher |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 2 Lower |
| Soybean Futures: | 3 to 4 Lower |
| Soybean Meal Futures: | $1 to $2 Lower |
| Wheat Futures: | 1 to 3 Lower |
MILK:
The strength in milk futures Thursday did not carry over into the overnight session. Trading activity may be light ahead of the spot trading session with traders waiting to see what the cash prices will do. There is little to get excited about as strength in cash may be short-lived. Milk supplies are sufficient to meet demand. Without greater fundamental support, most of the trading activity is confined to scalping the market for quick profits if the short-term direction is correctly guessed. The Dairy Product report will not be released today as originally scheduled. The reports for both September and October will be released on Dec. 15, bringing the reports up to date.
CHEESE:
It is uncertain which direction cheese prices will move during spot trading. This may leave Class III futures mixed with limited trading activity until spot trading takes place. If cheese prices increase, traders may not be aggressive buyers as the strength may be limited. However, current prices may hold as low prices may increase demand.
BUTTER:
The butter price has increased for three consecutive days. The trend higher may be limited, but hopefully, demand has improved sufficiently to at least keep the price from moving to a new low. It would be a victory if the price can find stability for a while.
