| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Steady to 1 Lower |
| Corn Futures: | Steady to 1 Lower |
| Soybean Futures: | 1 to 3 Lower |
| Soybean Meal Futures: | $0.50 to $1 Lower |
| Wheat Futures: | 1 to 2 Lower |
The pressure on milk futures did not carry over into the overnight trade as the market adjusted to weaker cash prices. The weakness on Thursday eliminated any hope prices could stabilize through the holidays.
The milk supply is plentiful and is not expected to decline anytime soon. The November Milk Production report will be released Monday. The expectations are for production to be significantly higher than a year ago. There is little bullishness to be found in the market. The passage of the Whole Milk for Healthy Kids Act is positive for allowing 2% and whole milk back in schools, but it is not expected to have much impact on milk prices.
CHEESE:The block price may be heading back down to the lows again, as the recent buying interest has been filled. Manufacturers will continue to offer cheese to the spot market to limit building inventory at the plant level. Barrels continue to see no trading activity. Over the course of the past five weeks, there has been only one load of barrels traded on the spot market.
BUTTER:The price is only a penny above the low of the year. The weakness on Thursday may indicate the low will be revisited Friday or next week. Much of the holiday buying is complete with only regular demand having to carry the baton. Strong butter production keeps supplies readily available.
