OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 2 Higher |
| Soybean Futures: | 2 to 3 Higher |
| Soybean Meal Futures: | $0.50 to $1 Higher |
| Wheat Futures: | 3 to 5 Higher |
MILK:
There is not much to be said about the milk market that has not already been said. Bullish fundamentals are few and far between, leaving traders bearish. Though underlying cash prices show strength, it has limited impact on the market. For quite some time, price increases in the underlying cash market have been short-lived. It will take a monumental effort to change the current market, as it needs to prove that higher prices are warranted. It will take an unexpected event to change the market quickly. Plentiful feed supplies at low prices and continued high prices for calves will keep milk production strong and cow numbers large. The markets will be closed on Monday.
CHEESE:
The upside price potential for cheese is limited as strong output continues. Demand is being met without difficulty. Inventory is higher than a year ago and is expected to increase more rapidly than usual if milk production continues at the current pace. Buying interest in the spot market has been good, but buyers have not had to be aggressive.
BUTTER:
The strong interest in purchasing butter on the spot market has provided support to the price. However, the more butter that is being purchased now and put into storage may mean buyers will not need to be aggressive later. That is the pattern we saw in 2025. That, along with abundant cream supplies, kept production strong and the price lower.
