OPENING CALLS:
| Class III Milk Futures: | 2 to 6 Lower |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | 1 to 2 Higher |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 2 Higher |
| Soybean Futures: | 2 to 3 Lower |
| Soybean Meal Futures: | Mixed |
| Wheat Futures: | 1 to 2 Higher |
MILK:
Class III milk futures have been mostly in a wide sideways trading range since mid-February. Contracts gave the impression the market would trend higher as traders moved futures contrary to the underlying cash on numerous days. Traders held some optimism demand would improve and absorb the increased production. Class IV futures showed little reaction to the decline of the butter, as traders focused on the continued gain in nonfat dry milk. The March Milk Production report will be released next week and is expected to show continued strong milk production and increased cow numbers.
CHEESE:
The block cheese price has been unable to regain the uptrend it had developed earlier. Sellers continue to offer supplies to the spot market. Buyers are willing to purchase what is being offered without being aggressive.
BUTTER:
Butter takes one step ahead and two steps back. The price decline on Thursday opens the way for a revisit to last week's low. If the price moves below that level, it may come under further pressure
