OPENING CALLS:
| Class III Milk Futures: | 3 to 10 Higher |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 3 to 4 Higher |
| Soybean Futures: | 4 to 6 Higher |
| Soybean Meal Futures: | Mixed |
| Wheat Futures: | 4 to 5 Lower |
MILK:
Milk futures are looking for direction as most major headlines in the dairy sector have already been factored into the pricing equation. More headaches are expected to come as the war with Iran has had a trickle effect on our markets. Fuel cost and overall cost of living is increasing, leaving little extra funds for nights out on the town as restaurants or large family get togethers to bake for. The school year is winding down for lunch milk consumption but the outlook for next year is still good with the new school dietary guidelines coming.
CHEESE:
Spot cheese prices were weaker Tuesday with blocks trading 0.75 cents lower and barrels unchanged. Dry whey is the shining start lately but remainded unchanged on Tuesday's trade.
BUTTER:
The spot butter price was the only bright spot in the cash trade Tuesday, giving a surprising boost to Class IV prices after increasing 4.5 cents with 23 loads traded. The volume gave butter prices a nice rally, finally able to pull its weight in the Class IV equation, where Grade A Nonfat Dry Milk has been doing all the heavy lifting as of late. It too increased 0.75 cents with no end in sight for this historic rally.
