OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | 4 to 8 Higher |
| Butter Futures: | 1 to 2 Higher |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 3 to 4 Higher |
| Soybean Futures: | 10 to 14 Higher |
| Soybean Meal Futures: | $3 to $5 Higher |
| Wheat Futures: | 6 to 8 Higher |
MILK:
Futures trading is expected to be subdued ahead of spot trading. Traders need direction from the underlying cash before determining how aggressive they will be one way or the other. There was another surprising trade that took place overnight, shortly after the opening. There were two trades in the June contract at 28 cents higher. This again must have been a market order, as the current bid and offer are below the price. If the butter price has found a bottom and will trend higher, this price increase will be supported, but that remains to be seen. The World Agricultural Supply and Demand report will be released Tuesday. It will provide estimates for milk production, milk prices, and dairy product prices for this year and initial estimates for 2027.
CHEESE:
Cheese prices are expected to trade in the tight range that has developed recently. There is little reason for buyers to become aggressive for extended periods, as cheese production is sufficient for demand. Prices are expected to remain choppy.
BUTTER:
There is hope the butter price may have found support. The spot price only retraced one day before buyers became aggressive again. The pattern of prices falling back to new lows after a gain may have changed as demand is steady to higher.
