OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 4 to 5 Lower |
| Soybean Futures: | 6 to 7 Lower |
| Soybean Meal Futures: | $0.50 to $1 Lower |
| Wheat Futures: | 1 to 2 Lower |
MILK:
Milk futures are likely to continue following the same pattern as the past few days. Limited price movement is expected in the spot market. Business is being done with buyers and sellers comfortable at the current price levels. Milk production shows no signs of slowing down. Dairy demand remains strong and increasing in some categories. However, demand is insufficient to utilize production and tighten the market. This is expected to continue through the summer as end-users see no need to be concerned over supply.
CHEESE:
Cheese prices have been unable to increase. Cheese that is offered on the spot market is being absorbed without buyers having to bid up to obtain it. When a limited number of loads are offered at higher prices, the buyers are not interested in increasing their bids to purchase them.
BUTTER:
Butter has been able to hold its gains, but the upside price potential may be limited. However, if demand remains strong and increases during the second half of the year, the price may see further strength as buyers step up to increase ownership to meet that demand. Buying interest should provide support to the market.
