OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | Mixed |
| Soybean Futures: | 1 to 3 Higher |
| Soybean Meal Futures: | $1 to $2 Higher |
| Wheat Futures: | Mixed |
MILK:
There was not much to move milk futures on Monday. The gains in spot cheese and butter prices were offset by weakness in dry whey and nonfat dry milk prices. The fundamentals have remained similar to what they have been for a while, resulting in limited volatility. Limited volatility makes it more difficult for traders to scalp the market for a short-term profit. Seasonal buying should kick in, but with sufficient supplies being offered on the spot market, it may not provide much support. Milk output is expected to exceed that of a year ago throughout the rest of this year.
CHEESE:
The block cheese price has been increasing, but the gain has been slow and may be limited. There is little reason for buyers to be aggressive as sellers continue to offer supplies. Milk production has slowed, but there are sufficient volumes available.
BUTTER:
The price is expected to be supported, but may have difficulty developing an uptrend. Churns continue to operate on full schedules with extra cream available on the spot market. The price is expected to remain choppy, but with support.
