OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | 4 to 8 higher |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 2 to 3 Lower |
| Soybean Futures: | 1 to 2 Higher |
| Soybean Meal Futures: | $1 to $2 Higher |
| Wheat Futures: | 2 to 3 Higher |
MILK:
The significant increase in the Grade A nonfat dry milk price on Wednesday resulted in Class IV futures being settled higher. However, trading activity was very light, with only two contract months traded throughout the day. Traders held to their bids and offers, unwilling to move them. Higher prices have been met with increased selling, with upside potential limited. The World Agricultural Supply and Demand report released on Wednesday does not provide much hope for higher milk prices the rest of this year and next year if the USDA's estimates come to fruition.
CHEESE:
Cheese prices have remained stable for two consecutive trading sessions. Buyers have been absent the past two days, giving the market a bearish tone. Supply and demand seem to be balanced at current prices. No significant price moves are expected today.
BUTTER:
The butter price remains in an overall downtrend. There is a substantial amount of butter available, with buyers remaining unaggressive. Demand is being met with supplies purchased for later demand without having to chase the market higher.
