OPENING CALLS:
| Class III Milk Futures: | 1 to 5 Lower |
| Class IV Milk Futures: | 10 to 15 Higher |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 2 Lower |
| Soybean Futures: | 2 to 3 Lower |
| Soybean Meal Futures: | $0.20 to $0.30 Lower |
| Wheat Futures: | 1 to 4 Lower |
MILK:
Nonfat Grade A milk is the only cash market to average higher prices this week versus last week. While the Dairy Products report showed most products having higher production in July 2026 versus last year, skim milk powder stood out with a drop of 50.3% from 2025.
CHEESE:
Cheese is trading slightly lower in the overnight trade. Block cheese has gained the last several trading days in the cash market, although still trending lower than last week's average. The Dairy Products report had total cheese production at 1.26 billion pounds of cheese, up 2.1% from a year ago and 2.3% higher month-over-month. Italian-type cheese had the greatest spike in production with an increase of 5.5% above last month and 4.1% above 2025.
BUTTER:
Butter had a nice rebound in cash price after a disappointing week on Thursday trading 3.25 cents higher yet still trending 4 cents lower than last week's average. So far, 82 loads of butter traded in the cash market this week. Overnights are mixed from 1.525 cents lower to 1.85 cents higher.
