OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | Mixed |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 2 Higher |
| Soybean Futures: | 1 to 3 Lower |
| Soybean Meal Futures: | $2 to $3.50 Lower |
| Wheat Futures: | 1 to 3 Higher |
MILK:
Class III futures started the night off mixed. Cheese has done a great job supporting Class III this week; however, there is only so much it can do with the looming production numbers. The Midwest has the most milk available. Dry whey and non-fat dry milk have the most demand with the tightest supplies currently. The U.S. dairy industry has been urging Canada to continue trade talks as the tariffs have taken a toll on trade.
CHEESE:
Provolone and mozzarella demand have increased this week. Cheddar seems to have plenty of availability; however, blocks have had plenty of support in the cash market. Futures have been supportive this week with many buyers expecting holiday buying to continue throughout the month.
BUTTER:
Cream supplies are abundant as they have been for months. Mexico has become a big buyer of cream, giving a little support to the huge supply. On a positive note, churns have been running steady and production is not showing any signs of slowing down anytime soon.
