OPENING CALLS:
| Class III Milk Futures: | 12 to 20 Higher |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | 0.25 to 0.5 Higher |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | Mixed |
| Soybean Futures: | 2 to 4 Lower |
| Soybean Meal Futures: | $1.90 to $4.30 Higher |
| Wheat Futures: | Mixed |
MILK:
Class III futures traded 7 to 45 cents higher Wednesday on cheese and dry whey strength. Overnights started the night with an 18 cent higher move on the November contract, showing the rally isn't over yet. Class IV has been quiet with nonfat dry milk (NFDM) falling and butter bringing support.
CHEESE:
Another strong cash market for cheese Wednesday with cheddar blocks climbing another 8.75 cents closing at $1.53. That is 14.5 cents higher than Friday, Oct. 9, or 19 cents higher than one week ago. It is safe to say that holiday buying is here as the availability of cheese has not changed, yet the buying has increased substantially.
BUTTER:
It appears like holiday buying may have finally begun for butter as well. Butter climbed 3.5 cents during the spot market Wednesday, and futures responded with the November contract also climbing over 3.5 cents. Eighty-two percent butterfat butter is going to continue to have tight supplies through the end of the year, yet 80% has plenty to hit the shelves.
