OPENING CALLS:
| Class III Milk Futures: | 1 to 10 Higher |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | 0.30 to 0.50 Higher |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 4 Lower |
| Soybean Futures: | Mixed |
| Soybean Meal Futures: | $1 to $3 Higher |
| Wheat Futures: | 4 to 6 Lower |
MILK:
High production is still looming over the market, putting a limit on how high milk futures want to climb. Individual components that make up Class III and Class IV have given the futures market some life, but it is hard to rally when supply is plentiful. Non-fat dry milk has really shined this week, but it has really been building over the last several months. Dry whey has also had some impressive price action, and demand has continued to grow.
CHEESE:
Cheese is also battling with the massive supply to work through, but overall prices have shown some promise. The cash market is continuing to find buyers for blocks. Some holiday purchasing has begun to take place, although with the supply available, there is really no hurry to get needs purchased immediately.
BUTTER:
Butter has been the weak link in the dairy market. The amount of cream available has led to a huge influx of butter production, increasing month over month and year over year. Much like cheese, holiday baking would typically become a discussion factor for this time of year, but there is no concern that the supply will not be there when demand ramps up.
