OPENING CALLS:
| Class III Milk Futures: | 2 to 10 Higher |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | 0 to 1 Higher |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 3 Higher |
| Soybean Futures: | 3 to 7 Higher |
| Soybean Meal Futures: | $0.40 to $1.00 Higher |
| Wheat Futures: | 1 to 4 Higher |
MILK:
Many states are expected to upgrade and add manufacturing infrastructure over the next four years with the biggest investments allocated for milk and cream infrastructure. More processing plants and bigger capacity are planned to help with both the growing milk production and the increased demand seen worldwide. Technology and innovation lead the charge as the industry is expected to change rapidly by 2035, adding new capabilities to support anticipated needs. Many jobs are expected to be created from these investments as the U.S. Bureau of Labor Statistics projects a 5.6% growth expected. Not a lot of activity has happened on overnight trade. Class III November is up 3 cents. Nonfat dairy milk (NDM) is trading 0.55 to 1.67 cents higher. No other products have traded yet.
CHEESE:
Cheese is expected to continue with volatile prices over the coming months. Holiday buying is helping the cash market with increased demand seen in mozzarella, parmesan and blue cheese. Cheddar blocks have been driving nearby prices for cheese and Class III futures as spot buyers look for opportunities to buy products nearby.
BUTTER:
Butter futures have climbed from Oct. 8 lows with increase buying in the spot market as well as some tightness in butter supplies in the short term. Stocks are down from last month. However, the overall market sentiment is bearish. Production is up 6.3% when compared to August 2025; however, the Cold Storage report showed inventories up 16% when compared to September 2025. The monthly data has inventory falling from August as well as production falling from July, but the overall story is bearish year over year.
