OPENING CALLS:
| Class III Milk Futures: | 1 to 10 Higher |
| Class IV Milk Futures: | 1 to 10 Higher |
| Butter Futures: | 0.50 to 1.50 Lower |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 2 Lower |
| Soybean Futures: | 1 to 3 Lower |
| Soybean Meal Futures: | $2.00 to $2.50 Higher |
| Wheat Futures: | 7 to 9 Lower |
MILK:
Dairy markets are quiet Friday morning as there has been very limited trading overnight. Class III milk futures are unchanged to up 1 cent. Class IV has not yet traded. Nonfat dry milk (NDM) is only pennies away from contract highs. Can they close the week off strong? NDM futures have not yet traded Friday morning. Milk supplies across the country are currently tight in the East, Central and Upper Midwest, while they are described as heavy in the West. Milk production is expected to increase this month as cooler temperatures improve cow comfort.
CHEESE:
Cheese futures are down 0.2 cents in the nearby contracts as the deferred contracts have not yet been traded. The spot market has weakened this week with the current weekly average for cheddar blocks trading 12 cents below last week's average with only Friday's trade left to go. Barrels have not traded this week. Grocery stores are pushing advertisements and sales for cheese, trying to encourage the consumers to add cheese and butter products to their shopping carts.
BUTTER:
Butter futures have not yet been traded Friday, but are expected to continue to be pressured until demand increases. The grocery stores are doing everything they can to encourage the baking season to get started. The Cold Storage report last month did show that butter stocks are down from the previous month. However with an increase of 16% from the previous year at this time, it is difficult to gain much ground.
.png)
