OPENING CALLS:
| Class III Milk Futures: | Mixed |
| Class IV Milk Futures: | 5 to 10 Higher |
| Butter Futures: | 0.10 to 0.50 Higher |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 2 to 3 Higher |
| Soybean Futures: | 4 to 5 Higher |
| Soybean Meal Futures: | $2.80 to $3.30 Higher |
| Wheat Futures: | 1 to 2 Higher |
MILK:
Milk production has been on an amazing run with volumes growing steadily. The number of milk cows has continued to grow, with many articles speculating about whether we can reach 10 million milk cows. With this abundance of milk available, it has created a unique opportunity for the market to grow in product diversity as new product developments seem to be the norm of the market anymore. On top of that, we have exported products to many countries we otherwise would have never reached. Despite trade issues with China and Canada, export totals have continued to grow. When and if milk production declines, there will be markets looking for products we've developed, providing long-term support for dairy products.
CHEESE:
Overnight cheese markets are mixed, trading 0.1 cent lower to 0.6 cents higher. Holiday demand seems to be the driver lately as specialty products have been taken to production lines. The market has been supportive of cheese this month, looking for spot loads of blocks when prices are competitive.
BUTTER:
Butter has not yet been traded Tuesday morning. If Monday's spot trade is any indication of what is to come, there was a high volume of buyers looking for spot loads, with only a small number of loads being offered. Prices were down slightly Monday, falling 50 cents. Holiday baking season is here, although some are reporting lower buying volumes this November compared to last November.
