DTN Opening Dairy Comments
Butter is trading higher this morning with slight gains in Class III milk and cheese.
DTN Opening Dairy Comments
OPENING CALLS:
| Class III Milk Futures: | Higher |
| Class IV Milk Futures: | Mixed |
| Butter Futures: | 0.5 to 2 Higher |
OUTSIDE MARKET OPENING CALLS:
| Corn Futures: | 1 to 2 Lower |
| Soybean Futures: | 3 to 4 Lower |
| Soybean Meal Futures: | Mixed |
| Wheat Futures: | 4 to 6 Lower |
MILK:
Class III milk is showing slight gains in the early morning hours, while Class IV milk is mixed, not enough confidence that butter will hold its strength throughout the day. Sideways trade is expected throughout the day, with some rebound possible in Class III.
CHEESE:
Cheese is stagnant with lack of interest in the cash trade and futures sliding lower this week with no new demand. Overnight trade was slightly friendly with markets trading 3-10 cents higher this morning.
BUTTER:
Butter cash trade was unchanged Wednesday with a couple loads trading. Prices stuck on the low, last seen nearly four years ago. Overnight trade saw a small bounce in futures, with butter trading 0.575 cents to 1.925 cents higher this morning. Cream supplies is still readily available, so it makes it difficult to get too bullish from here, but a small rebound is expected off the lows.
Robin Schmahl can be reached at rschmahl@agdairy.com
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