16—Lancaster Farming. Saturday. September 6.1969
Futures Market Activity At High Rate
By 11. Louis Monrr decline several month? from mg countries evaluate our quota
Penn Stale Specialist now level each month and ti> to ex-
Even if livestock pioduccrs port the amount of meat which
Fienzied acti\it\ in the na , ievo , plan to hedge, thej should will keep the volume close to
tion .s li\estock in.i’k»ts has mb b o vv the muues m.uket but nist beneath, the quota The
feu) off on the ini i es inrkeN oieute- and how .t can be u-ed tustialians pn/e out maiket so
in iccent week- '1 ,i. i'ukuk 1 > , n itomativc mnket much that the Uistialian meat
have been iu->hin ■,o hedge .he i The vieat inipoit Situation loaul icqu.ies evpoileis to ship
cat.lc and boa pio I!■lonat p. u M t ..u impoits con.inue as one 20 po.cent ol then beefexpoitsj
c- nc.a the hi the- e\ei legs (ll t j Je nio;it CO im ovcisi.il topics and 00 pci cent or then mutton
tued on the lu in es mat ket U 1 the mea ; mdiisti.v Despite elsewheie in Older to obtain pei-
Speui.a.ois have picked up the ieco ui US meat production nuts to ship 80 pei cent of then '
fe\ei and aie living to outguess ] P , e ] Si 0111 maiketshave lemam- beef and 40 pei cent of then
the maiket e[ ] a (t iac * ive to expoiting coun- mutton to the US |
Recent maiket activity can be lues Meat imports in 1968 were T . a
measuiecl b.v the numbei of con- equal to 5 9 pei cent ot U S 1Q .J 16 a Q d Q J Q Ste f, base qU a 3 1
tracts tiaded On June 5 and 6 pioduchon Beef impoits were auotn lS .c «
moie than 26.000 pork-belly con- equivalent to 6 9 per cent of m ' olve< * lf exports ex
tracts. 12.000 live-cattle conti acts domestic beef production The ° from T"*?
and 230 live-hog contracts weie mcreis« in impoits accounted for , "
traded Each cattle cent.act. fo. about a fifth of the mciease in ™ th!
example, is made up of 37 head u S meat supplies in 1968 all ™ ed to Jvow each yeai The
_f „ d hi d .n nthoT quota 15 adjusted upwaid as our
of cattle in othei words, the Boneless beef is by far the domestic production of meat
equivalent of 444 000 cattle weie i.„crpcf ,-pw , m nmi item Tn „* „ esi C P loaL * cuon 01 m eat
trirfoH in tvin 9 Hiv norinH la gest ie «- me3t impoit item in giows, and our domestic produc
ti aded in the 2-da> Period Each jggg boneless beef compi ised 82 tion in the 1967 69 period vva«
hog contract consists of 100 hogs pe r cent of the total beef and 59 352 per cent over the 1959 63 1
Futures Hading in livestock has J er cent of all red meat import- bas e period
hit such a high level that it is ed Australia and New Zealand
relatively easy for a producer to aie the main sup pi ie rs of this We can ex P ect impoits to m
hedge his livestock pioduction mea( imported boneless beef ciease as lon S as our cow slaugh "
High pi ices recently posted by supplements the declining sup- ter re mams low. beef demand le
futures maikets make hedging, ply of U.S. produced cow beef mams high, and beef puces con
look attractive to some produc- and is used mostly m processed I tinue mS“ levels
ers. The live-cattle contract for meat items such as hamburger
October closed at $3O 87 on June and hot dogs
6th, and Octobei hogs closed at
$22 10 Hedging at these prices August 1964, specifies conditions
may appeal to pioduceis who foi pi ©claiming impoit quotas
feel-cash pi ices will go no highei primarily on fresh and frozen
than these futures puces Hedg- beef and veal Quotas have not
ing often appeals to the pioducei been exceeded in an> yeai, gen
who has expanded lapidly. has a erally because Australia and New
large debt, and cannot affoid to Zealand aie careful to keep ex
take the risk ot a potential puce poits below the quota Expot t-
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