Aie-Uncaster Fanning, Saturday, February 26, 2000
GRAIN, CATTLE. HOG, As ~f Thursday. 24 February
&MILKBFP
FUTURES MARKETS
Markets Courtesy of Chicago Board and Mercantile Exchange
Closing Bids: Thursday, February 24,2000
Com
Daily Prices As ofThursday, 24 February
Symbol:C
02/24/00 MAR
02/24/00 MAY
02/24/00 JUL
02/24/00 SEP
02/24/00 NOV
02/24/00 DEC
02/24/00 JAN
02/24/00 MAR
02/24/00 MAY
02/24/00 JUL
02/24/00 DEC
02/24/00 DEC
Total
02/23/00
Soybeans
Daily Prices As ofThursday, 24 February
Symbol:S
02/24/00
02/24/00
02/24/00
02/24/00
02/24/00
02/24/00
02/24/00
02/24/00
02/24/00
02/24/00
MAR 00
MAY 00
JUL 00
AUG 00
SEP 00
NOV 0 0
JAN 01
MAR 01
JUL 01
NOV 01
Total
02/23/00
Oats
Daily Prices As of
Symbol:o
02/24/00 MAR 00
02/24/00 MAY 00
02/24/00 JUL 00
02/24/00 SEP 00
02/24/00 DEC 00
02/24/00 MAR 01
Total
02/23/00
Weekly Dairy Market Outlook
By Ken Bailey
Penn State University
February 18,2000
Dairy Stocks
Continue to Build
-January butter stocks up 30.1
pet cent
-Total cheese stocks up 7.5
pet cent
-Milk production in January
up 4. 7 percent
-March advance
released
According to economic theory,
lower milk prices should slow
Table 4. Stocks of Dairy Products in Cold Storage
Dairy Products
Butter, total
owned)
Natuial Cheese
Amei lean, total 452,205
(Government owned) 30
Swiss 10,993
Other natural cheese 159,239
Total natural cheese 622,437
Source: USDA, Cold Storage Report
Volume Open_lnt
123211 471003
High
5050
5144
5230
5234
5244
5294
5344
5410
5510
5470
Open
4990
5080
5160
5154
5170
5242
5290
5360
5510
5450
Volume Qpen_lnt
91333 * 167831
- Thursday, 24 February
High
1092
1156
1140
1176
1250
1312
Open
1072
1140
1130
1170
1240
Volume Open_lnt
2935 18570
down the growth in the nation's
milk supply. But USDA's
January milk production report
showed no such reaction to
economic signals. Milk
production in 20 major states in
January was 12 2 billion pounds,
up 4.7 percent from a year ago. =
Production per cow averaged
1,576 pounds per cow, up 58
pounds or 3.8 percent from a year
ago. And the number of milking
cows continued to increase.
January cow numbers were at
7.76 million head, up 69,000 head
prices
(Turn to Page A2B)
Jan 31 Dec 31 Jan 31
1999 1999 2000
1000 Pounds
60,757 25,082 79,060
247 223 298
457,990
8,381
154,890
621,261
Low
4960
5040
5110
5154
5160
5206
5290
5360
5510
5450
Last
1090
1156
1136
1176
1250
1312
Low
1072
1136 '
1124
1170
1240
1312
% chng
year ago
30 1%
20.6%
481,082
6 4%
166 7%
-11.4%
12.0%
7.5%
9,735
178,340
669,157
Lean Hogs
Date
02/24/00
02/24/00
02/24/00
02/24/00
02/24/00
02/24/00
02/24/00
02/24/00
02/24/00
Composite Volume Openjnt
02/23/00 7626 47459
Live Cattle
Daily Prices As ofThursday, 24 February
Date
02/24/00
02/24/00
02/24/00
02/24/00
02/24/00
02/24/00
02/24/00
Composite Volume Openjnt
02/23/00 15130 118407
Table 1. Chicago Mercantile Exchange Prices, Weekly Averages
18-Feb-00 11-Feb-00 4-Feb-00
Cheese:
500 lb. barrels
40-lb. blbcks
Nonfat dry milk:
Extra Grade
Grade A
Butter:
Grade AA 0.8933
Source: Dairy Market News, AMS, USDA
(http://www.ams.usda.gov/dairy/mncs/weekly.htm).
Chge
+ 12
+ 12
+ 4
+ 2
+ 2
+4
Table 2. NASS Weekly U.S. Average Survey Prices
12-Feb-00 5-Feb-00 29-Jan-00
Cheese:
500 lb. Barrels 1/ 1.0762
40-lb. blocks 1.1004
Butter 0 9115
Nonfat dry milk 1.0098
Dry whey 0.1787
Source: Dairy Product Prices, NASS, USDA
(http, //usda.mannhb. Cornell, edu/reports/nassr/pnce/dairy/1999/).
1/ Adjusted to 39% moisture.
Table 3. January Milk Production, for 20-Select States
Milk Cows Milk Per Cow *
State
1999 2000
—-1,000 Head—
122
248
1,368
7,694
* Numbers may not match USDA estimates due to rounding
Source: Milk Production Report, USDA.
Open
5590
6445
6355
6150
5700
5532
5580
Apr 00
Jun 00
JulOO
Aug 00
Oct 00
Dec 00
Feb 01
Apr 01
Jun 01
Open High
6990
7100
6855
6960
7215
7332
7435
6920
7040
6830
6942
7200
7310
7415
Feb 00
Apr 00
Jun 00
Aug 00
Oct 00
Dec 00
Feb 01
1.0960 1.0800 1.0855
1.1080 1.1100 1.1100
1.0300
1.0300
1999
-—Pounds—
119
246
1,358
7,763
Chge
Last
Low
-13
unch
Chge
Last
Low
6987
7097
6850
6960
7207
7332
7415
6895
7025
6792
6927
7187
7310
7412
1.0300 1.0300
1.0300 1.0300
0.9050
1.0842
1.1106
0.9096
1.0112
0.1809
Milk Production Change
from
1999 2000 1999*
-—Million Pounds
2000
1,936
11,679
Prev.
Open_lnt
22491
13538
4427
3846
2087
900
125
43
Prev.
Volume
5128
1804
208
280
115
83
Prev.
Open_lnt
5917
53565
28250
16342
7717
3934
2680
Prev.
Volume
2106
8354
2422
806
826
481
135
28-Jan-OO
1.0900
1.1100
1.0300
1.0300
0.9000
0.9575
22-Jan-OO
1.1156
1.1366
0.9054
1.0125
0.1802
1.0989
1.1152
0.8810
1.0084
0.1840
458
466
3,942
12,232
21-Jan-00
1.1000
1.1138
1.0300
1.0300
0.9163
15-Jan-00
1.1425
1.1627
0.9045
1.0116
0.1853
9.1%
11.0%
-1.8%
14.5%
0.6%
6.5%
0.3%
3.5%
8.1%
1.1%
-3.0%
10.2%
1.1%
2.4%
3.1%
4.4%
1.8%
5.1%
1.7%
0.3%
4.7%