Al(H.anca*ter Farming, Saturday, April 1, 2000
GRAIN, CATTLE, HOG,
&MILKBFP
FUTURES MARKETS
Markets Courtesy of Chicago Board and Mercantile Exchange
Closing Bids: Thursday, March 30,2000
Daily Prices As ofThursday, 30 March
Corn
03/30/00 MAY 00
03/30/00 JUL 00
03/30/00 SEP 00
03/30/00 NOV 00
03/30/00 DEC 00
03/30/00 JAN 01
03/30/00 MAR 01
03/30/00 MAY 01
03/30/00 JUL 01
03/30/00 SEP 01
03/30/00 DEC 01
03/30/00 DEC 02
Total
03/29/00
Daily Prices As of
Oats
03/30/00 MAY 00
03/30/00 JUL 00
03/30/00 SEP 00
03/30/00 DEC 00
03/30/00 MAR 01
03/30/00 MAY 01
Total
03/29/00
Daily Prices As of
Soybeans
03/30/00 MAY 00
03/30/00 JUL 00
03/30/00 AUG 00
03/*3O/00 SEP 00
03/30/00 NOV 00
03/30/00 JAN 01
03/30/00 MAR 01
03/30/00 MAY 01
03/30/00 JUL 01
03/30/00 NOV 01
Total
03/29/00
Weekly Dairy Market Outlook
By Ken Bailey
Penn State University
March 24, 2000
U.S. Imports of Dairy
Products up in 1999
Dollar value of dairy imports
exceeds exports in 1999
Quota and non-quota cheese
imports up
US. cheese puces stable,
blitter prices higher
USDA just released numbers
for imports and exports for 1997-
99 this week. The numbers show
that higher U.S. prices for butter
and cheese attracted more imports
of dairy products, U.S. trade
agreements allow imports into
this country above certain levels
if higher tariffs are paid. Record
high prices for butter in 1998 and
cheese in 1999 allowed that to
happen.
Cheese prices at the Chicago
Mercantile Exchange this week
were relatively flat. Blocks
traded between $ 1.1050 and $l.ll
per pound; barrels were stuck at
$1.0925 per pound. NASS prices
for cheese were more interesting.
For the week ending March
18, prices for 40-pound block
cheese in Minnesota and
Wisconsin averaged $1.1457 per
High
2334
2420
2494
2544
2584
2624
2664
2704
2750
2764
2704
2676
Open
2270
2354
2430
2534
2524
2624
2632
2690
2720
2750
2674
2676
Volume Open_lnt
67993 496074
Thursday, 30 March
High
1212
1190
1214
1280
1342
1372
Open
1180
1164
1200
1260
Volume Open_lnt
1193 17639
Thursday, 30 March
Volume Open_lnt
36123 182547
pound, whereas cheese prices
everywhere else (mainly the
West) were $1.0861 per pound.
The average for the U.S.=
was $1.1004 per pound, just at
the support price level.
Butter prices were trending
higher this week at the Chicago
Mercantile=
Exchange. Grade AA butter
was $0.9850 per pound on
Monday, March 20, and=
was $l.ll per pound by
Friday, March 24. The NASS
survey price of butter for the
week ending March 18 was
$0.9520 per pound, reflecting
week-to-week increases in butter
prices. According to USDA,
cream availability is tightening,
butter production is lower, and
buyer interest is seasonally good.
USDA also released cold
storage numbers this week
Butter stocks at the end of
February 2000 were 92.4 million
pounds, 2.7 percent lower than a
year ago but 26.8 percent higher
than January 2000. Natural
American cheese holdings were
515.8 million pounds, 11.0
Last
2332
2416
2490
2542
2580
2624
2662
2704
2746
2764
2700
2676
Last
1210
1190
1210
1280
1342
1372
Low
1180
1164
1200
1260
1342
1372
(Turn to Page A 33)
Lean Hogs
Daily Prices As ofThursday, 30 March
Date
03/30/00
03/30/00
03/30/00
03/30/00
03/30/00
03/30/00
03/30/00
03/30/00
03/30/00
Chge
+ 62
+ 62
+ 60
+ 52
+ 52
+54
+ 52
+ 50
+ 50
+3O
+4O
+ 16
Composite Volume Openjnt
03/29/00
Live Cattle
Daily Prices As ofThursday, 30 March
Date
03/30/00
03/30/00
03/30/00
03/30/00
03/30/00
03/30/00
03/30/00
Chge
+24
+ 22
+ 14
+ 22
+2O
+26
Composite Volume Open_lnt
03/29/00 32745 128326
Table 1. Chicago Mercantile Exchange Prices, Weekly Averages
Cheese
5001 b barrels
40-lb. blocks
Nonfat dry milk
Extra Grade
Grade A
Butter:
Grade AA 1 -0392
Source: Dairy Market News, AMS, USDA
(.http://www.ams.usda.gov/dairy/mncs/weekly.htm).
Table 2. NASS Weekly U.S. Average Survey Prices
18-Mar-OO 11-Mar-00
Cheese
500 lb. Barrels 1/ 1.0892
40-lb. blocks 1.1004
Butter 0.9520
Nonfat dry milk 1 0072
Dry whey 0 1767
Source• Dairy Product Prices, NASS, USDA
(http://usda. mannhb cornell edu/reports/nassr/pnce/datry/1999/).
1/ Adjusted to 39% moisture.
Table 3. U.S. Imports of Dairy Products 1/
Commodity
Milk and Cream 2/
Other Fluid Products 2/3/
Dried Dairy Products
Cheese, Quota
Cheese, Nonquota
Butter
Casein
Milk Protein Concentrate
Other, Dairy Products
Total 4/
1/ Data may differ from U.S. Customs Service data,
2/ Quantity shown in kiloliters.
3/ Includes ice cream and yogurt.
41 Total volume not shown due to the use of mixed units.
Table 4. U.S. Exports of Dairy Products 1/
Quantity (in Metric Tons) 1/ Value (In $ 1,000)
Jan.- Dec. Jan.- Dec. Jan.- Dec. Jan.- Dec. Jan.- Dec. Jan.- Dec
1997 1998 1999 1997 1998 1999
Butter AMilkfat 14,989 8,951 3,208 25,904 14,221 4,511
Cheese & Curd 37,559 36,848 38,304 123,617 116,982 130,075
Casein 3,929 6,455 5,145 '20,450 24,862 25,450
Dry Whole Milk & Cream 48,607 51,294 17,605 76,181 72,340 21^419
Condensed & Evaporated Milk 9,347 8,026 4,821 6,417 7,326 3^646
Nonfat Dry Milk 62,134 72,916 120,858 109,348 120,601 167J09
Ice Cream - 36,902 38,206 39,701 83,313 82,167 84,692
Whey 124,229 119,728 126^236
Yogurt & Other Fermented Milk 7,404 7,024 7 798
Other Dairy Products 292,911 292,642 299^431
Total 1/ 869,774 857,893 870^967
Fluid Milk & Cream 2/ 43,658 32,352 18,280 34,288 26,625 16,228
Total Milk & Products 904,062 884,518 887^195
1/ Volume information for whey, yogurt and other fermented milk, other dairy products, and total milk and products is n
available as these commodities are reported in mixed units.
2/ Quantity shown in kiloliters.
Commodity
Open High
Apr 00
Jun 00
JulOO
Aug 00
Oct 00
Dec 00
Feb 01
Apr 01
Jun 01
10677 62384
Open
7182
6885
6945
7225
7390
7475
7680
Apr 00
Jun 00
Aug 00
Oct 00
Dec 00
Feb 01
Apr 01
24-Mar-00 17-Mar-OO 10-Mar-00 3-Mar-00
1.0925
1.1075
1.0300
1.0300
Quantity (in Metric Tons)
Jan.- Dec. Jan.- Dec.
1997 1998
9,024 12,950
998 1,548
10,311 15,646
98,213 121,354
40,732 44,872
10,956 31,919
65,025 70,394
28,392 39,848
20,735 30,694
Chge
Last
Low
Chge
Last
Low
7185
6880
6955
7235
7397
7470
7665
7135
6855
6937
7225
7387
7470
7660
1.0915 1 0970 1 1020
1.1150 1.1180 1 H6O
1.0300 10300 1.0300
1.0300 1.0300 1.0300
0.9800 0.9817 0 9733
1.0845
1.0949
0 9431
1.0106
0.1773
Value (In $1,000)
Jan.- Dec. Jan,- Dee.
1997 1998
8,499 13,264
5,106 8,936
15,947 20,819
352,682 429,781
188,348 199,592
19,292 61,332
280,952 295,579
104.649 137,170
50,838 72,888
1,026,313 1,239,361
Jan.- Dec.
1999
16,816
172
16,911
147,642
52,373
17,977
65,960
54.725
43,763
Prev.
Openjnt
14003
27216
7158
6826
3766
2752
505
147
10
Prev.
Volume
2575
5095
1471
875
311
337
13
Prev.
Open_lnt
34016
46496
23120
13311
5200
2995
3188
Prev.
Volume
13480
14638
2623
1466
341
85
112
4-Mar-00
26-Feb-OO
1.0837
1 0958
0.9264
1 0090
0 1799
1.0799
1.0978
0.8962
1.0087
0 1771
Jan.- Dec.
1999
16,972
28,884
21,926
491,074
224,088
32,680
238,774
151,197
86,483
1,292,078