il6-Uncttt*r Farming, Saturday, Junt 10, 2000
A 1
GRAIN. CATTLE, HOG.
&MILKBFP
FUTURES MARKETS
Markets Courtesy of Chicago Board and Mercantile Exchange
Closing Bids: Thursday, June 8,2000
Corn
Daily Prices As of
Symbol:C
06/08/00 JUL
06/08/00 SEP
06/08/00 NOV
06/08/00 DEC
06/08/00 JAN
06/08/00 MAR
06/08/00 MAY
06/08/00 JUL
06/08/00 SEP
06/08/00 DEC
06/08/00 DEC
Total
06/07/00
Soybeans
Daily Prices As ofThursday, 8 June
Symbol:S
06/08/00 JUL 00
06/08/00 AUG 00
06/08/00 SEP 00
06/08/00 NOV 00
06/08/00 JAN 01
06/08/00 MAR 01
06/08/00 MAY 01
06/08/00 JUL 01
06/08/00 NOV 01
Total
06/07/00
Soybean Meal
Daily Prices As ofThursday, 8 June
Symbol:SM
06/08/00
06/08/00
06/08/00
06/08/00
06/08/00
06/08/00
06/08/00
06/08/00
06/08/00
06/08/00
06/08/00
06/08/00
Total
06/07/00
Oats
Daily Prices As of
Symbol:o
06/08/00 JUL
06/08/00 SEP
06/08/00 DEC
06/08/00 MAR
06/08/00 MAY
Total
06/07/00
By Ken Bailey
Penn State University
June 2,2000
Cheese Prices Show
Modest Strength
-Both bloci
traded
Butter retrial
IDA announcei
meat once :
Thursday, 8 June
Volume Open_lnt
93165 451354
Open
5224
5234
5252
5320
5420
5480
5510
5540
5604
High
5254
5274
5286
5354
5434
5494
5544
5594
5620
Volume Opan_lnt
60825 177848
Volume Qpen_lnt
24304 115336
Thursday, 8 June
Open High
00 1114 1124
00 1174 1186
00 1244 1250
01 1312
01 1354
Volume Open_lnt
2527 16106
After weeks of stagnant prices,
the cheese market at the Chicago
Mercantile Exchange showed a
little price strength Barrel cheese
prices rose from $l.lO per pound
on Tuesday, May 30 to $1.1250
by Friday, June 2. Prices for 40-
pound blocks followed a similar
path, rising from $l.lO per pound
on Tuesday to $1.1250 by Friday
Butter prices remained
relatively strong this week at the
Chicago Mercantile Exchange
Grade AA butter traded at $1.33
barreL
Chge
-6
-6
-10
-6
-10
-6
-10
-12
unch
-2
unch
Low
5184
5210
5214
5274
5364
5434
5510
5540
5564
Chge
-7
-9
Low
1110
1170
1234
1312
1354
Last
1116
1174
1244
1312
1354
Weekly Dairy Market Outlook
Lean Hogs
Daily Prices As of
Date
06/08/00
06/08/00
06/08/00
06/08/00
06/08/00
06/08/00
06/08/00
06/08/00
06/08/00
Composite Volume Open_lnt
06/07/00 13122 36617
Live Cattle
Daily Prices As ofThursday, 8 June
Date
06/08/00
06/08/00
06/08/00
06/08/00
06/08/00
06/08/00
06/08/00
Composite Volume
06/07/00 10113
Lumber
Daily Prices As of
Date
06/08/00
06/08/00
06/08/00
06/08/00
Composite Volume Open_lnt
06/07/00 785 3205
Table 1. Chicago Mercantile Exchange Prices, Weekly Averages
2-Jun-00 26-May-OO 19-May-00 12-May-OO 5-May-00
Cheese:
500 lb. barrels
40-lb. blocks
Nonfat dry milk:
Extra Grade
Grade A
Butter:
Grade AA 1.3275 1.3017
Source: Dairy Market News, AMS. USDA
(http://www.ams.usda.gov/dairy/mncs/weekly.htm).
Table 2. NASS Weekly US Average Survey Prices
Chge
+ 2
Cheese;
5001 b. Barrels 1/
40-lb. blocks
Butter
1.0793 1.0855
1.0882 1.0863
1.2618 1.2045
Nonfat dry milk 1.0013 1.0106
Dry whey 0.1771 0.1760
Source: Dairy Product Prices, NASS, USDA
+2
+4
unch
-4
(http://usda. mannlib. comell. edu/reports/nassr/price/dairy/1999/).
1/ Adjusted to 39% moisture.
per pound on Wednesday, May 31
and fell to $1.3250 per pound by
Friday, June 2. USDA reports
that some buyers are questioning
why butter prices are so strong.
Yet they also reported that others
are asking whether current butter
stocks are adequate for late
summer and fall needs.
The cheese price strength,
while very modest, was surprising
since extra loads of milk had to be
processed over the weekend due
to Monday's holiday. USDA
-Thursday, 8 June
Open High
Jun 00
JulOO
Aug 00
Oct 00
Dec 00
Feb 01
Apr 01
Jun 01
Jul 01
Open High
6875 6892
6820 6845
7052 7067
7205 7227
7350 7360
7555 7560
0 7350
Jun 00
Aug 00
Oct 00
Dec 00
Feb 01
Apr 01
Jun 01
Open_lnt
107020
Thursday, 8 June
High
Open
JulOO 29200 29690 28900
Sep 00 29410 30100 29310
N6v 00„ 29200 29680 29190
Jan Of 29800 29850 29640
1.1131 1.0650 1.0725 1.0995
1.1113 1.0895 1.0870 1.1070
1.0300 1.0300 1.0300 1.0300
1.0300 1.0300 1.0300 1.0300
27-May-OO 20-May-00 13-May-00 6-May-OO
reported that the Memorial Day
weekend normally results in
surplus loads of milk generated
from fluid plants that shut down
for a long weekend due to
Monday's school closings.
So why is cheese prices
showing strength? Weather may
be playing a role here. Hot and
humid weather across much of the
South and Northeast may
negatively impact future milk
supplies. Cows don't feel like
Chge
Last
Low
Last
Chge
Low
6862
6805
7037
7197
7342
7545
7340
6855
6802
7030
7195
7340
7545
7340
Chge
Last
Low
+ 1000
+BOO
+3OO
+l5O
29690
29900
29530
29660
1.2892 1.1950
1.0816
1.0927
1.1363
1.0115
0.1750
eating much when it's hot and that
results in less milk output. USDA
reports this week that milk
production is declining in
Southern states from Georgia to
Texas. Hot temperatures in
Arizona and New Mexico are
resulting in less milk and lower
component levels.
The CME milk futures
contracts for Class 111 milk (the
Prev.
Openjnt
10202
16781
13420
7917
6033
1679
537
43
Prev.
Volume
4545
6075
3593
600
200
92
15
Prev.
Open_lnt
14395
46093
25910
8911
4520
4686
2505
Prev.
Volume
2703
4802
1824
607
93
55
29
Prev.
Open_lnt
2170
620
403
12
Prev.
Volume
569
148
67
1.1000
1.0925
1.0300
1.0300
1.1658
29-Apr-00
1.0709
1.0897
1.0904
1.0086
0.1759
1.0646
1.0977
1.0354
1.0068
0.1776
(Turn to Pago A3S)