Al6-Lancaster Fuming, Saturday, August 19, 2000
GRAIN. CATTLE, HOG,
&MILKBFP
FUTURES MARKETS
Markets Courtesy of Chicago Board and Mercantile Exchange
Closing Bids: Thursday, Aug. 17,2000
Com
Daily Prices As of
Symbol:C
Open High
00 1784 1804
00 1880 1890
00 1910 1930
01 1960 1960
01 2026 2050
01 2102 2122
01 2180 2192
01 2246 2250
01 2332 2350
02 2520 2520
02 2490 2496
08/17/00
08/17/00
08/17/00
08/17/00
08/17/00
08/17/00
08/17/00
08/17/00
08/17/00
08/17/00
08/17/00
Total
08/16/00
Soybeans
Daily Prices As of
Symbol:SM
08/17/00 SEP 00
08/17/00 OCT 00
08/17/00 DEC 00
08/17/00 JAN 01
08/17/00 MAR 01
08/17/00 MAY 01
08/17/00 JUL 01
08/17/00 AUG 01
08/17/00 SEP 01
08/17/00 OCT 01
08/17/00 DEC 01
Total
08/16/00
Oats
Daily Prices As ofThursday, 17 August
Symbol:O
08/17/00 SEP 00
08/17/00 DEC 00
08/17/00 MAR 01
08/17/00 MAY 01
08/17/00 JUL 01
08/17/00 SEP 01
Total
08/16/00
Soybean Meal
Daily Prices As of
Symbol;S
Open High
00 4650 4664
00 4750 4764
01 4850 4864
01 4940 4964
01 5020 5050
01 5100 5130
01 5070 5070
01 5104 5104
01 5220 5230
08/17/00
08/17/00
08/17/00
08/17/00
08/17/00
08/17/00
08/17/00
08/17/00
08/17/00
Total
08/16/00
By Ken Bailey
Penn State University
August 11,2000
Block Prices Surge!
• CME block prices rise
to $ 1 2750/lb
• Barrel prices remain
weak
• Butter prices steady
New Penn State study
released
The dairy industry has just set
a record for weirdness The
‘93spread’94 between block and
barrel prices is usually $0.03-
-Thursday, 17 August
Volume Open_lnt
53946 396706
- Thursday, 17 August
High
1571
1567
1587
1595
1610
1625
1640
1637
1636
1650
1650
Open
1566
1555
1577
1585
1605
1615
1635
1637
1636
1650
1650
Volume Open_lnt
20009 90675
High
1014
1120
1210
1262
1316
1360
Open
1006
1120
1204
1256
1316
1360
Volume
2221
Open_lnt
15329
- Thursday, 17 August
Volume
33918
Open_lnt
125510
Weekly Dairy Market Outlook
$0 05 per pound. This spread
normally reflects lower packaging
costs for barrel cheese than for
blocks. But this spread can
change each week due to supply
and demand conditions. This
week things got really strange!
Barrel cheese prices at the
Chicago Mercantile Exchange
fluctuated between $1.0450 per
pound and $1.06 during the week
of August 7-11. This is below the
support price of $1.07 per pound
for barrel cheese. No barrel
cheese entered the Commodity
Credit Corporation this week
Chge
unch
-2
unch
-2
unch
unch
+ 2
Low
1546
1539
1553
1565
1578
1592
1612
1610
1610
1610
1620
Chge
Low
1000
1100
1196
1256
1316
1352
Last
1000
1102
1196
1256
1316
1352
-2
unch
-4
unch
unch
-2
Lean Hogs
Daily Prices As ofThursday, 17 August
Date
08/17/00
08/17/00
08/17/00
08/17/00
08/17/00
08/17/00
08/17/00
Composite VolumeOpenjnt
08/16/00 6857 38874
Live Cattle
Daily Prices As ofThursday, 17 August
+2
+ 10
Date
08/17/00
08/17/00
08/17/00
08/17/00
08/17/00
08/17/00
08/17/00
Composite Volume Openjnt
08/16/00 10754 119402
Lumber
Daily Prices As ofThursday, 17 August
08/17/00 Sep 00 23700 23900 22990 23130 -520
08/17/00 Nov 00 24800 24880 24400 24530 -170
08/17/00 Jan 01 25850 25850 25510 25510 -200
08/17/00 Mar Of 26230 26250 26050 26050 -140
08/17/00 May 01 26550 26580 26460 26460 -40
08/17/00 Jul 01 26960 26970 26920 26920 -30
08/17/00 Sep 01 27200 27200 27100 27100 unch
Composite Volume Openjnt
08/16/00 610 3650
Pork Bellies
Daily Prices As of
Date
08/17/00
08/17/00
08/17/00
08/17/00
08/17/00
under the dairy price support
program. Block cheese prices,
however, surged from $1 1875
per pound on Monday, August 7
to $1.2750 per pound by Friday,
August 11. The spread thus
ended the week at $0.2150 per
pound.
This is a very unusual situation
since barrels and blocks normally
move up and down together
Weak demand for barrel cheese
over the past few weeks has sent
barrel prices below support levels.
That would normally send block
(Turn to Pago A 24)
Open High Low Last Chge y 0p
3612 18776
2455 10693
562 3328
199 1641
15 585
0 138
12 69
Oct 00 5275 5340 5275 5307
Dec 00 5015 5085 5015 5065
Feb 01 5125 5180 5125 5165
Apr 01 5002 5050 4990 5027
Jun 01 5680 5690 5680 5682
Jul 01 0 5620 5620 5620
Aug 01 0 5470 5470 5470
Aug 00 6640 6647 6620 6632
Oct 00 6835 6845 6810 6822
Dec 00 6972 7000 6960 6982
Feb 01 7150 7170 7140 7155
Apr 01 7360 7370 7345 7362
JunOl 7142 7160 7142 7155
Aug 01 7130 7130 7125 7125
Date
Aug 00 6860 7130 6860 7115 +243
Feb 01 6510 6677 6502 6667 +137
Mar 01 0 6600 6600 6600 +45
May 01 0 6625 6625 6625 +lOO
Jul 01 0 6750 6750 6750 +B5
Composite Volume Openjnt
08/16/00 531 1581
Table 1. Chicago Mercantile Exchange Prices, Weekly Ave
11-Aug-00 4-Aug-00 28-Jul-00 21-Jul-OO 14-Jul-00
Cheese
500 lb. barrels
40-lb. blocks
Nonfat dry milk
Extra Grade
Grade A
Butter;
Grade AA 1.1950 1.1833
Source: Dairy Market News, AMS,USDA
(http://www.ams.usda.gov/dairy/mncs/weekly.htm).
Table 2. NASS Weekly US Average Survey Prices
Cheese:
500 lb. Barrels 1/
40-lb. blocks
Butter
1.1739 1.1843 1.2192
1.2212 1.2144 1.2280
1.1290 1.1274 1.1422
Nonfat dry milk 1.0049 1.0098 1.0124
Dry whey 0.1952 0.1965 0.1935
Source: Dairy Product Prices, NASS, USDA
(http://usda.mannlib.coniell.edu/reports/nassr/pnce/dairy/1999/)
1/ Adjusted to 39% moisture.
Open High Low Last Chge Prev ' „ Pr f V ;
6 Volume Open_lnt
2509 5438
4401 58636
2731 28087
526. 13445
442 7801
128 3459
16 2535
Open High Low Last Chge Prev * Pr ¥ eV ;
6 Volume Openjnt
336 1904
196 1173
30 290
27 211
17 47
4 21
0 3
Thursday, 17 August
Open High Low Last Chge y
151 265
372 1286
5 18
0 5
3 7
1.0520
1.2215
1.0300 10300 1.0300 1.0300 1.0300
1.0300 1.0300 1.0300 1.0300 1.0300
5-Aug-00 29-Jul-00 22-Jul-00 15-Jul-00 8-Jul-00
1 1730
1.2635
1.0580
1 1450
1.1550
1.1965
1.2190
1 1720
1.2115
1.1858
1.1483
1.2300 1.2030
1.2181 1-1841
1.1775 1.1685
1.0118 1 0066
0.1906 0.1884