Al6*Lancaster Farming, Saturday, September 23, 2000 GRAIN. CATTLE, HOG, &MILKBFP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Closing Bids: Thursday, Sept. 21,2000 Corn Oats Table 3. USDA Milk Supply and Demand Estimates Milk Production All-milk price Class 111 price 1/ Class IV price 1/ Weekly Dairy Market Outlook By Ken Bailey prices traded between $1.30 and Penn State University $133 this week at the Chicago September 15,2000 Mercantile Exchange. Barrel prices tell from $1 28 per pound on Monday, September 11 to $1 2425 per pound on Wednesday, September 13 However, barrel prices rebounded to $1 29 per pound by Friday, September 15 Butter prices at the Chicago Mercantile Exchange weakened some from last week, trading at a weekly average price of $1.1633 per pound USDA reports that churning activities are moderate to heavy in the West and that there is plenty of frozen butter available to the market. Current demand is fair to good I have heard of a number of opportunities for dairy producers to lock in milk prices for 2001. Various cooperatives are offering fixed price contracts for milk. USDA Outlook Optimistic for 2001 Milk production to de in 2001 Milk l utter prices stable The cheese market is struggling to maintain prices m the face of seasonally heavy volumes of offerings at the Chicago Mercantile Exchange. Milk production is seasonally declining and back-to-school demand for Class I uses has tightened things up However, cool weather in much of the U.S has resulted in a rebound in butterfat and protein levels. Nevertheless, block cheese | 183| 186 flB6 1/2 |lB6 1/4| +24 190 3/4 [lB7 1/4 194 + 22 199 202 1/4 202 202 207 209 3/4 209 1/2 209 1/2 216 l/jT[[ 217 [216 3/4f 193 3/4 192 214 1220 3/4 222 3/4 >rove in 190 1/4 190 194 1/4 222 3/41 +22 1 2000 billion lbs. 167.7 s/cwt 12.45 10.15 11.70 The question is, are these deals any good? The contracts I have Table 1. Chicago Mercantile Exchange Prices, Weekly Average! Qass l a is°pncr So, r w a hatwlS te 15-Sep-00 8-Sep-OO l-Sep-00 25-Aug-OO 18-Aug-00 Class 111 price average in 2001. Cheese; My estimates show that the 500 lb. barrels Class 111 price will average about 40-lb. blocks $lO 07 per cwt for this year. Nonfat dry milk USDA has a higher mean Extra Grade estimate of $10.15 for 2000. Grade A Most analysts expect the Class 111 Butter: price will be higher m 2001 due Grade AA 1.1633 1.1463 to a slower rate of growth m the Source: Dairy Market News. AMS.USDA milk supply. (http://www.ams.usda.gov/dairy/mncs/weekly.htm). USDA’s latest forecast is that Lean Hogs Daily Prices As of Date 09/21/00 09/21/00 09/21/00 09/21/00 09/21/00 09/21/00 09/21/00 09/21/00 09/21/00 + 22 + 20 + 201 + 20 Composite Volume Openjnt 09/20/00 8320 39131 Live Cattle Daily Prices As ofThursday, 21 September Date 09/21/00 09/21/00 09/21/00 09/21/00 09/21/00 09/21/00 09/21/00 Composite Volume Openjnt 09/20/00 10859 125940 Lumber Daily Prices As of Date 09/21/00 Nov 00 23850 23900 23250 23330 -500 09/21/00 Jan 01 24880 24910 24500 24620 -260 09/21/00 Mar 01 25930 26060 25620 25800 -140 09/21/00 May 01 26290 26360 26100 26100 -70 09/21/00 Jul 01 26600 26770 26550 26690 -190 09/21/00 Sep 01 26870 26960 26870 26960 +lOO Composite Volume Openjnt 09/20/00 869 3720 2001 Pork Bellies 167.5 Daily Prices As of:- Thursday, 21 September 12.70 11.10 11.40 Date 09/21/00 09/21/00 09/21/00 09/21/00 09/21/00 Composite Volume Openjnt 09/20/00 385 1947 fOn A AA’A’AAitAAi Thursday, 21 September Open High Low Last Chge Oct 00 5565 5637 5557 5632 Dec 00 5190 5247 5160 5245 Feb 01 5230 5280 5225 5277 Apr 01 5085 5145 5085 5102 Jun 01 5725 5767 5720 5757 5650 5675 5645 5670 5500 5512 5485 5512 0 4700 4680 4700 0 4580 4580 4580 JulOl Aug 01 Oct 01 Dec 01 Open High Low Last Chge Oct 00 6780 6792 6745 6790 Dec 00 6925 6952 6897 6950 Feb 01 7060 7085 7025 7080 Apr 01 7260 7290 7225 7277 Jun 01 6990 7005 6972 7002 Aug 01 7010 7012 6997 7000 Oct 01 7270 7290 7260 7285 Thursday, 21 September Open High Low Last Chge y ope ££; 640 2275 181 775 35 432 10 95 0 60 3 14 Open High Low Last Chge V( J™ e op Jjni 371 1896 11 38 0 6 3 5 0 1 6270 6345 6220 6305 +9O 6260 6332 6260 6325 +llO 6375 6400 6370 6370 +l2O 6400 6400 6350 6350 +55 0 6472 6472 6472 -3 Feb 01 Mar 01 May 01 JulOl Aug 01 1.2710 1.3190 10300 1.0300 1.0300 1.0300 1.0300 10300 1.0300 1.0300 1.0300 1.0300 Prev. Volume 4188 3204 519 277 111 -3 +5O -5 Prev. Volume 4595 3511 1432 909 379 30 -7 unch +lO +7 +2 -5 unch 1.1875 1.2930 1.2525 1.3275 1.2033 Prev. Openjnt 14073 17636 4368 1908 727 236 140 32 10 Prev. Openjnt 43126 45103 19077 10471 4427 2901 835 1.0820 1.2815 1.1620 1.2875 1.1875 1.1850