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
<rices to imi
2001
• Current cheese and
>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