Ai6-Uncastef Finning, Saturday, November 4, 2000
GRAIN, CATTLE, HOG,
&MILKBFP
FUTURES MARKETS
Markets Courtesy of Chicago Board and Mercantile Exchange
Closing Bids: Thursday, November 2,2000
Corn
OOMy 2081 209 208 208 1/2 209 ‘2OB 3/4 +64
211 213 [2IO 1/2 212 212 1/4 212 +6O
r*m[2lS 1/2 216 3/4] 215 216 [216 1/2 216 1/4j +62|
olMar 222 1/4 224 1/4 221 3/4 223 1/2 |223 + 601
230 1/2 231 3/4 229 1/4 231 ,231J./4 f 231 F +62
l/2 239 236 3/4 238 238 3/4 238 1/4 +56
243 1/2 245 243 1/4 244 ; 244 +52
|||pi|| 252 1/2 253 3/4 252 253 1/4 [253 3/4 253 1/2 +54
HK 268 272 268 270 | 272 271 +4O
269 269 2663/4 269 [ 269 +3O
Soybeans
l/2 473 473 1/2 473 1/4 +lO4
p|pao 1482 1/2(486 1/2j 481 j" 483 j 483 1/2)483 1/4 +96
492 i 49 5 1/2 490 3/4 492 1/4 492 3/4 492 1/2 +96
[||naV[49B 1/2 502 1/2 498 1/2(499 1/2| 500 |499 3/4 +94
506 f 5101 506 508 1/2(507 1/2]' 5081 +96
506 f 510 506 508 508 +9O
509 J 509 508 1/2 508 1/2 508 1/2 +B6
510(5141/2 510 512
Oats _ _
Month ;Opening j nigh [ ,>6!loiilitg ; v
OODecIOS 1/4 109 l/2|loB l/4[ 108 3/4 >lOB 3/4j +l4
01Mar(ll7 3/4 118 3M117 l/2j 118, lisi +l2
OlMay 122 123| 122 122 1/2 a 122 1/2* +l2
OUul 127 1/2 127 1/2 127 127 a 127 +6
OlSep 129 129 1/2 129 j 129 1/2 +2O
01Dec 134
Month Opening
Soybean Meal
Month Opening High I Low
OODec 172.2 172.5
OUan: 169.2 170.7
OlMar 168.0 169.5
OlMay 168.0 169.0
OUul 169.0 169.5
168.5 169.0
01 Aug
OlSep 168.0 169.0 167.0{167.0 b 167.2 a 167.1,
OlOct 167.0 167.0 166.0 166.5
OlDec 168.1 168.31167.51167.5 b 168.0 a +l7l
Month Opening High { Low i Closings jsottle fNetp<|||||j
Table 1. Chicago Mercantile Exchange Prices, Weekly Averages
27-Oct-OO 20-oct-00 13-Oct-OO 6-Oct-OO 29-Sep-OO
Cheese.
500 lb barrels
40-lb blocks
Nonfat dry milk
Extra Grade
Grade A
Butter
Grade AA
Source Dairy Market News, AMS, USDA
(http //www ams.usda gov/dairy/mncs/weekly htm).
Table 2. NASS Weekly US Average Survey Prices
21 -Oct-OO 14-Oct-OO 7-Oct-OO 30-Sep-00 23-Sep-OO
Cheese
500 lb Barrels 1/
40-lb blocks
Butter
1 0145 1 0964
1 1126 1 1993
1 1118 1 1238
Nonfat dry milk 1.0087 1 0138
Dry whey 0 1805 0 1823
Source Dairy Pioduct Prices, NASS, USDA
(http //iiscla.iiiannlib cnriiell.edu/repoits/nassr/pnce/dairy/1999/)
1/ Adjusted to 39% moisture.
134132 1/2
High ; LOW
170.6 171.2
169.0 169.9
168.0 168.8
167.51168.0 b 168.2 a 168.1
168.0! 168.5
167.5 167.8
1 0000
1.0395
1.0000
1 0200
1.0300 1 0300 1.0300 1.0300 1.0300
1.0300 1.0300 1.0300 10300 1.0300
1.1433
1.1425
129 1/2
133
; Settle Net Chg
Closing
|Settle|Net-Chg
Closing
171.3,
171.5
169.8,
169.7
168.81
168.6 168.5
167.8
,166.5)
1 0255
1 0855
0.9975
1 0505
1 1533
1.1392
1 2096
1 2629
1 1473
1 0148
0.18J7
1 2472 1 2365
1 2976 1 2906
1 1706 1 1600
1 0134 1 0129
0 1834 0 1837
1331
+4
+ 20'
+ 25'
+ 271
+ 24
+ 22
+ 181
+ «j
+ 151
1 1555
1.2175
1.1817
Lean Hogs
Daily Prices As ofThursday, 2 November
Date
11/02/00
11/02/00
11/02/00
11/02/00
11/02/00
Dec 00
Feb 01
Apr 01
Jun 01
JulOl
Aug 01
Oct 01
Dec 01
11/02/00
11/02/00
11/02/00
Composite Volume Open_lnt
11/01/00 6158 34959
Live Cattle
Daily Prices As ofThursday, 2 November
Date
11/02/00
11/02/00
11/02/00
11/02/00
11/02/00
11/02/00
11/02/00
Dec 00 7217 7235 7167 7172 -45
Feb 01 7385 7392 7335 7340 -37
Apr 01 7455 7475 7425 7442 -20
JunOl 7135 7165 7120 7125 -17
Aug 01 7130 7165 7130 7135 unch
Oct 01 7305 7330 7302 7317 +2
Dec 01 7420 7420 7400 7415 -10
Composite Volume Open_lnt
11/01/00 13569 125054
Pork Bellies
Daily Prices As ofThursday, 2 November
Date
11/02/00
11/02/00
11/02/00
11/02/00
11/02/00
Feb 01
Mar 01
May 01
JulOl
Aug 01
Composite Volume Open_lnt
11/01/00 587 2361
Weekly Dairy Market Outlook
By Ken Bailey
Penn State University
October 27,2000
U.S. Economy Slows in
Third Quarter
• GDP rose just 2.7
percent
• Blocks end the week
at $ 1.02/lb
• Barrels steady at
$ 1.00/lb
• November Class 111
futures below $9/cwt •
The government announced
today that the U.S. economy
slowed m the third quarter of this
year (July - September). The
Gross Domestic Product (GDP),
an overall measure of the U.S.
economy, fell from 5.6 percent
growth in the second quarter
(April 96 June) to 2.7 percent in
the third quarter. Many were
expecting a growth rate of 3.5
percent.
A general slowing of the
economy is not good news for a
dairy economy with surplus milk
production Demand for cheese
and other dairy products is linked
to growth m the general economy.
However, higher interest rates
would also slow down sales of
dairy products. Consumers would
have less money in their pockets
for eating out if interest rates went
up again. A general slowdown m
the economy makes it less likely
that the Federal Reserve will raise
Open High Low Last Chge
5120 5170 5120 5127
5360 5407 5360 5370
5250 5305 5250 5280
5950 5995 5950 5972
5800 5810 5780 5785
5597 5630 5595 5600
4820 4840 4802 4830
4590 4595 4560 4560
Open High Low Last Chge
Open High Low Last Chge v Prev> _ Pr . eV ;
& 6 Volume Openjnt
553 2166
30 101
1 58
3 30
0 5
5970 6072 5960 6027 unch
5980 6060 5970 6015 -27
0 6150 6100 6100 unch
6150 6152 6110 6152 +95
6180 6180 6080 6080 -120
Prev.
Volume
3809
1770
427
123
-18
-10
+ 13
+2O
+3
+ 13
-25
Prev.
Volume
6980
4053
1792
330
295
55
21
interest rates again this year So
the GDP announcement is
generally mixed news for the
nations dairy economy.
Market activity this week at
the Chicago Mercantile Exchange
(CME) has been slow. Both
block and barrel cheese prices
have remained below support
levels. Block cheese prices
remained at $1.02 per pound, and
barrel cheese held steady at $l.OO
per pound.
Only 316,800 pounds of
process cheese entered the dairy
price support program this week
In my discussions with industry
officials, it is no easy task to
move cheese into the Commodity
Credit Corporation (CCC) via the
dairy price support program. You
have to have special packaging
and you need a USDA inspector.
It has been a long time since
many cheese processors sold to
the government. My guess is that
we’ll start seeing large quantities
of cheese move into the CCC by
November
Last week’s Cold Storage
report may have contributed to a
weak outlook for dairy
commodity prices. USDA
reported that butter stocks as of
September 30, 2000 were at 84.8
million pounds, up 19 percent
(Turn to Pag* A 32)
Prev.
Openjnt
20659
8103
3472
1394
382
307
356
286
Prev.
Openjnt
62362
31395
18690
6892
4620
954
21