Al6-Lancaster Farming, Saturday, March 10,2001 GRAIN. CATTLE, HOG. &MILKBFP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Closing Bids: Wednesday. March 7,2001 Corn l/4 2151212 1/4 213 1/2 | |213 1/2 +2 222 3/4 219 1/4 220 1/4 220 1/2 220 1/4 Unch (CMMmp227 1/2 230 3/4 227 1/2 228 1/4 228 3/4 228 1/2 Unch |P™i~236 1/2 238 1/2 235 3/4 236 1/4 [236 1/4 Unch ffl||iB246 1/4 249 3/4 246 1/4 2471/4 247 3/4 247 1/2 +2 1/4 258 1/2 256 256 1/2 256 1/2 +4 264 264 3/4 262 1/4 262 3/4 263 1/4 263 +2 267 3/4 269 266 1/4 266 3/4 267 266 3/4 Unch 266 3/4 267 1/2 265 1/2 266 [ [ 266 -2 : * r r 267 nf r 267 Unch Soybeans l/2 _463[ 454 j 455 | 456 |455 1/2 QVMay459 1/2' 469! 459 460 1/2 461 1/2 | 461 467)476 l/2!466 1/4 468 1/2 J 469 1468 3/4 468 475 1/2 467 468 1/2 j 468 468 1/4 Ei 1/2 472 1/2| 464 465 J 465 469 477] 469f472 1/2 | 471 1/2 472 I l/2l 484 f 479 480J)| 481 a|4Bo 1/2 491491 1/21487 1/2490 b|49o 1/2 a[49o 1/4 ~|" [' 498 b| 500 a 499 | OilPl 507' 507 504 T 503 b[ 505 a 504 5ll 511 5091 510 I 509 |SO9 1/2 HigS/ __ Soybean Meal Month Low,! i^ettlojNetdhg j 01 Mar 157.5[159.8 156.6 157.0 p 157.2 | 157.1 f _ -14( OlMay 157.3 159.5 155.6 155.9 J 156.2 156.11 -221 j OUUI 1 157.3 159.5 155.6 f 156.2 [1156.0 (156.1 l -24; 156.8)158.3 154.8* 155.1 [ 155.1 -27, 7 156.0 157.2 154.0 154.0 [ .0 -30 [7 T 155.0 f? .31 -24 r Vr t ~ * 155. l F -26 OlAiigj OlSep foisy l ] ■W* 156.0 Weekly Dairy Market Outlook Ken Bailey Penn State March 2,2001 Cheese Production Down • American cheese produc tion down 5.1 percent. • Cheese prices very strong. • Butter prices up to $1.50/ pound. • February federal order prices announced. Cheese prices this week on the Chicago Mercantile Exchange were very strong with blocks trading $1.31-$1.32 per pound and barrels trading $1.28-$ 1.29 per pound. These are very high prices for the end of February and came as a bit of a surprise. These prices continue to re flect fear regarding the future milk supply. USDA announced today that production of Ameri can cheese in January was down 5.1 percent relative to a year ago. Total cheese production in January was off 1.2 percent. These higher cheese prices may weaken a bit in the weeks to Cheese production will in- (Turn to Page A 22) .W.V. . '.WViViV.W.W\ V.VikV V ‘ VV*V > ’ VVW»>, VVVVi. V<A 156.0 153 ] 156.5 j 153 156.0154 r crease seasonally as we enter the spring flush. And 198,000 pounds of Midwestern process cheese entered the Commodity Credit Corporation during the weeks of Feb. 26-March 2. But the real sign that cheese prices may ease a bit in the coming weeks is in the futures market. The Class 111 price for Febru ary was $10.27 per cwt, up $0.28 from January. It was based on a NASS survey cheese price of $1.1467 per pound. The rise in cheese prices during the last weeks of February and this week will show up in the Class 111 price for March. The Chicago Mercantile Exchange Class 111 futures price as of March 2 was $11.35 per cwt for March, an es timated $l.OB per cwt above the February price. However, that price is expected to decline to $11.05 per cwt in April and $ll.OB in May. Clearly the market is looking for cheese prices to soften some in the coming weeks but remain well above support price levels. 7 1 -22 -25 -22 -22 Lean Hogs Daily Prices As of Date 03/07/01 03/07/01 03/07/01 03/07/01 03/07/01 03/07/01 03/07/01 03/07/01 Composite Volume Open_lnt 03/06/01 10290 49510 Live Cattle Daily Prices As of Date 03/07/01 03/07/01 03/07/01 03/07/01 03/07/01 03/07/01 03/07/01 -20 -20 -16 -16 -16 +4 Composite Volume Openjnt 03/06/01 15319 132056 -16 -30 Pork Bellies -40 -14 Daily Prices As of Date 03/07/01 03/07/01 03/07/01 03/07/01 03/07/01 03/07/01 Composite VolumeOpen_lnt 03/06/01 724 3240 Oats Table 1. Chicago Mercantile Exchange Prices, Weekly Averages 2-Mar-01 23-Feb-Ol 16-Feb-01 9-Feb-01 2-Feb-01 Cheese: 500 lb. barrels 40-lb. blocks Butter: Grade AA Dairy Market News, AMS, USDA Source. (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 1953 1 1654 1 1441 1 1058 1 3416 1 3070 Nonfat Dry Milk 10121 10127 Diywhey 0 2443 0 2559 Source Dairy Pioduct Prices, NASS, USDA (http./Aisda mcumhb romell.edu/reports/nassr/pnce/dairy/1999/). to 39% moisture. - Wednesday, 7 March Prpv Open High Low Last Chge Y () | ume 5930 3206 729 187 165 68 6480 6480 6365 6400 6930 6945 6860 6937 6515 6535 6470 6530 6160 6190 6085 6157 5350 5360 5300 5327 5090 5090 5025 5057 5085 5150 5075 5150 5100 5100 5080 5080 Apr 01 Jun 01 JulOl Aug 01 Oct 01 Dec 01 Feb 02 Apr 02 - Wednesday, 7 March p rev . Open High Low Last Chge Vo , um g 7776 3718 1726 1550 387 19 142 8162 8182 7447 7470 7315 7340 7540 7565 7640 7672 7722 7725 7805 7830 Apr 01 JunOl Aug 01 Oct 01 Dec 01 Feb 02 Apr 02 Wednesday, 7 March Prev. Prev. Open High Low Last Chge Vo|ume open Mar 01 k 7BBO 29- j .**7s May 01 8067 8130 3'95 2179 JulOl 8100 8160 15 252 7975 7990 Aug 01 Feb 02 7430 7450 Mar 02 0 7450 1.2600 1.2900 1.2850 1.3180 1.5008 1.4663 24-Feb-01 17-Feb-01 10-Feb-01 3-Feb-01 27-Jan-01 -20 +l5 +l2 +l5 +l5 8070 8145 7385 7457 7275 7327 7490 7547 7605 7652 7700 7725 7805 7830 +3 + 10 ;mp 7955 +BO 7?82 8070 +l3 8050 8130 +4B 7915 7940 -20 7420 7450 +lO 7450 7450 unch 1.1880 1.1300 1.1480 1.1010 1.2220 1.2190 1.3533 1.3142 1.3308 1 1207 1 0853 i 2972 1 0144 0 2645 Prev. Open_lnt 26341 11389 3110 3737 2950 1776 181 26 Prev. Openjnt 63403 24867 22621 14121 5475 1265 303 1 0854 1 0802 1 2371 1 0154 0 2593 1 0946 1 0898 1.2874 1 0156 0.2576
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