Al6-Lancaster Farming, Saturday, March 24,2001 Markets Courtesy of Chicago Board and Mercantile Exchange Closing Bids: Thursday, March 22,2001 Corn 208 l/2[2oiTl/2l 205 f 205 [205 1/2 [205 1/4 -50 [j» 215 1/2J215 3/4| _ 213[ 213 i 213 1/2 1/4 _ -50 223 3/4[223 3/41220 3/4| 220 3/4 221 | 221 -50 229 1/21229 1/2i228 1/41 228 1/2 [228 1/2 lolDetff233 I/2] 2341 231| 231 231 3/4 [231 l/2j -4e| loawiiri 243' 243{240 1/4; 240 1/2 241 [240 3/4| 02Mdy 247 1/4 248 l/4l 24? f 247 1/2 |247 l/2i 02Jul I 02b fee 253 253 3/4 251 1/2 2561254 1/21 256 03 Dec Month iOpehing' High i Low | Soybeans High Lows -olKtay 438 1/2 439 1/2 433 1/2| OliJiU 444 445 439 1/2 4l£dg|44s 1/2 445 1/21438 1/2 443 443 diJan 454 ®ari46o 1/2 QSfoy p|r 02Nbv 446 l/2 478 483 MohthOpening Soybean Meal Month Opening High Low [•» < Closing Settle 149.3 149.6 147.8! 149.1 149.3 149. z[ -17 -25 OlMay 148.0 OUul 01 Aug 146.5 OlSep 146.0 OlOct 145.0 OlDec 145.3 023 am 145.8 02Mar 148.0 149.0 02May 02Jul 149.5 Month Opening j~ High | Low iSgtti&j Weekly Dairy Market Outlook Ken Bailey Penn State March 16, 2001 February Milk Production Down 0.9 Percent • February production was adjusted for an extra day in 2000. • Class 111 peaks at $l3 in September. • Class IV peaks at $14.10 in May USDA released the February milk production report today. Adjusted for an extra day for leap year in 2000, February 2001 milk production for 20 select dairy states was 11.2 billion pounds, down 0.9 percent. January revised milk produc tion, at 12.1 billion pounds, was down 1.6 percent. Production per cow in February for 20 select states averaged 1,440 pounds, down 66 pounds from a year ago. And, cow numbers for these states in February was 7.77 mil lion head, 10,000 head less than January 2001. The market is feeling the pinch. Buyers, commodity trad- GRAIN. CATTLE. HOG, & MILK BFP FUTURES MARKETS 437 454 { 451 461j460 1/2 4781474 1/2 483 1 ' High 483 148.2 146.5 147.3 147.5 147.4| 146.5 145.5 145.9 b 146.0 a 146.01 146.0 144.3! 144.6 b 144.8 a 144.7 145.0 143.51143.6 b 143.7 a 143.7 f 145.3 143.6 144.1 ' 144.4 144.3 145.8:144.6, 144.7 ; 144.7, 148.0 146.1 146.0 b; 146.1 a 146.1 149.0 146.5 1 146.8 <149.51147.01147.0 b|147.2 ai147.1T -20 ers, and speculators are all bet ting that the milk supply will be tight this year and commodity prices will be much higher. That sentiment is reflected in the dairy futures prices released today by the Chicago Mercantile Exchange (CME). The CME Milk Futures, or Class 111 futures prices, rose today to $11.38 per CWT for March and peaking at $l3 per CWT in September. The futures market is expecting Class 111 prices to rise quickly through the spring to $12.90 per CWT as early as July. There is expecta tion that cheese production will slow and available milk supplies will be rationed. The CME Class IV futures had even more price strength. Class IV futures prices are ex pected to rise from $13.40 per CWT in March 2001 to $14.10 in May. Prices thereafter will fall to $13.80 per CWT in June and rise to $13.90 by the fall months. Butter is the main driver of Class IV prices. The market is expecting butter to be tighter than cheese. Cash prices for cheese and (Turn to Page A 23) 252 I 255| _ -341 | Siillfe Daily Prices As ofThursday, 22 March 255 258 1/2 n Closing Closing T Settle [Net Chs| ® ate 434 434J./2 j 434 1/4' _j-90j 03/22/01 439 1/2 440 j 439 3/41 -96 1 03/22/01 439 438 1/2 (438 3/4; 03/22/01 - r 03/22/01 03/22/01 437 442 3/4 / 21 451 b|4sl 1/2 a|4sl 1/4| 4611 461 | 468 1/2 n! 474 1/2 ! 483 [ liPliiiii 147.0 I 146.9 252{ 442 442 1 468 1/2 474 1/2 483 -23 -24 -26 -24 -20 -15 -12 m Table 1. Chicago Mercantile Exchange Prices, Weekly Averages 16-Mar-01 9-Mar-01 2-Mar-01 23-Feb-01 16-Feb-01 Cheese 500 lb barrels 40-lb blocks Butter - Grade AA 1.5183 1.5050 Source: Dairy Market News, AMS, USD A (http://www. ams. usda. gov/dairy/mncs/weekly. htm) Table 2. NASS Weekly US Average Survey Prices Cheese 500 lb Barrels 1/ 1 2671 1.2408 40-lb blocks 1 2343 1.1968 Butter 1 4832 1.4644 Nonfat Dry Milk 10130 10131 Dry whey 0.2460 0 2408 Source: Dairy Product Prices, NASS, USDA (http://usda. mannlib. Cornell, edu/reports/nassr/price/dairy/1999/). 1/ Adjusted to 39% moisture. Lean Hogs Daily Prices As of Date 03/22/01 03/22/01 03/22/01 03/22/01 03/22/01 03/22/01 03/22/01 03/22/01 -50 Composite Volume Open_lnt 03/21/01 10938 47738 -50 -50 -50 i -40 i Live Cattle -961 -90, -80 03/22/01 03/22/01 -76 -80 -84 Composite Volume Openjnt -84 03/21/01 19472 127424 -64 Pork Bellies Daily Prices As of Date Mar 01 May 01 03/22/01 03/22/01 03/22/01 03/22/01 JulOl Aug 01 03/22/01 Feb 02 8075 8100 8050 8100 +lO 7 19 03/22/01 Mar 02 0 8100 8100 8100 +5O 0 2 03/22/01 Aug 02 7910 7920 7910 7920 0 0 Oats Month 'Opi^nl^j?|#|g|. OlMay IOS 3/41105 3/4,103 1/2 idlJul 109 109 1/4 107 1/41 OlSep 112 112110 1/21 OlDec 118 1/2 118 1/2J117 1/2 : 02Mar124 1/4 124 1/4{124 1/4 mm 10-Mar-01 3-Mar-01 24-Feb-01 17-Feb-01 10-Feb-01 - Thursday, 22 March Open High Low Last Chge 4455 4612 913 411 324 176 32 15 6375 6440 6337 6415 +23 6840 6950 6820 6947 +lOO 6405 6540 6395 6530 +ll3 6055 6190 6040 6152 +97 5355 5432 5340 5430 +7O 5130 5210 5130 5205 +65 5310 5325 5295 5325 +2B 0 5210 5210 5210 +2O Apr 01 Jun 01 JulOl Aug 01 Oct 01 Dec 01 Feb 02 Apr 02 Open High Low Last Chge 11829 4128 2035 1106 297 60 17 Apr 01 7715 7835 7702 7812 +BO JunOl 7215 7295 7210 7255 +25 Aug 01 7220 7240 7210 7235 +3 Oct 01 7415 7440 7405 7422 +5 Dec 01 7505 7525 7500 7515 unch Feb 02 7600 7615 7600 7615 +l3 Apr 02 7700 7730 7700 7730 +lO Thursday, 22 March Open High Low Last Chgo v opejjtoi 12 34 595 2088 111 517 11 151 8900 9010 8750 8995 +125 8920 9160 8800 9147 +2lO 8987 9180 8845 9180 +193 8850 9030 8800 9030 +l7B 1.2710 1.2685 1.2850 1.2600 1.2220 1.3120 1.2800 1.3180 1.2900 1.2190 1,5008 1.4663 1.3533 1.1958 1 1458 1.3416 1 0125 0.2476 1.1647 1.1064 1.3071 1.0127 0.2559 Prev. Openjnt 17953 15530 3921 3904 3609 2532 222 67 Prev, Open_lnt 44509 32818 24701 16417 7014 1434 531 1 1207 1 0853 1.2972 1 0144 0.2645
Significant historical Pennsylvania newspapers