Al6-Lancaster Farming, Saturday, April 14,2001 GRAIN. CATTLE. HOG. & MILK BFP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Closing Bids: Thursday, April 12,2001 I 209 1. __2l2 2111. _ 217J,/* 220 219 1/2 , 5 1/2[ 228 227 1/2 227 3/ __J_23s nj ' 2. ” 23 l/41 238 238 3/4 238 1A 41 3/41241 3/4 j 241 3/4 5 1/2 1 '«* 1247 1 247 3/4 258 3/4; 2611 __ 261,260 3/4 260 3/4 " |, 02066 261 1/2 264 3/4 261 263 1/4 |262 1/2 f 03Det| 264 264 1/2 264 264 1/2 Mortth [Opening [ High tol/V [ Closing .*• Soybean Meal I Month (Opening High ( r dlMayi JLS43 I QlJui i 151.3 152.8 150.7 151.7 ioiAug 149.5 150.8 148.9 149.7 Weekly Dairy Market Outlook Ken Bailey Penn State April 6,2001 Markets Remain Firm • Commodity markets remain strong. • Export demand strong. • CCC purchases slow. • Suiza/Dean merger. Prices for cheese and butter at the Chicago Mercantile Ex change (CME) remain strong and showed very modest gains this week. Barrel cheese prices rose from $1.31 per pound on Monday, April 2 to $1.3250 by Friday, April 6. Likewise, block cheese prices rose from $1.3550 per pound on Monday to $1.3650 by Friday. Even butter showed very modest gains, rising from $1.68 per pound on Monday to $1.69 by Friday. Cheese production continues to lag production levels from a year ago. Cumulative Cheddar cheese production during Janu ary February 2001 (adjusted for leap year) was down 8.6 percent 5 1/2| ' 252[: 257 i 248 1247 1/2 254 1/2 I 259 1/4 ! 261 relative to a year ago. Total cheese production during this same period was down 2.3 per cent. The futures markets are still reflecting higher milk prices. As of April 6, 2001 CME Class 111 settlement prices are $11.87 for April, rising to $13.20 by Sep tember. Class IV settlement prices as of April 6 are $14.30 for April, $14.25 for May, and level off at $14.45 for June through October. These are ex cellent prices for dairy produc ers who want to use the futures market to lock in price gains rel ative to 2000. What is showing signs of change is international demand for U.S. dairy products. USD A reported this week that export interest in whey, whey protein concentrate, lac tose, and even nonfat dry milk is increasing because of concern regarding European foot and mouth disease. While surplus sales of nonfat dry milk con tinue under the dairy price sup port program, USDA reported that sales this week were “the 254 1/2 260 259 1/2 260J3/4 262 3/41 ~ + 6 |264 1/2 -2 \s*m >lng 154. 5 154.4 8 1151.7 151. 8 1149.7 149. + 10 + 12 + 10 + 6 +6 + 12 + 12 + 12 + 10 Unch Oats Unch smallest weekly net purchase since December 1999.” Prices for nonfat dry milk in Central markets were mostly $1.0250- $1.0350 this week, up from sup port levels of $l.Ol in 2001. In other news, Suiza Foods and Dean Foods announced yes terday a merger between the two companies. The new company, to be named Dean Foods, will have nearly $lO billion in annual Table 1. Chicago Mercantile Exchange Prices, Weekly Averages 6-Apr-01 30-Mar-01 23-Mar-01 16-Mar-01 9-Mar-01 Cheese 500 lb. Barrels 40-lb blocks Butter Grade A A 1.6833 1 6692 Somce: Dairy Market News, AMS, USDA (http//www.ams usda.gov/datry/mncs/weekly him} Table 2. NASS Weekly US Average Survey Prices Cheese 500 lb. Barrels 1/ 1 2852 1 2759 40-lb blocks 1 2961 1 2762 Butter 1 6123 1 5460 Nonfat Dry Milk 10135 1.0115 Dry whey 0.2389 0 2388 Source: Dairy Product Prices, NASS, USDA (http.//usda tnannlib.cornell.edu/reports/nassr/price/dairy/1999/). 1/ Adjusted to 38% moisture. Lean Hogs Daily Prices As of Date 04/12/01 Apr 01 6535 6590 6515 6582 +22 04/12/01 JunOl 7150 7212 7140 7192 +l7 04/12/01 Jul 01 6795 6880 6795 6855 +35 04/12/01 Aug 01 6435 6515 6425 6485 +5O 04/12/01 Oct 01 5610 5620 5590 5607 3 04/12/01 Dec 01 5340 5360 5310 5320 +5 04/12/01 Feb 02 5480 5485 5420 5450 +3 04/12/01 Apr 02 0 5400 5397 5400 unch Composite Volume Open_lnt 04/11/01 10422 46201 Live Cattle Daily Prices As of Date 04/12/01 04/12/01 04/12/01 04/12/01 04/12/01 Apr 01 Jun 01 Aug 01 Oct 01 Dec 01 04/12/01 Feb 02 7560 7560 7530 7547 04/12/01 Apr 02 7680 7680 7665 7680 Composite Volume Openjnt 04/11/01 21065 127619 Pork Bellies Daily Prices As ofThursday, 12 April Date 04/12/01 04/12/01 04/12/01 04/12/01 04/12/01 04/12/01 May 01 JulOl Aug 01 Feb 02 Mar 02 May 02 Composite Volume Openjnt ‘ 04/11/01 770 3028 sales. Howard Dean, chairman and CEO of Dean’s Foods, will serve as chairman of the board of the new company. Gregg Engles, chairman and CEO of Suiza Foods, will be the CEO of the new company. As part of these transactions, Suiza has agreed to repurchase the 33.8 percent stake in Suiza Dairy Group that is owned by Dairy Farmers of America. The 1.3200 1 3605 31-Mar-01 24-Mar-01 17-Mar-01 10-Mar-01 - Thursday, 12 April Open High Low Last Chge 3176 4810 991 931 310 154 49 - Thursday, 12 April Open High Low Last Chge ?* rev ‘ * >reVf 6 Volume Openjnt 8067 21848 8019 45335 2102 25505 2180 21495 524 9666 160 2944 13 826 7782 7800 7740 7752 7210 7230 7192 7210 7185 7205 7180 7192 7350 7365 7342 7347 7447 7462 7440 7452 Open High Low Last Chge .. Prev * Prev " Volume Open_lnt 463 1949 254 762 42 283 9 25 2 5 0 4 8702 8880 8702 8825 -177 8810 8955 8770 8917 -148 8600 8757 8550 8740 -105 7600 7620 7550 7580 -70 0 7575 7575 7575 -100 0 8100 7975 8100 unch 1 2725 1 3280 1 2940 1 3430 1 6133 1 2783 1 2586 1 4879 1 0133 0.2390 -30 unch +2 +2 +5 -3 unch new Dean Foods company will be headquartered in Dallas, Texas; will operate in 39 states; will have 137 dairy facilities; and will employ 30,000 people. It is forecast to have 2001 aimual sales of $9,528 billion. It will be the single largest fluid processor in the U.S. For more detail see my Web site at http://www.aers.psu.edu/ dairyoutlook/ 1 2710 1.3120 1.2685 1 2800 1 5183 1.5050 3-Mar-01 1 2657 1 2381 1.4843 1 0131 0.2447 1.2408 1.1979 1.4666 1.0131 0.2405 Prev. Open_lnt 4411 23422 4591 5270 4660 3229 540 78
Significant historical Pennsylvania newspapers