Al6-Lancaster Farming, Saturday, April 28,2001 GRAIN. CATTLE. HOG. &MILKBPP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Closing Bids: Thursday, April 26,2001 Soybeans MohttjOpening ' 424 l/2 430 l/2[ 437 439 1/2i [sBBfc , | 446 449 i|»f 430|423 3/4 428 1/2 j 429 428 3/41 +66 425 432 1/21424 1/2 _ 431 i 432 431 1/2 431!424 1/2 431 J 430 430 1/2 4261 420 1/2 424 429 1/2 | 430 436 439 1/2 I 446 449 | 455 1/2 n 462 463 425 462 469 i/ 2 474 469 l/2j Opening \ High f LoJ/y Soybean Meal Month [Opening High Low 01May r 150.7 154.2 150.7 OUul : 147.0 150.7 147.0 144.8 148.5 144.5 148.3 OlAug, OlSepJ dioct r 142.0 146.0 142.0 140.8 144.5 140.8 144.3 b 144.5 a 144.3 01 Dec 141.3 145.3 141.1 145.0 02JanI 02Mar 141.5 146.0 141.5 143.5 146.8 143.5 146.0 b 146.5 a 146.2 02May 144.5 145.8 144.5 145.0 b 145.5 a 145.2, ' 023Ult| 145.5 146.8 145.5 1 145.8 b 146.0 a 145.9 +34| Month|@penlngHigh Low Cidsing Weekly Dairy Market Outlook Ken Bailey Penn State April 20,2001 Futures Market Responds To Milk Production Report • March milk in 20 states down 2.2 percent. • Grade AA butter exceeds $1.90/pound. • March butter stocks down 20 percent. • Class IV futures prices reach $15.75/CWT. Information is coming to gether to suggest that the milk supply is much tighter than anyone thought earlier. USDA’s milk production report for 20 select states indicates that March milk production was down 2.2 percent from the same month a year earlier. Fifteen out of the 20 states had production declines from a year earlier. The cold storage report released today also sug gests that stocks of butter and cheese are below year-ago levels. The production losses in 226 1 229 3/4 n 236 1/4 236 I 243 1/4 243 { 248 1/2 254 1/2 256 1/2 263 1/2 r ItostoH 463 Closing Settle 153.8 154.2 154.0| +42 150.5 150.4 145.5 145.5 145.7 March were surprising. Produc tion for 20 select dairy states was 12.4 billion pounds, down 2.2 percent from a year ago. Febru ary milk production was down 1.6 percent after accounting for data revisions and leap year. Production per cow in March averaged 1,599 pounds, 33 pounds below a year ago. And cow numbers in March were 7.76 million head, 9,000 head less than February 2001. Arizona production was down 9.3 percent because of reduc tions in production per cow. Texas and Missouri had the highest production losses, down 15.5 and 10.9 percent, respec tively, because of fewer cows and reduced production per cow. Other states such as Ken tucky, Minnesota, New York, Ohio, Pennsylvania, Vermont, and Virginia had production de clines of 4-5 percent. Only the states of California (.3 percent), Idaho (0.1 percent) and Indiana ( .3 percent) had positive pro duction gains. The other major report that came out today was USDA’s 2 226 3/4 425 1/4 426 429 3/4 439 1/2 455 1/2 474 | 150.7 148.31 145.51 145.0 145.6! Cold Storage report. It showed butter stocks down 20 percent in March to 91.5 million pounds. Butter stocks are projected to get a tighter this year as butter production is restricted because of lower milk production levels and higher prices for cream. Butter is normally made in the spring when cream is readily available. However, competition from ice cream makers will ration available cream supplies to butter processors. The Cold Storage report also indicated that cheese stocks in March are below year-earlier levels. American cheese is down 8.8 percent to 493.3 million pounds. Other natural cheese is about even with a year ago. Total cheese is down 6.4 percent to 716.1 million pounds. The cash markets responded quickly to the new data. At the Chicago Mercantile Exchange, barrel cheese rose from $1.3525 per pound on Monday, April 16 to $1.43 per pound on Friday, April 20. Likewise, 40-pound block cheese rose from $1.3925 per pound on Monday to 26 1/2 +46 +46i Live Cattle 29 3/4 +9o| +B6 + 90 +92' +9Ol 449 + 94i + 941 +9O +IOOI SW + 45 Oats + 45 |M6nth Opening Hlgh:*k Low ■ Closing 1 Settle OlMay 107 3/4 108 107 107 1/2 107 1/2 ijoijlll 112 1/4 112 1/2 111 1/4 112 1/4 112 1/4 OlSep 114 3/4 114 3/4 113 3/4 114 1/4 i 114 1/4 l2O 3/4 120 3/4 120 120 1/2 | 120 1/2 ijbiMar 126 af j 126 +2 + 42 +46 +47 + 531 +42 +32 Lean Hogs Daily Prices As ofThursday, 26 April Date 04/26/0 J 04/26/01 04/26/01 04/26/01 04/26/01 04/26/01 04/26/01 Jun 01 JulOl Aug 01 Oct 01 Dec 01 Feb 02 Apr 02 Composite Volume Open_lnt 04/25/01 10290 43980 Daily Prices As of Date 04/26/01 04/26/01 04/26/01 04/26/01 04/26/01 04/26/01 04/26/01 Apr 01 Jun 01 Aug 01 Oct 01 Dec 01 Feb 02 Apr 02 Composite Volume Open_lnt 04/25/01 16828 116120 Pork Bellies Daily Prices As ofThursday, 26 April Date 04/26/01 04/26/01 04/26/01 04/26/01 04/26/01 04/26/01 May 01 JulOl Aug 01 Feb 02 Mar 02 May 02 Composite Volume Open_lnt 04/25/01 1082 3236 $1.4325 by Friday. The most surprising jump in milk prices, however, was in butter. Grade AA butter prices rose from $1.7250 per pound on Monday to $1.9350 by Friday. Butter buyers no doubt fear a shortage. The futures market strength ened appreciably in response to this news. You will recall last March 23 I predicted the market had topped out. Back then the September 2001 Class 111 fu tures at the Chicago Mercantile Exchanged reached $13.25 per CWT. That would represent a gain of $2.49 per CWT over a year ago. As of today, April 20, the Chicago Mercantile Ex change reported a Class 111 set tlement price of $13.85 per CWT for September 2001, a gain of $0.60 per CWT over my earlier call and a gain of $3.09 Average Farm Feed Costs for Handy Reference To help farmers across the state to have handy reference of commodity input costs in their feeding operations for DHIA record sheets or to develop livestock feed cost data, here’s last week’s average costs of various ingred ients as compiled from regional reports across the sfate of Pennsylvania. Open High Low Last Chge Prev ‘ Pr f v * Volume Openjtat 6514 22649 1348 5480 1282 5936 531 5485 517 3704 94 642 4 84 6900 6985 6867 6925 6640 6727 6627 6690 6330 6390 6300 6362 5440 5517 5440 5497 5190 5225 5190 5210 5325 5340 5325 5325 0 5282 5260 5282 Thursday, 26 April Open High Low Last Chge *, f rev * Volume 3747 7962 2305 1546 925 276 66 7572 7635 7552 7612 7150 7205 7142 7170 7160 7197 7155 7180 7322 7360 7315 7335 7422 7445 7407 7425 7465 7490 7465 7490 7615 7640 7615 7640 Open High Low Last Chge .. ®* rev " Volume 467 532 79 8310 8517 8310 8490 +ll3 8460 8680 8450 8677 +l4O 8265 8490 8240 8475 +95 0 7350 7350 7350 unch 0 7407 7407 7407 unch 0 7550 7550 7550 unch •4 it over the actual Class 111 price from a year ago. The gain in Class IV prices at the Chicago Mercantile Ex change was even stronger. On March 23 the September Class IV settlement price was $14.50, a gain of $2.56 per CWT over the actual Class IV price from September 2000. As of today, April 20, the Class IV settlement price at the Chicago Mercantile Exchange rose to $15.60 per CWT. That represents a gain of $l.lO per CWT from my earlier call on March 23 and a gain of $3.66 from the actual Class IV price from September 2000. Dairy producers interested in using the futures markets should take advantage of these higher milk prices. Prices may not stay this high throughout the rest of the year. Remember, these are averages, so you will need to adjust your figures up or down according to your location and the quality of your crop. Corn, No.2y 2.21 bu., 3.96 cwt. Wheat, N 0.2 2.31 bu., 3.85 cwt. Barley, N 0.3 —1.57 bu., 3.36 cwt. Oats, N 0.2 —1.38 bu., 4.29 cwt. Soybeans, No.l —4.04 bu., 6.75 cwt. Ear Corn 59.50 ton, 2.98 cwt. Alfalfa Hay —104.25 ton, 5.21 cwt. Mixed Hay 95.25 ton, 4.76 cwt. Timothy Hay 96.75 ton, 4.84 cwt. Prev. Open_lnt 5600 46849 25860 22456 10674 3553 1128 Prev. Open_lnt 1210 1646 344 28 Net Chg + 4 + 10 •f 4 + 4
Significant historical Pennsylvania newspapers