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