Al6-Lancaster Farming, Saturday, May 19,2001
GRAIN, CATTLE, HOG,
& MILK BFP
FUTURES MARKETS
Markets Courtesy of Chicago Board and Mercantile Exchange
Closing Bids: Thursday. May 17,2001
Com
mm. 223 y 2
237 1/2
EWE 244 - 24 S
248 248 172
l/2; 253{
2601 262|
A-l i-
Soybeans
L 4 iivS^SHli
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430 435 1/21429 1/2 435 1/2 [434 1/2 435[
432 43 432 j 438 [438 1/2 [438 1/4, 1
447
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466 470 1
474
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157.4 160.0
152.8 154.7
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150.8 152.51
151.8 153.3
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153.0 153.8
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-rMBWP
Weekly Dairy Market Outlook
Ken Bailey
Penn State
May 12,2001
Cheese Market
Continues To Tighten
• CME cheese hits $1.60 per
pound.
• CME butter remains
steady.
• Futures market is mixed.
There are lots of things to talk
about this week.
The commodity markets at
the Chicago Mercantile Ex
change experienced mixed re
sults this week. Cheese prices
continued to strengthen. Block
cheese prices rose from $1.5850
per pound on Monday, May 7 to
$1.6025 by Friday, May 11.
Barrel cheese prices rose from
$1.5550 per pound on Monday
to $1.56 by Friday. Grade AA
butter, however, remained close
to $1.85 per pound this week,
despite a slight rally on Wednes
day.
Milk supply continues to be
tight for this time of year. USDA
reports a heat wave in Califor
nia and Arizona is taking its toll
on the milk supply there. Lack
of water is limiting forage pro
duction in most of the North
west. And dry weather in the
Northeast, particularly Pennsyl-
20 1/2
3/4
223
218
223 1/2
1/2
231 1/2
230
1/2
3/4
238 1/2
237
243
1/2
1/2
247
250
260
* £l l
l/2 t
452 456 1/2
{157.2 15;
\
152.5 15
150.7, 15
151.3 j 15
152.0 15
152.7) 15
151.5 153
■"I *
j 153.0 b 153.1 a 153.0
vania, is slowing the growth in
new crops.
USDA reports that the cheese
market is very tight. Cheese sup
plies are seasonally tight. Trad
ers report concerns about
availability of cheese later in the
year. Some may be stockpiling
available supplies. Alsu, USDA
reports that cheese yields are
seasonally declining because of
reduced fat and protein levels.
The butter market has
moderated some over previous
weeks but is still very tight. Pro
duction of butter has been lim
ited as processors sell the high
priced cream for other uses.
Stocks of bulk and print butter
are reported to be down. Retail
demand for this time of year is
reported “fair at best” by
USDA. However, offers of im
ported butter have reduced
butter prices in the U.S. Who
wants to buy butter for $2 per
pound, freeze it, and then find
butter prices in September
through November below these
levels?
The heifer market is reported
to be very tight for this time of
year. Springing heifers are fetch
ing $2,000-$2,200 per head in
Pennsylvania and as far away as
Idaho. I am also hearing reports
that heifer calves in the North
east are really expensive. Many
220 j 220 1/4
220 1/4
223 1/4
231 1/4
231 1/2 {231 1/2
238 1/4
245
248 [248 1/2 1248 1/4
253 {252 3/4
252 1/2 {
262~["
■JrJS.
448
456 1/
46
464 a
463 b
469 b
470 a
58 8 158.7
54.1 f 154.0 [_
.51.9 [151.9( 'J
52.4 1152J5j +l2
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201 1/4
209 -2
j 216 1/4
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1223 1/4
238 1/4
i
245
262 j +l4
If:?
448
— r _
+23
+ 11
+ 131
+ 12
+ 13
producers are concerned about
reduced availability of dairy re
placements.
Dairy producers should be re
ceiving their April milk checks
soon. They will be pleasantly
surprised. The April Class 111
price is $12.06 per CWT and the
Class IV price is $14.41 per
CWT. Component prices are
$1.9483 for butterfat, $1.5443
for protein, and $O.lOBl for
other solids.
The futures markets at the
Chicago Mercantile Exchange
report higher milk prices for the
next five months, but weaker
prices thereafter. The Class 111
futures as of May 11 were more
than $l4 per CWT for the
months June through Septem
ber, but fell thereafter to $12.47
by December. The Class IV fu
tures as of May 11 were strong
for most of the year, rising to
more than $l5 per CWT for the
months June through August,
but falling thereafter to $13.85
by December. Recall the Class
IV futures peaked at $l6 per
CWT a few weeks ago. The
market is convinced that the
threat of butter imports now and
greater milk supplies later in the
year should moderate prices.
Lean Hogs
Daily Prices As of Thursday, 17 May
Date
05/17/01 Jun 01 6790 6855 6730 6807 +77
05/17/01 Jul 01 6540 6580 6480 6525 +3B
05/17/01 Aug 01 6230 6260 6180 6205 +2O
05/17/01 Oct 01 5325 5380 5320 5337 +22
05/17/01 Dec 01 5100 5185 5100 5127 +57
05/17/01 Feb 02 5200 5255 5200 5250 +65
05/17/01 Apr 02 5230 5285 5230 5285 +55
Unch
Composite Volume Openjnt
05/16/01 6999 42024
Unch
Live Cattle
Daily Prices As of
+2
+ 2
-10
Date
+ 14
05/17/01 Jun 01 7210 7210 7160 7210 +
05/17/01 Aug 01 7217 7240 7170 7240 +
05/17/01 Oct 01 7400 7410 7340 7387 +
05/17/01
05/17/01
05/17/01
05/17/01
+ 34
+42
+42
Composite Volume Open_lnt
05/16/01 12556 113883
+36
Pork Bellies
Daily Prices As of
Date
05/17/01
05/17/01
05/17/01
05/17/01
05/17/01
05/17/01
Composite Volume Open_lnt
05/16/01 529 2760
Oats
Open High Low Last Chge
- Thursday, 17 May
Open High Low Last Chge
Dec 01 7430 7475 7415 7465 +
Feb 02 7460 7505 7450 7492 ■
Apr 02 7600 7655 7595 7650 -
Jun 02 7300 7335 7300 7335 ■
- Thursday, 17 May
Open High Low Last Chge .. ** rev ' ** r f v ;
r 6 6 Volume Open_lnt
7 64
490 2269
31 364
1 55
0 4
0 4
7610 7805 7610 7787 +207
May 01
Jul 01 7650 7840 7650 7782 +230
Aug 01 7475 7660 7460 7562 +192
Feb 02 6850 6850 6850 6850 +5O
Mar 02 0 6740 6740 6740 unch
May 02 0 6825 6825 6825 unch
Average Farm Feed
Costs for Handy
Reference
To help farmers across the state to down according to your location and the
have handy reference of commodity quality of your crop,
input costs in their feeding operations Com, No.2y 2.22 bu., 3.97 cwt.
for DHIA record sheets or to develop Wheat, N 0.2 2.31 bu., 3.85 cwt.
livestock feed cost data, here’s last Barley, N 0.3 —1.52 bu., 3.25 cwt.
week’s average costs of various ingred- ® ats > N 0.2 —1.41 bu., 4.41 cwt.
ients as compiled from regional reports Soybeans, No.l 4.07 bu., 6.80 cwt.
across the state of Pennsylvania. Ear Corn 60.42 ton, 3.02 cwt.
Remember, these are averages, so you Alfalfa Hay —104.25 ton, 5.21 cwt.
will need to adjust your figures up or Mixed Hay —101.75 ton, 5.09 cwt.
Timothy Hay 94.25 ton, 4.71 cwt.
Dairy Issue June 2!
Dairy issue is scheduled to
feature an interview with a
young couple new to dairying,
a new milk cooperative in the
central part of the state, research
into building a better milkshake,
and lots of news from the
dairy promotion frontlines.
The issue is June 2.
Don’t miss out!
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