Al6-Lancaster Fanning, Saturday, September 1,2001
GRAIN, CATTLE, HOG,
& MILK BFP
FUTURES MARKETS
Markets Courtesy of Chicago Board and Mercantile Exchange
Closing Bids: Thursday, August 30,2001
476
482
489
495
495
;1 497
«T
02Sep
m"
4901 490
m
Soybean Meal
Ken Bailey
Penn State
Aug. 24,2001
Cheese Prices Rise
On Unfilled Bids
Office Closed
Labor Day
On Labor Day, Monday, Sept.
3, Lancaster Fanning office is
closed. The office will reopen
Tuesday, Sept. 4.
For the Sept. 8 issue, there
are some deadline changes:
Public Sale and Mailbox
ads, 5 p.m., Friday, Aug. 31.
Classified, Section D ads
5 p.m., Wednesday, Sept. 5.
Classified, Section C, Farm
Equipment ads, 9 a.m., Wednes
day, Sept. 5.
General News noon,
Thursday, Sept. 6.
479
471
486 1/4
477 1/2
493
484 1/2
499 1/2
491
499 1/2|492 1/2
501 1/2;
Weekly Dairy Market Outlook
• Block and barrel cheese up
6 and S cents Friday.
• Butter prices hold at $2.15
per pound.
• Manufacturing milk is
short.
• Milk is flowing to fluid
markets.
Block and barrel cheese prices
rose six and five cents per
pound, respectively, Friday,
Aug. 24 at the Chicago Mercan
tile Exchange.
One car of blocks sold at $1.77
per pound. That was followed by
unfilled bids at $1.78 for blocks
and $1.68 for barrels. That
raised the settlement prices for
both.
Hot and humid weather a few
weeks ago reduced milk receipts
and component levels for milk
entering manufacturing plants.
Also, available supplies of milk
are moving into fluid plants that
are gearing up for the return of
school children. USDA reported
that 367 loads of milk moved
into the Southeast this week to
fill unmet needs. As a result,
473
474
480 1/2
481 1/2
488 1/4
488
494 1/2
494
496
494
cheese plants in the rest of the
U.S. reduced production sched
ules and cheese buyers are wor
ried about available supplies.
Grade AA butter prices at the
Chicago Mercantile Exchange
weakened slightly this week,
falling from $2.1550 per pound
Monday, Aug. 20 to $2.1525 per
pound by Friday, Aug. 24.
Butter is at very lofty levels.
USDA reports that butter
stocks are lighter than desired
for this time of year, and that
retail orders are mixed. This
contradicts the Cold Storage
report that indicates that July
butter stocks are 6.2 percent
ahead of a year ago
Butter prices are reaching
levels that are not sustainable
for very long. In other words, the
higher butter prices rise above
$2 per pound, the faster they
will likely fall later in the year
when the market finds the milk
supply is growing. That’s what
happened in 1998.
Adding to this concern oyer
butter prices is new information
Lean Hogs
Daily Prices As ofThursday, 30 August
Date
08/30/01
08/30/01
08/30/01
08/30/01
08/30/01
08/30/01
08/30/01
08/30/01
08/30/01
Oct 01 5770 5795 5675 5682
Dec 01 5360 5400 5315 5317
Feb 02 5510 5537 5460 5470
Apr 02 5710 5740 5675 5682
May 02 6220 6230 6175 6175
Jun 02 6495 6495 6485 6495
Jul 02 6240 6240 6240 6240
Aug 02 6010 6015 6005 6015
Oct 02 5482 5482 5480 5480
Composite VolumeOpenjnt
08/29/01 4706 47078
Live Cattle
Daily Prices As ofThursday, 30 August
p r p V
Open High Low Last Chge Vn | nmf [
622
7216
4116
2577
601
1706
171
Date
08/30/01
08/30/01
08/30/01
08/30/01
08/30/01
08/30/01
08/30/01
Aug 01 7125 7125 7080 7095
Oct 01 7300 7310 7255 7280
Dec 01 7450 7450 7392 7420
Feb 02 7600 7600 7560 7580
Apr 02 7775 7775 7730 7757
Jun 02 7410 7410 7380 7400
Aug 02 7450 7475 7450 7475
Composite Volume Openjnt
08/29/01 17009 103880
Pork Bellies
Daily Prices As ofThursday, 30 August
Date
08/30/01
08/30/01
08/30/01
08/30/01
08/30/01
Feb 02 7940 7990 7815 7872
Mar 02 8000 8000 7800 7880
May 02 8230 8230 8170 8230
Jul 02 8225 8225 8225 8225
Aug 02 7925 7925 7925 7925
Composite Volume Openjnt
08/29/01 653 2150
Oats
from USD A regarding butter
imports during the first seven
months of the year (January-
July). Imports within quota (li
censed imports) were 12.384
million pounds, up 26.8 percent
from the same period a year ago.
Out of quota imports, or higher
tier imports, were 15.210 million
pounds the first seven months of
the year, up from 0.061 million
pounds the same period a year
ago. In July alone, out-of-quota
imports, which are subject to a
very high tariff rate, were 7.153
million pounds.
The higher butter and cheese
cash prices have an obvious
impact on Class 111 and IV fu
tures prices. Class 111 futures at
the Chicago Mercantile Ex
change on August 24 settled at
$15.55 per CWT for August,
$15.75 for September, and $l5
for October, and then declined
to $13.28 by December. Class IV
futures on August 24 settled at
$15.04 per CWT for August,
$15.50 for September, and
$15.15 for October, and declined
to $13.65 by December. These
Open High Low Last Chge >rev *
Volume
3072
1338
154
88
Open High Low Last Chge „ Prev * Prev -
Volume Open_lnt
647 2092
2 31
2 21
2 6
0 0
-140
-142
-50
-40
+25
numbers indicate that dairy pro
ducers can look forward to two
more milk checks with mailbox
milk prices that will be higher
than the month before. There
after, it looks like milk prices
will begin to decline.
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 state of Pennsylvania.
Remember, these arc 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 2.28 bu„ 4.09 cwt.
Wheat, N 0.2 2.43 bu., 4.05 cwt.
Barley, N 0.3 —1.38 bu., 2.95 cwt.
Oats, N 0.2 —1.39 bu., 4.32 cwt.
Soybeans, No.l 4.63 bu., 7.72 cwt.
Ear Corn 62.04 ton, 3.10 cwt.
Alfalfa Hay —112.50 ton, 5.63 cwt.
Mixed Hay 113.75 ton, 5.69 cwt.
Timothy Hay —108.75 ton, 5.44 cwt.
Prev.
Openjnt
23435
12095
4099
1524
338
350
109
44
34
Prev.
Openjnt
887
43717
25056
19260
7698
6724
538