Al6-Lancaster Farming, Saturday, October 13,2001 GRAIN, CATTLE. HOG. & MILK BFP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Closing Bids: Thursday, Oct. 11,2001 Soybean Meal 165.5 163.9 162.5 OlMar 160.2 Weekly Dairy Market Outlook Ken Bailey Penn State Oct. 4, 2001 Cheese Prices Weakening • Blocks and barrels down at the CME. • CME butter weakens. • Dairy production down in August. The impact of increased butter imports and weaker dairy product sales because of a slow ing economy are having an impact on butter and cheese prices at the Chicago Mercantile Exchange this week. Grade AA butter prices set tled ' at ‘51.70 per' poUhd On Wednesday, Oct. 3, down from $1.90 per pound last Monday, Sept. 24. And both blocks and barrels closed lower at the Chi cago Mercantile Exchange this week. As of Thursday, Oct. 4, bar- Looking into 2002, Class 111 rels were $1.55 per pound and Reduced levels of butter and prices are expected to remain blocks were $1.57 per pound. cheese production would nor- above $11.50 per CWT through Ihis was down trom $1.67 per mally result in strong commod- the spring. This is surprising pound for barrels and $1.71 for ity prices. However, weaker given the outlook tor more milk blocks on Monday, Sept. 24. demand for dairy products this an d weaker demand. Despite a USDA’s Dairy Product Pro- quarter must be occurring. limitation on dairy replace duction report was released Butter and cheese buyers in Chi- ments, the milk supply could today. As expected, butter pro- cago are likely anticipating still grow in 2002 if yield per cow duction in August was 76.5 mil- softer demand and are therefore recovers. And the most optimis lion pounds, down 8.5 percent trimming their purchases. tic forecasts for the U.S. econ relative to a year ago. Hot and . , , . omy expect no recovery until the humid weather in August de- . The lower cash cheese prices q H uarter of 20 02. Recall pressed butterfat production have weighted on the Class 111 that the Class 111 price averaged ancl' hulk volume. As a result, at the Chicago Mercan- S 9 ?4 Der cwx £ 2000 . So the ' rrtc"“txcnange. As ul (Jli. 4. tire Oats less cream was available foi pro cessing. American cheese pro duction in August was higher than expected at 286.8 million pounds, down just 1.7 percent. This was in line with the drop in U.S. milk production in August. Mozzarella cheese production was down 2.4 percent, and total cheese production was down 2.9 percent. Lean Hogs Date 10/11/01 10/11/01 10/11/01 10/11/01 10/11/01 10/11/01 10/11/01 10/11/01 10/11/01 Oct 01 5725 57305685 5687 Dec 01 5170 523051705192 Feb 02 5285 5355 52855327 Apr 02 5390 5447 5390 5427 May 02 6000 601059506002 Jun 02 6175 622561756225 Jul 02 5975 60005975 5997 Aug 02 5885 5905 5885 5897 Oct 02 5325 53505325 5350 Composite VolumeOpenjnt 10/10/01 16290 37493 Live Cattle Date 10/11/01 Oct 01 6905 695268526855 10/11/01 Dec 01 6947 699068806887 10/11/01 Feb 02 7295 734072557262 10/11/01 Apr 02 7500 753574807492 unch 10/11/01 Jun 02 7075 710070607075 +8 10/11/01 Aug 02 7115 713070907100 -2 10/11/01 Oct 02 7335 733572607265 -50 Composite Volume Openjnt 10/10/01 16821 98610 Pork Bellies Date 10/11/01 Feb 02 7200 732071157187 -38 10/11/01 Mar 02 7150 7265 70957140 +4O 10/11/01 May 02 7400 740074007400 -20 10/11/01 Jul 02 7290 732571907190 -40 10/11/01 Aug 02 7330 733073307330 unch Composite VolumeOpenjnt 10/10/01 1000 2407 market expects the September Class 111 price to be $15.89 per CWT. October Class 111 futures were $14.43 per CWT, well below the $15.40 level a few weeks ago. And Class 111 prices are expected to fall to $11.90 by December. This represents a sig nificant reduction from a month ago. r\ . i T .Previous Previous Open H.gh Low Last Chge Volume open Int 3654 5622 10499 21691 1255 5718 703 2761 50 588 75 618 36 208 5 125 13 162 r\ D ' li t . Previous Previous Open High Lo» Last Chge Volume Qpen 4015 7060 8493 49100 2757 27238 0 0 921 12487 435 2385 200 340 ~ . , , * Previous Previous Open High Low Last Chge Vo|ume open Int 755 2148 241 174 4 63 0 19 0 3 -15 -28 -13 outlook for Class 111 prices for 2002 looks pretty good. 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 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 2.27 bu., 4.06 cwt. Wheat, N 0.2 2.49 bu., 4.16 cwt. Barley, N 0.3 —1.42 bu., 3.04 cwt. Oats, N 0.2 1.42 bu., 4.42 cwt. Soybeans, No.l —4.22 bu., 7.05 cwt. Ear Corn 57.80 ton, 2,89 cwt. Alfalfa Hay —120.00 ton, 6.0 cwt. Mixed Hay— 116 25 ton, 5.81 cwt. iimuiny iifljrXfiitfS ion»o,uvc<
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