Al6-Lancaster Fanning, Saturday, November 3,2001 GRAIN. CATTLE. HOG. &MILKBFP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Closing Bids: Thursday, Nov. 1,2001 So Soybean Meal Weekly Dairy Market Outlook Ken Bailey Penn State Oct. 26,2001 Dairy Commodity Markets Unsettled • Butter prices rise to $1.2675/pound. • Blocks rise half a penny. • Barrels drop 2.5 cents/ pound. • USDA announces Class 111 and IV formula changes. The dairy markets at the Chi cago Mercantile Exchange were mixed this week. Grade AA butter prices rose from $1.25 per pound on Monday, Oct. 22 to $1.2675 by Friday, October 26. Block cheese prices rose from $1.1950 per pound on Monday to $1.2025 by Friday. But barrel . prices weakened, dropping from $1.17 per pound on Monday to $1.1450 by Friday. USDA reports that the higher butter prices this week may indi cate greater buying interest. In creased churning activity is offset with buying interest as the retail industry stocks up on butter for the upcoming holiday season. The same can be said for the cheese market. The drop in barrel cheese prices this week, however, could be due to a 447 1/2 1446 3/4 [ 447 451 1/2 r 451 '451 1/4 455 1/2 short-term change in demand because of changes in food ser vice needs. USDA’s Dairy Market News had a very interesting quote this week regarding the market for nonfat dry milk, “The trade is concerned about the potential for changes in the support price for NDM.” Western prices for nonfat dry milk remain about support levels in the range of $0.93-$0.96 per pound this week. Despite this lower price for nonfat dry milk, excess in ventory continues to move into the Dairy Price Support pro gram. In addition, there are rumors that international prices for nonfat dry milk may be weakening. That implies less demand for U.S. produced nonfat dry milk in overseas mar kets. The Secretary of Agriculture has the authority to make one more adjustment in the CCC purchase prices for dairy prod ucts (cheese, butter, and nonfat dry milk) this year. I would in terpret this to mean that the Sec retary may decide to reduce the CCC purchase price for nonfat dry milk from the current level of $0.90 per pound to something lower. 456 Oats ware Valley College, Doyles town, (610) 690-2655. Pesticide Certification Exam, Luzerne extension, West UniversityoiDelawareTnenas of Ag Breakfast, Modem Ma- What will a drop in the CCC purchase price for nonfat dry milk mean to U.S. dairy farm ers? Well, the USD A will likely purchase less nonfat dry milk, we will export more nonfat dry milk overseas, and MPC imports will be curtailed. In addition, Class 111 and IV skim values will become equalized. That means Class I, 11, and IV values could potentially become lower and more volatile. Finally, USDA announced a final recommended decision re garding the Class 111 and IV for- Lean Hogs Date 11/01/01 Dec 01 5155 526051505210 11/01/01 Feb 02 5387 5430 5355 5420 11/01/01 Apr 02 5510 556555025505 11/01/01 May 02 6210 625061806207 11/01/01 Jun 02 6385 639763156330 11/01/01 Jul 02 6177 618561206130 11/01/01 Aug 02 6040 606060406060 11/01/01 Oct 02 5350 536753505350 11/01/01 Dec 02 5200 520051505150 Composite Volume Openjnt 10/31/01 7629 32921 Live Cattle Date 11/01/01 Dec 01 6792 683567706815 11/01/01 Feb 02 7115 718071157175 11/01/01 Apr 02 7325 736573107362 11/01/01 Jun 02 6860 690768526902 11/01/01 Aug 02 6825 687568256862 11/01/01 Oct 02 6970 702569707005 11/01/01 Dec 02 7140 720071407190 Composite Volume Open Jnt 10/31/01 12211 108757 Pork Bellies +52 Date 11/01/01 Feb 02 7075 7310 7050 7297 +287 11/01/01 Mar 02 7040 7260 7030 7260 +3OO 11/01/01 May 02 7235 740272007380 +278 11/01/01 Jul 02 7210 731072107310 +3OO 11/01/01 Aug 02 7200 730072007300 +3OO Composite Volume Openjnt 10/31/01 726 2496 (Continued from Page AID) 0 xi* 1.1 ¥ * Previous Previous Open High Low Last Chge Volume open lnt 4806 20598 1671 6401 607 3338 137 791 313 989 56 365 27 202 11 235 0 0 Open High Low Last Chge Volume Openjnt 7030 43487 2995 31185 1119 16640 563 13770 192 3097 67 554 0 0 ~ . _ T , Previous Previous Open High Low Last Chge Vo|ume open 703 2186 19 202 2 75 1 28 1 5 turity Center, Dover, Del., 7:15 a.m. York County cooperative exten sion meeting and banquet, York County 4-H Center, 6:15 p.m., (717) 840-7408. Penn State Dairymen’s Club annual meeting, Celebration mulas used in federal orders. Recall that USDA made an ear lier recommendation to create separate Class 111 and IV butter fat values. That decision was struck down in court with a fed eral injunction. In fact, the court came up with new formula changes. The current USDA de cision will result in very little changes in farm-level prices. The allowance for dry whey, used in the Class 111 formula, will increase slightly from $0.14 per pound to $0,159 per pound. +45 +25 -20 -40 -75 -60 -20 -10 +8 +4O +27 +37 +37 +6O Hall, State College, meeting N^^^^JMW^al^Classi^Sale uttany Ag Arena, State College, 11 a.m. Poultry Management and Health Seminar, Kreider’s Restaurant, Manheim, noon. Nutrient Management Voucher Training, Maryland exten sion, Chestertown, Md., 7 a.m.-9 a.m., also Nov. 15, 8 a.m.-lO a.m. and Dec. 3. 4-H Achievement Night, Dau phin County Agriculture and Natural Resources Center, 6:30 p.m., (717) 921-0135. Pa. Farm Bureau Annual Meet- ing, Hershey Lodge and Con- vention Center, thru Nov. 14. Agri-Energy Conference, Penn Stater Hotel, State College, Farm Transitional Seminar, Farm and Home Center, Lan caster, (preregistration re quired), 8:30 a.m.-3 p.m., (717)721-4416. ' Alfalfa Intensive Training Semi nar, Boise, Idaho, thru Nov. 15,(814)863-1019.
Significant historical Pennsylvania newspapers