Al6-Lancaster Farming, Saturday, December 15,2001
GRAIN, CATTLE. HOG.
&MILKBFP
FUTURES MARKETS
Markets Courtesy of Chicago Board and Mercantile Exchange
Closing Bids: Thursday, Dec. 13,2001
Corn _
Happening ~
[Mm 2063/4 207 1/2J204 1/4 207 1/2 j 207 (207 l/4f +4
2OB 2b9 1/2|207i/4(268 3/4i (208 3/4f +4
216121613/4(213 3/4(2161/4 l/2 +4|
l/2 223 1/2(220 1/2(223 1/4 |223 1/2 [223 1/4 +6i
[fljjfyt.,' 228; 229(225 3/41 228 1/2 [ 229J228 3/4 +6|
02Sep 232 1/2 232 3/4 230 1/2; 232 (232 1/2 |232 1/4 -il
02Dec 239 3/4 240! 237 239 1/2 240 (239 3/4 Unch|
;CtejMjar 247 1/4,247 1/4(244 1/4 247 1/4 | 247 1/4 +2!
jO|Jll|- 1 253 1/4,253 1/4(2493/41252 1/4 j 252 l/4( Unch 1
joUbbC 254! 254, 251} 254 | | 254 +lO
(Month Opening 1 High ;
Soybeans
ip . >-\ r >'-c|oslhaP-j. ' _ Ise^"
3 1 14 l/41433 1/2[4 i/4_ +1
1/. 38 | 437 ' l/2f7 +1
72 441?/ ' 2 L
Month Opening High ;Low s'\ r ' _
02Jan 433 1/2 436 431 1/2| 434 1/4 1433 1/2 [433 3/4 _ + 12|
02Mar 436 1/2 439 1/2 435 438 I 437 [437 1/2[J +10 ;
02May 441 1/2 443 439 1/2; 441 1/4 1441 3/4 1441 l/2[~ Vs!
02Jul 446 448 1/4 444 3/4 446 3/4 447 446 3/4 +l4,
02Aug[ 446 449 445 1/2,446 1/2 1 446 1/21 +l2
02Sepl 448 448 446 447 1 i 447) +l4|
02NOV 450 1/4 453 449 1/2 452 1451 3/4 [451 3/4| +^2;
033 an [ 1 458 nl 458 [” + 141
03Mar 463 1/2 n| 463 l/2[ +l4|
03Nov J I _ j 481 nj 481] Unch
MorithjOpemngHigh Low U -'k
Soybean Meal
Month Opening Chg
150.3 153.0 150.2 152.
OlDec
023 an .
02Mar
148.7 150.5|
146.8 147.8
02May
145.71146.51
02Jul '
146.6 147.5|
02Aug|
147.2 147.6
147.0 147.91
02Sep
02Oct
147.0 148.01
02Dec 148.7 150.0
03Jan
MdnthOpeningHigh Lqw
Weekly Dairy Market Outlook
Ken Bailey
Penn State
Dec. 7,2001
Butter, Cheese Markets
Remain Weak Despite
Holiday Sales
• Cheese prices weaken.
• Grade AA butter prices de-
dine.
• Butter and cheese produc-
tion up.
• International prices
weaker.
USDA reports that holiday
sales of dairy products are good,
but not enough to boost sagging
prices. At the Chicago Mercan
tile Exchange olock cheese fell
from $1.30 per pound earlier in
the week to $1.26 per pound by
Friday. Likewise, barrel cheese
prices fell from $1.2650 per
pound on Monday to $1.2150
per pound by week’s end.
Even butter wasn’t spared.
Grade AA butter prices slipped
from $1.26 per pound on
Monday to $1.2325 by Friday.
Western powder prices re
mained steady. Prices for West
ern nonfat dry milk ranged from
$0.90-$0.9375 per pound, just
above the support price level.
The October dairy products
.5 [ 153.0 152.?!
.0 I 150.5
148.4 150
.7 { 147.2 i 147.4 j
146.3 147
145.3 146.:»
146.2, 147.5 [ 147.3 1147.4 f
146.8 147.1 b|147.2 aj147.1|
147.0 147.3 b 147.5 a 147.4
147.0 147.3 b 147.8 a 147.5 j
148.4 150.0 i 150.01
, 149.5 bj 150.0 aj 149.7:
Clos^ig
report provided a mixed bag.
Despite milk production falling
below year-ago levels, October
butter production was up 6.9
percent and American cheese
production was up 3.2 percent.
The growth in butter production
probably had more to do with
availability of excess cream sup
plies. Total cheese production
actually fell 1.1 percent as other
cheese varieties dropped in pro
duction. Cream cheese and
Other Italian cheese production
fell 9.5 and 13.8 percent, respec
tively, in October relative to a
year ago.
The Dairy Products report
also indicated that manufactur
ers’ stocks of dry dairy products
such a$ dry whey, lactose, and
nonfat dry milk were all down
about 30 percent relative to a
year ago. That’s because
demand for these products has
been very strong. A lot of nonfat
dry milk is probably being used
in the cheese vat now that do
mestic prices have declined be
cause of a reduced support
price.
USDA reported this week in
Dairy Market News that world
prices for nonfat dry milk are
also falling due to slow interna-
+ 30'
150.2
+ 15,
+ 7i
j 146.5 i
+9
+9;
+6|
+4|
+ ll|
+ 13.
+9|
fiettle[§§P<|g|
tional demand. Prices for skim
milk powder in Oceania are re
ported to be $0.77-$0.83 per
pound. International buyers are
shopping around now that the
U.S. has announced the DEIP
program
So what does this mean for
U.S. milk prices? The Class 111
futures at the Chicago Mercan
tile Exchange today averaged
$12.31 per CWT for 2002. The
historical two-year average
Class 111 price (January 2000
November 2001) was $11.40 per
CWT with a high of $15.90 and
a low of $8.57. The five-year av
erage Class 111 price (January
1997-November 2001) was
$12.31 per CWT, with a high of
$17.34 and a low of $8.57. Thus
the current futures price ol
$12.31 per CWT for 2002 looks
fairly attractive, especially if you
think the milk supply will grow
more than 2 percent in 2002.
As for the Class IV price, the
2002 average from the Chicago
Mercantile Exchange as of today
was $12.58 per CWT. This price
does not have a very good histor
ical comparison since the Class
IV price is now just two years
old. For the last 23 months, the
Lean Hogs
Date
12/13/01 Dec 01 4530 457543254570 +5B
12/13/01 Feb 02 5160 528251605262 +127
12/13/01 Apr 02 5595 5675 5595 5660 +B5
12/13/01 May 02 6225 631062256310 +BO
12/13/01 Jun 02 6340 640063406400 +75
12/13/01 Jul 02 6155 620061506180 +55
12/13/01 Aug 02 5975 6030 5975 6030 +45
12/13/01 Oct 02 5240 526052405250 +2O
12/13/01 Dec 02 5020 50605015 5060 +4O
Composite Volume Open_lnt
12/12/01 5851 28282
Live Cattle
Date
12/13/01 Dec 01 6425 642563526370
12/13/01 Feb 02 6770 67876715 6720
12/13/01 Apr 02 7080 7085 7005 7010
12/13/01 Jun 02 6757 6770 6700 6702
12/13/01 Aug 02 6787 678767356737
12/13/01 Oct 02 6995 7000 6970 6977
12/13/01 Dec 02 7060 706070207020
Composite Volume Open_lnt
12/12/01 18535 95161
Pork Bellies
Date
12/13/01 Feb 02 7370 756773707540 +l7O
12/13/01 Mar 02 7440 7545 73807522 +lB2
12/13/01 May 02 7525 769075257690 +135
12/13/01 Jul 02 7725 772577257725 +l6O
12/13/01 Aug 02 7700 770077007700 +135
Composite Volume Open lnt
12/12/01 498 2383
Oats
warn ‘
240
IftgfPP 201 3/4
MHB[~ 150 1501147 1/2 147 1/2J ' 147 1/2
M 1501150 l/2f 150 150 f 150
mmmmmmmmmmmr
„ ... , . . . Previous Previous
Open H.gh Lo» Last Chge Vo|ume open|nt
1798 4518
2988 15335
512 4320
57 1115
339 1513
98 615
8 315
28 419
23 131
_ ..... . A Previous Previous
Open High Low Last Chge Vo , ume open Int
4246 9867
8556 43941
3552 19333
1323 13532
478 6033
105 1706
274 749
r\ . , ¥ ~,, Previous Previous
Open High Low Last Chge Volume Qpen Jnt
455 1890
24 290
16 153
1 41
2 9
v. -.3 ■«
__ __ 243 +321
1201 3/4 j 203 3/4 j 203 1/2 |203 1/2 +26 1
jlB6 1/2 187 1/4 1 87 187 j +l2
2401
243
2061
189
169 1/2
173
Class IV price averaged $12.84
per CWT with a high of $15.59
and a low of $10.73. Given the
outlook for lower nonfat dry
milk prices and continued op
portunities for butter imports in
2002, this also looks like a rea
sonable price for Class IV milk.
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
4°wn according to your location and the
quality of your crop.
Corn, No.2y 2.27 bu., 4.06 cwt.
Wheat, N 0.2 2.56 bu., 4.28 cwt.
Barley, N 0.3 —1.56 bu., 3.34 cwt.
Oats, N 0.2 —1.56 bu., 3.34 cwt.
Soybeans, No.l 3.02 bu., 5.04 cwt.
Ear Corn 62.13 ton, 3.11 cwt.
Alfalfa Hay —126.25 ton, 6.31 cwt.
Mixed Hay —124.25 ton, 6.21 cwt.
Timothy Hay —126.75 ton, 6.34 cwt.
243 r
172
National Sheep Summary
San Angelo, Texas
December 11, 2001
Report Supplied By USDA
At midwest market centers all classes
steady. At New Holland, PA slaughter
lambs steady; slaughter ewes steady to
5.00 higher. At Faith, SD slaughter ewes
and feeder lambs steady. At San Angelo,
TX slaughter lambs 5.00-9.00 higher;
slaughter ewes steady; feeder lambs firm
to as much as 8.00 higher. Estimated re
ceipts 9300 head for today. No report at
McMinnville, TN.
SLAUGHTER LAMBS; Choice and
Prime 2-3 90-150 lbs: San Angelo; shorn
and wooled 90-110 lbs 72.00-84.00; 110-
145 lbs 64.00-70.00. Midwest: shorn
58.00- wooled 51.00-58.00. New
Holland: wooled 80-110 lbs 70.00-85.00.
Virginia: no test. McMinnville: 80-110
lbs no test; 100-120 lbs no test.
SLAUGHTER EWES: San Angelo:
Good and Choice 2-4 30.00-38.00; Good
2-3 38.00-50.00; Utility and Good 1-3
45.00- Utility 1-2 35.00- 45.00;
Cull and Utility 1-2 28.00-35.00. Mid
west: Utility and Good 1-3 25.00-30.00;
Cull 1-2 20.00-25.00. New Holland:
Good and Choice 2-4 45.00-60.00; Utility
and Good 1-3 25.00-50.00. Billings:
Good 2-3 no test; Utility 1-2 no test; Cull
1 no test. McMinnville; Utility and Good
1-3 no test. Faith, SD: Cull and Utility 1-
2 32.00-33.25.
REPLACEMENT EWES; Medium
and Large 1-2: San Angelo: no test. Bill
ings: no test.
■ 1 - '
+ 28
+ 14
172
+4
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