Al6-Lancaster Fanning, Saturday, January 19,2002 GRAIN. CATTLE, HOG, &MILKBFP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Closing Bids: Thursday, January 17,2002 Corn 216 1/4J216 1/4 213|213 1/2 |213 1/4 |213 1/zf -12 |SpM223 1/4[223 1/4 219 3/4(220 1/2 [220 1/4'[220 1/2 -12 iMj|229 1/4[229 1/4 226 1/2| 227 |226 1/2 |226 3/4[~ -14 MW^ 33 3/4 234 1/4i231 3/4 232 232[ "'-14 [fflpil 242 1/41 242 l/4[239 1/4 239 1/2 |239 3/4 [239 3/4 -20 249 1/2[249 3/4 247 1/4[247 1/4 247 1/4 -22 252 252 250 3/4[ 251 | “ [ 251 -14 255 3/4; 256 253 3/4 254 ~ " 254 -22 WF 2541254 3/4[252 3/4 253 1/2 _ 253 1/2 -12 |o#>ul 1 ! I J 258_n J_ 258 -10 |o4i>ec 2571 260 i 2571 257 I 257| Unch Month Opening High Soybeans Month Opening [High _ [low 02Mar 452 1/2 454 l/4[ 451 3_/4 f 449 1/2 [450 3/4 f -16 [o2May 457 1/2 459 l/2[ 452 f 457 [ 454 1/2 |455 3/4[ -20 02Jul 461464 1/2 456 1/2 460 1/2 459 [459 3/4[ -20 02Aug 460 1/21463 1/2(457 1/2| 459 b[459 1/2 a[459 l/4[~ -16 >o2Sep{ 461 463 456 [457 1/2 b[4sB 1/2 a| 02NOV [ 4641 466 l/2 [ 461 f jOSJarT; 466, 471' _466| 468 [ | _ 03Mar 474, 476| 471|472 1/2 b[473 1/2 af 473 f -20 03May _ _ , J__ i 477 n[_ _ ~ T U _7' 033ul [ ' 'f" f 480 n[ [ 48o| -40 lo3Novj 483 j 483 j 481 j 481 [ [ 481 [ iMon^ioT^giHTgi Soybean Meal 02Mar 162.7 163.0 160.1 161.9 ! 161.7 [161.8| -9 02May 157.9 158.0 155.2 156.9 j 156.7 [156.81 -11 02JUI 157.01 157.3{154.81 156.2 j 156.3 1 156.3} -7 oafe 02Aug 156.7 156.8 154.0 155.2 [ |155.2j -8 ■ 02Sep 155.7 156.0 153.5 154.5 b 154.8 a 154.7 -10 154.5 152.0 152.8 bf 153.2 a, 155.31155.5 152.5 154.2 | 154.0 J 154.0 j 154.01153.0|153.0 bf 153.7 a[ i j 153.8 b 154.3 a 02Oct 154.31 02Dec| 03Jan j 03Mar | 03May 03##l J I j MWh Opening High Xxt 1 1 rv • -> m- , , because of a slowing U.S. econ- Weekly Dairy Market Outlook o my . s ° me was rdated to the ** * strong wholesale/retail prices. Monday to $1.3750 by Friday. That was likely the reason for Only 7 carloads of butter traded the reduction in butter con hands. Again, traders are ques- sumption, tioning the price increase since On the other hand, the strong most anticipated lower prices demand for nonfat dry milk was after the holidays. USDA re- probably related to the fact that ports that churning activity cheaper supplies of protein from across the country is strong, overseas was not available. So, cream is readily available, and domestic nonfat dry milk was stocks of butter are readily used instead. Also, the milk available. supply was tight, making do- USDA released an estimate of mestic use of powder in cheese demand for dairy products for vats an alternative to using skim 2001. During the period August- milk. October 2001, consumption of The domestic price of nonfat dairy products relative to the dry milk is very close to the sup same period a year ago were as port level of $0.90 per pound, follows: butter 5.6 percent, Western nonfat dry milk last American cheese 1.6 percent, week was mostly $0.90-0.9250 other cheese 7.0 percent, nonfat per pound. The global price of dry milk 38.0 percent, and fluid nonfat dry milk is dropping rap milk products 0.6 percent. idly. The Northern EU price fell So what does this data for from $1 per pound in January consumption mean? It suggests 2001 to $0.76 by December. This what we already know: that has big implications for the U.S. demand for cheese and butter If the global price continues to slowed significantly the last fall, it will become more profita uuarter of 2001. Some of this de- ble to. import Milk Protein Con crease was related to the events centrates than to use domestic surrounding Sept. 11 and some sources of nonfat dry milk in Ken Bailey Penn State Jan. 14,2002 Cheese Prices Strengthen • Blocks and barrels higher. • Butter edges up. • Demand picture for 2001 mixed. • Global price for nonfat weakens. Cheese and butter prices edged up slightly last week at the Chicago Mercantile Ex change. Blocks rose from $1.2550 per pound on Monday, Jan. 7 to $1.3450 Friday, Jan. 11. Barrels rose from $1.2550 per pound on Monday to $1.3150 by Friday. USDA reports that some trad ers are questioning whether these price increases are justi fied by supply and demand. That means it is possible these increases are short term. Grade AA butter prices rose from $1.35 per pound on, 155.0 a { 154.0 b 154.5 b[155.0 a 154.8 -17 IMHI 458 -24 461 3/4 -22 468 [ -20 477| -30 153.0^ -10 154.1 153.4 -13 154.1 154.5 -15 Lean Hogs Date 01/17/02 Feb 02 5655 5675 5625 5632 01/17/02 Apr 02 6120 614060856110 01/17/02 May 02 6600 6625 65706595 01/17/02 Jun 02 6650 667066206632 01/17/02 Jul 02 6310 632062906307 01/17/02 Aug 02 6060 607060206055 01/17/02 Oct 02 5235 52405225 5225 01/17/02 Dec 02 5055 5057 50555057 01/17/02 Feb 03 5285 5285 52855285 Composite Volume Open_lnt 01/16/02 8711 29033 Live Cattle Date 01/17/02 Febo2 7125 712770807107 01/17/02 Apr 02 7420 742073627395 01/17/02 Jun 02 7015 701569757000 01/17/02 Aug 02 7005 700569707000 01/17/02 Oct 02 7205 72057175 7182 01/17/02 Dec 02 7225 722572057215 01/17/02 Feb 03 7320 732073107310 Composite Volume Open_lnt 01/16/02 12760 94717 Pork Bellies Date 01/17/02 Feb 02 7660 770075607575 +23 01/17/02 Mar 02 7655 770575557555 unch 01/17/02 May 02 7780 780577107710 +5 01/17/02 Jul 02 7825 784077207720 -30 01/17/02 Aug 02 7600 765076007600 +25 Unch IMS Composite Volume Open lnt 01/16/02 660 2409 192 194,190 l/2|192 1/4 |192 1/2 |192 1/4 + 22| lIHT 176|177 l/4j174 l/4i174 1/4 | |174 l/4[ "+4| MM 159) 159 156 1/ 1/4 1561/4 -22| __ F ' 139 b[ _ f 140 142 3/4 Previous Previous Open H.gh L