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<m Last Chge Vo|ume open
„ ... . , . . Previous Previous
Open High Low Last Chge v „|ume Openjnt
7031 35948
4016 30241
1060 14821
481 9681
111 3058
58 943
2 25
Open High Low Last Chge P ™ ious Previo “
6 Volume Openjnt
469 1608
166 444
20 287
4 56
0 13
140 j 139 1/
142 3/4
142 3/4
cheese production. That will
pressure the USD A to lower the
powder support price. Also,
more nonfat dry milk will enter
the dairy price support program,
and DEIP bonuses will have to
be bigger. This will increase the
cost of running these two pro
grams.
For more information on
dairy markets, see my Website
at http;//
dairyoutlook.aers.psu.edu/
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 OHIA 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 2.29 bu., 4.10 cwt.
Wheat, N 0.2 2.70 bu., 4.50 cwt.
Barley, N 0.3 —1.57 bu., 3.37 cwt.
Oats, N 0.2 —1.54 bu., 4.80 cwt.
ijiimHUHUitmjfimL'nV!
1/2
142 3/4
r.
Soybeans, No. 1 4.03 bu., 6.73 cwt.
Ear Corn 62.87 ton, 3.14 cwt.
Alfalfa Hay —133.75 ton, 6.69 cwt.
Mixed Hay —130.00 ton, 6.5 cwt
Timothy Hay —120.50 ton, 6.03 cwt.
Virginia Electronic
Feeder Cattle Sale
Richmond, Va.
January IS, 2002
Report Supplied By USDA
Southwest Virginia Board Sale
Special State Graded Sale at DalevlUe,
Jan. 14; Total receipts: 395 head sold.
Prices per cwt.
STEERS (Home Raised, BQA Gold
Tag); Bedford, Va. Med. and Lge. 1:
66 head, 675-850 lb, avg. 740 lb, 79.85.
STEERS (Home Raised); Stuart, Va.
Med.and Lge. 1:55 head, 875-1000 lb,
avg. 920 lb, 77.30.
STEERS; Med. and Lge. 1: Bluefleld,
Va. 59 head, 775-875 lb, avg. 840 lb,
80.80. Floyd, Va. 58 head, 775-950 lb,
avg. 850 lb, 80.10. Ceres. Va. 58 head,
775-900 lb, avg. 850 lb, 78.90. Dublin,
Va. 52 head, 875-1025 lb, avg. 950 lb,
78.00.
STEERS; Med.l, Small 1, and Med.
and Lge. 2: Pearls, Va. 47 head, 675-
850 lb, avg. 760 lb, 76.75.
* '»• Hit'll I
10155
11695
1649
2969
1024
692
532
304
13
139 1/2
142 3/4
Unch