Al6-Lancaster Farming, Saturday, February 2,2002 GRAIN, CATTLE, HOG, & MILK BFP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Closing Bids: Thursday, January 31,2002 Corn BSKaWJi'WliraMBM 1 igjli 205 1/2[207 1/2|205 1/2| 206 [206 1/4 206[ (gMg|2l2 3/4[214 l/4f212 l/2f212 3/4 |2131/4 213 pMF2I9 l/4l "221|2191/4| 220 |219 1/4 BBSjHfsSS 3/4j 227)225 1/4 225 1/4 1225 1/2 225 174 Kff18233~172f _ 235)233 1/4|233 1/2 1 233 3/4 [233 3/4 ~ [0»[241 1/4)242 1/2)240 3/4)241 1/4 )241 1/4 ||oBi _ 246 246 1/2 (245 1/4 [245 3/4 j 2 4 5 3/4 249)249 3/4 248 1/4 248 1/2 [248 3/4 2483/4 LPKP^i24B 1/4T 249) 248)248 1/2 [248 3/4 [248 3/4 I f ~ 255 n | 255 wbmmt i r r 253 n) Soybeans 428 431 1/4 425 1/2 431 |429 1/2 )430 174 433)4343/4 430 434 1/2 433 1/2 434 436 1/2)439 1/2)434 1/41 437 1437 3/4 1437 1/4 1 1 j ~[ 1 — 02Aug 437 440 435 439 440 439 1/2 I’I'JWW-T 1 i f - .<£SStt 437 439 1/2 436 1/2 436 1/2 436 1/2 |444 1/2) 440)443 1/2 | 443 {443 l/4[ ■W>' 1 ‘W»| r- ' . PJJap||446 1/2 450 1/2 446 1/2 450 450 454 455 454 455 455 r " yp ir, '"*CT?*p —■ — 1 -i - . PSMPIS 458 n m 1 1 r«2 Soybean Meal :02Mar! 149.7 1 152.0|148.2[ 151.5 152.0 f 151.7( +lB’ 02May 146.3 149.0 145.51 148.5 ) 149.0 f148.7[ +lB )02JUl I 146.7 148.5)145.61 148.0 ) 147.8 f 147.9) +l2) 146.3 147.5 145.71147. 02Aug 02Sep 146.7 jo2Oct | 145.5 ;02Dec j 03Jan , 03Mar; 146.8 146.0 148.5! 03May 149.0 03Jill i 150.0 150.0 148.5 148.5 | [ [isd.b b] 03Oct .f 03Dec[ 'Month [opening{High , Weekly Dairy Market Outlook Ken Bailey Penn State Jan. 25,2002 Market Unchanged • Cheese prices hold steady. • Butter down slightly. • Preliminary analysis of a butter/powder tilt. Not much changed this week at the Chicago Mercantile Ex change. Barrel prices remained unchanged at $1.35 per pound, blocks down half a penny to $1.3850 per pound, and Grade AA butter down 2.25 cents to $1.3175 per pound. USDA reports that the butter market is weak. Churning schedules are seasonally active, there is plenty of milk and cream available, and stocks at the end of December 2001 were twice what they were a year ear lier. Part of the problem with the buildup in stocks was the unusu ally high price of butter for most 147.3] 145.5 j 146 146.01144.61 146! 147.2 j145.4| 147! 146.7 146.0 146 148.5|147.5 148 149.01148.01 148 150.0 b S' Low. of 2001. The other problem was imports were significant. Final numbers from USD A for 2001 indicate that licensed butter im ports totaled 15.0 million pounds, just shy of the 15.4 mil lion pound quota. Imports of high-tier butter (over quota butter), which is subject to a high tariff (import tax), were 26.1 million pounds for 2001. Given that over-quota butter imports in 2000 were just 272,128 pounds, this represents an increase of 9,478 percent (is my math wrong here??). The market for nonfat dry milk continues to be weak. Prices for Extra Grade and Grade A nonfat dry milk was mostly $0.90-$0.9250 per pound in the West. This is very close to the USDA support price of $0.90 per pound. As a result, nonfat dry milk continues to move into the support price program. Since Oct. 1 2001, approxi mately 126.3 million pounds of 6 f 147.2 5 | 146.3 147.1 146.4 0 | 145.8 145.9 0 146.8 146.9 146.7 146.6 i4s!s 148.0 148.5 f +5 [152.0 a 151.01 -10 152.0 a 151.0 Closing' Settle Unch Unch 219 3/4| Unch Unch Unch 253| Unch + 24 + 16 + 10 +36 -10 + 12 + 20 + 10 458| +lO + 10 +4 + 5 Oats +6 Unch Unch + 5 Unch -10 ||e£ch nonfat dry milk have entered the dairy price support program. Uncommitted inventories total 738.1 million pounds. That com pares to a total of 406.1 million pounds a year ago. There are rumors that USDA is going to readjust the butter/powder tilt. What impact will a reduction in the support price for nonfat dry milk have on milk prices? A reduction in the support price from $0.90 to $O.BO per pound will result in a reduction in the western price of powder. I am “guestimating” that western powder prices will decline from an average price of $0.9125 per pound to about $0.85 per pound. At that price, more nonfat dry milk will end up in the cheese vat. It is possible that the west ern price of nonfat dry milk could also fall all the way to $O.Bl per pound. A reduction in the wholesale price of nonfat dry milk will di rectly reduce both Class II and IV prices, which depend on the NASS survey price of nonfat dry milk. It will also knock some of Lean Hogs Date Feb 02 5590 563055325625 +3 Apr 02 6090 612060306090 -30 May 02 6655 6665 6600 6665 unch Jun 02 6695 6710 6645 6710 -2 Jul 02 6320 636062976360 +lO Augo2 6120 614060856137 -8 Oct 02 5270 5282 5255 5282 -8 Dec 02 5065 5070 5065 5070 -10 Febo3 5215 521552155215 -10 01/31/02 01/31/02 01/31/02 01/31/02 01/31/02 01/31/02 01/31/02 01/31/02 01/31/02 Composite Volume Open_lnt 01/30/02 6645 29999 Live Cattle Date 01/31/02 Feb 02 7377 740573607375 01/31/02 Apr 02 7565 759075407552 01/31/02 Jun 02 7080 7095 70627072 01/31/02 Aug 02 7065 708270557062 01/31/02 Oct 02 7230 724072157222 01/31/02 Dec 02 7275 728572657277 01/31/02 Feb 03 7380 738573707385 Composite Volume Open_lnt 01/30/02 20032 92540 Pork Bellies Date 01/31/02 Feb 02 7562 756274257500 01/31/02 Mar 02 7620 762074707545 01/31/02 May 02 7740 775076607685 01/31/02 Jul 02 7780 781077507767 01/31/02 Aug 02 7600 760076007600 Composite Volume Open_lnt 01/30/02 1227 2457 the wind out of the “higher of’ that determines Class 1 milk prices. My initial estimate is that the Class IV price will drop by $0.47 per CWT. I didn’t esti mate what impact this would have on cheese prices. For the Northeast federal order, which is about 40 percent Class I, this will reduce the uniform price by about $O.lB per CWT. The drop could be higher if one assumes the western price of nonfat dry milk falls below $0.85 per pound. Tri-State Weekly Feeder Cattle Sale Richmond, Va. January 28,2002 Report Supplied By USDA WEEKLY AUCTION for Jan. 25. Prices per hundredweight based on out weights. FEEDER CATTLE: 210 head. STEERS; 57 head. Med. and Lge. 1: 400-500 lb 93-104.00; 500-600 lb 85- 96.00; 600-700 lb 82-87.00; 700-800 lb 74-79.00. Med. and Lge. 2:400-S00 lb 86- 90.00. HEIFERS; 94 head. Med. and Lge. 1 , , Previous Previous Open High Low Last Chge Vo , ume Gpen lnt 2230 5596 3491 15832 139 1749 592 3911 99 1199 63 792 15 582 15 325 0 13 Open High Low Last Chge I ! re ' ious P™*-™ 6 Volume Open_lnt 8248 22292 7604 35833 2290 17585 1035 10793 661 4621 140 1313 54 103 Open High Low Last Chge P ™ lous Previ ° us 6 Volume Openjnt 693 966 446 859 57 460 30 149 0 23 j j j,*'Jjf > 143 n -97 -107 -95 -83 +lO MM [2OO 1/4 -22 |lBs l/4j 12 f 165 1/2 Unch n 145 [143 1/2 143 400-500 lb 87.50-94.00; 500-600 lb 78- 84.00; 600-700 lb 68.50-74,50. Med. and Lge. 2:400-500 lb 83-88.00. BULLS: 59 head. Med. and Lge. 1: 200-300 lb 100.00; 400-500 lb 86-95.50; 500-600 lb 85-89.00; 600-700 lb 78-84.00. 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 2.33 bu., 4.17 cwt. Wheat, N 0.2 2.7 bu., 4.51 cwt. Barley, N 0.3 —1.64 bu., 3.50 cwt. Oafs, N 0.2 —1.62 bu., 5.04 cwt. Soybeans, No.l 4.13 bu., 6.89 cwt. Ear Corn 65.03 ton, 3.25 cwt. Alfalfa Hay —126.75 ton, 6.34 cwt. Mixed Hay —121.25 ton, 6.06 cwt. Timothy Hay 117.50 ton, 5.88 cwt. + 2 + 2 + 2 ms
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