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