Al6-Lancaster Fanning, Saturday, February 9,2002
Markets Courtesy of Chicago Board and Mercantile Exchange
Closing Bids: Thursday, February 7,2002
Corn
iisai
204
211 1/4
{gzgbfl 218
l/2
MSF
MBwaB _ ,
HOLHWI243 1/2 243 3/4
ie33ml r 246 1/41246 1/2 246 1/4 246 1/2
f3SBHi 247
Mir : i ,
iHK[247 1/2 248 247 1/2
. 1111111,1-1 ■
231 1/2
239 1/2
Soybeans
>1 ontK;iOpeinin g j H ighi,
{o2Maffj 429) 432)427 1/4| 431 431 3/4 431 1/4) +32
io2May[433 1/2| 436 1
j023ul [ 437 440 1/2,
f 438
02Aug!
o?Sep!
02Noy
03Jan
439 440 1/2
443(445 1/4|441
450 1/2
03MaH T [456 1/2 n ( (456 1/2| +l4
03May| 460 4601 460 460 ( ! 460[ +24
jO3JuIJ r _ 463 nf 463 +2O
03NOV i |' ~ ~ ' 463 1/2 nf |463 1/2 +l4
Month;ippeningjHighiy:|ybw^^PM^j9slnfl^^|[^gigi||^[gS
Soybean Meal
, M o n th .esws^wiiiipiiewpesi
02Mar 149.0 150.5 148.2 150.0 1 149.7 i149.8F +6
02May 147.0 147.9 146.2| 147.8 147.9 147.8{
02Jul 147.8 146.1 147.8 I 147.7 ,147.7
iO2AUg 147.3
146.8
146.5
146.8
io2Sep |
[o2Oct
145.7
02D|ec
146.5,
03Jan I
03Mar
147.0!
148.5
03May
03Jul j
03Qct |
[O3 Dec j
149.0
150.0 j 150.0) 148. sj
[Month Opening |High [low :
Weekly Dairy Market Outlook
Ken Bailey
Penn State
Feb. 1,2002
Cheese Market Weak
• Cheese prices drop 15 cents
per pound
• Milk supply
flush.
• Commercial
ance.
• USDA announces January
prices.
A combination of a surge In
milk production in the East and
a snowstorm in the middle of the
country created weak market
conditions for cheese. Both
blocks and barrels fell 15 cents
per pound this week at the Chi
cago Mercantile Exchange. Bar
rels ended the week at $1.20 per
pound and blocks skid to
$1.2350.
i USPA reports that nailk.
GRAIN, CATTLE, HOG,
&MILKBPP
FUTURES MARKETS
3/4
203
205
211
212
3/4
218 3/4 217
224 1/4
223(223 1/2
1/2
230
231 3/4
1/2| 239
239 l/2[238
243
245
247
436 |435 1/2 |435 3/4
436 439 1/2 440 |439 3/4
1/21 439 1/2 f 440 |439 3/4
432
[441 1/2(436
438 440 1/2 I
1/21 444 3/4 f
451 |
449
451[
146.2 147.3 b 1147.4 a,
146.0 147.2 j
147.2
145.71 146.6 j ,
146.2) 147.5 ) 147.6 )
146.6!
147.7 j
147.51
147.0) 147.3 !
148.5;
148.0 b
148.5)
147.5 b
149.0i148.0j
148.0 b
150.0 b
|150.0 b
Closing;^
duction is increasing in much ot
the eastern half of the U.S. 1
have heard some refer to this as
an early spring flush caused by
unusually warm weather. The
warmer weather, however, is
just about over. Snow in much of
the midsection of the U.S. this
week caused problems with
panic buying in grocery stores
before the storm, and reduced
consumption just after the
storm. It also caused transporta
tion bottlenecks. Overall, more
milk means lower cream prices
and more processing for butter,
nonfat dry milk, and cheese.
hits spring
disappear-
The sudden decline in cheese
prices is not necessarily indica
tive of market trends over the
next few months. There are nu
merous opportunities to spur
consumer sales during Super
Bowl and Easter. Coupled with
a return to more normal winter
is, , tjie milk
weather
204 3/4
204 1/2
211 1/2
218 1/2^
231 1/2
231 1/4
243 3/4
246
255 n
248
147.3)
147.2
146.6
147.5
147.3
148.5
148.5 a |
148.0 a 1 148.0
148.5 a 1148.5
152.0 ai 151.0 Unch
152.0 a [ 151.0
204 1/2
211 3/4
212
218 1/4
218
223 1/2
231 1/4
239
243 3/4
246 1/2
246
“T
255
248
will
+ 3 2 |
+3o
[440 1/2|~ +l4
1444 1/41 +22
L 451
444
+ 7
+ 11
+ 10
+ 12
+ 15
+ 12
+ 12
+ 13
+ 5
+ 10
Unch
supply could become better
matched with demand, allowing
cheese prices to recover.
Another bit of good news is re
lated to the U.S. economy. Un
employment is declining (or at
least stabilizing) and the econ
omy is reportedly growing
slightly. As a result, the Federal
Reserve decided not to further
reduce interest rates. That is a
vote of confidence for a recovery
in the U.S. economy later this
year. That’s good news for
future demand for milk and
dairy products.
USD A reported consumption
numbers for milk and dairy
products during the months of
September through November
2001. These were the months
most affected by the Sept. 11
tragedy. On the one hand, con
sumption for American cheese
rose 3.2 percent relative to the
same three months in 2000. On
the other hand, consumption of
other cheese, mainly Italian
cheeses, fell 4.8 percent. This
Lean Hogs
Date
02/07/02
02/07/02
02/07/02
02/07/02
02/07/02
02/07/02
02/07/02
02/07/02
02/07/02
+ 2
+4
+ 2
Composite Volume Open_lnt
02/06/02 9093 34680
+ 2
Unch
Unch
+ 2
Live Cattle
-10
Unch
Date
-20
02/07/02 Feb 02 7460 7465 7422 7440 -20
02/07/02 Apr 02 7645 7645 7595 7610 -17
02/07/02 Jun 02 7122 712270907100 -17
02/07/02 Aug 02 7092 71057075 7097 unch
02/07/02 Oct 02 7260 727072457257 +2
02/07/02 Dec 02 7350 738073457345 -5
02/07/02 Feb 03 7425 745074257440 -10
Composite Volume Open_lnt
02/06/02 16847 90794
+ 26
+ 16
Pork Bellies
Date
02/07/02 Feb 02 7540 760074907600 +lOO
02/07/02 Mar 02 7565 765075257605 +4O
02/07/02 May 02 7725 779577207790 +55
02/07/02 Jul 02 7800 785077927792 +72
02/07/02 Aug 02 7700 770077007700 +2OO
Composite Volume Openjnt
02/06/02 978 2630
Oats
206 3/41 209(204 1/2[204 3/4 1204 1/2
189 189 3/4' 186 [lB6 3/4 (
167 167 1/2 1651 165
143 T 143| 141 [
142 1/4(142 1/4 1 141 J
IBHI
i wm
H
MSI
ISBi
W& P
Open High Low Last Chge
Feb 02 5575 5585 55075520
Apr 02 6220 6260 6100 6125
May 02 6717 674066656727
Jun 02 6765 6815 67056735
Jul 02 6400 645063506422
Aug 02 6220 625061506190
Oct 02 5317 537053155325
Dec 02 5080 509750605070
Febo3 5165 517551655170
Open High Low Last Chge
Open High Low Last Chge
141
141
Finally, USDA announced
the January 2002 federal order
milk prices. Class II prices are
$12.69 per CWT, up 8 cents
from the month before. Class 111
prices are $11.87 per CWT, up 7
cents. And Class IV prices are
$11.93 per CWT, up 14 cents per
CWT. This reflects a slight re
covery in cheese and butter
prices.
Product price averages for
January 2002 were (dollars per
pound) butter $1.3324, nonfat
dry milk $0.9161, cheese
$1.2922, and dry whey $0.2747.
Component values for January
2002 were (dollars per pound)
butterfat $1.4846, protein
$1.9660, and other solids
$0.1392.
19
Previous Previous
Volume Openjnt
2787 3725
5399 21500
143 1848
585 4281
83 1449
35 868
46 643
15 352
0 13
Previous Previous
Volume Openjnt
6430 12604
6138 39841
2546 19279
830 11944
462 5315
349 1599
92 211
Previous Previous
Volume Open_lnt
221 448
612 1292
132 712,
12 154
1 23
[204 3/41 -20
187 f
165
187
141 | -10
141
1441 +l2
mmmsß
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„ 4.16 cwt.
Wheat. N 0.2 2 73 bu., 4.56 cwt.
Barley, N 0.3 1.65 bu., 3.54 cwt.
Oats, N 0.2 1.59 bu., 4.96 cwt.
Soybeans, No. 1 4.03 bu., 6.73 cwt,
Ear Corn 64.77 ton, 3.24 cwt.
Alfalfa Hay —126.25 ton, 6.31 cwt.
Mixed Hay— 123.75 ton, 6.19 cwt.
Timothy Hay 111.25 ton, 5.56 cwt
-12
-20
-12