il6-Lancaster Farming, Saturday, February 16,2002 A' GRAIN, CATTLE, HOG. &MILKBFP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Closing Bids: Thursday, February 14,2002 Corn Month'opening High Low 02Mar 209 3/4 209 3/4 206 02May 216 1/2 216 1/2 213 1/4 02Jul 222 1/4 222 1/2 219 3/4 02Sep 227 1/2 227 1/2 226 1/4 02Dec 234 3/4 235 1/4 234 1/4 03Mar 243 243 241 3/4 03May 246 3/4 247 246 3/4 03Jul 249 3/4 250 1/4 249 3/4 03Dec 248 249 248 04Jul 252 255 3/4 252 04Dec Month Opening High Low Soybeans Month Opening High Low 02Mar 440 444 02May 02Jul 448 448 1/2 444 3/4 02Aug 448 1/2 448 1/2 445 1/2 448 448 1/2 02Sep 02Nov 454 03Jan 460 460 457 3/4 03Mar 03May 468 1/2 469 468 468 1/2 b 03Jul 471 03Nov Month Opening High Low j Closing Soybean Meal Month Opening High Low Closing Settle jNet Chg 02Mar 149.5 149.9 148.8 148.8 149.0 148.9 -10 02May 148.2 148.4 147.4 147.6 147.5 147.6 02Jul 148.5 148.7 147.8 148.2 148.1 148.2 02Aug 148.3 148.7 147.9 147.8 b 147,9 a 147.9 02Sep 148.1 148.4 147.7 147.7 02Oct 147.8 147.8 147.0 147.0 02Dec 148.5 148.6 148.0 148.1 148.3 148.2 148.5 149.2 148.1 148.2 03Jan 150.0 150.0 148.5 148.0 b 148.5 a 148.5[ 03Mar 03May 03Jul 151.0 151.0 148.5 148.5 152.0 152.0 148.5 148.5 03Oct 03Dec Month Opening High Low Weekly Dairy Market Outlook Ken Bailey Penn State Feb. 11,2002 Market Continues To Weaken • Cheese prices drop a penny • Butter falls a dime. • Demand is weak. • Imports are up. Not much to look forward to in the dairy markets last week (February 4-8). Market prices are generally weak due to soft demand and increasing milk supplies. It’s important to note, however, that this situation can change in the next few weeks. February is typically a poor time of the year for any kind of sales, especially retail. USDA reported last week that cheese and butter buyers are faced with weak sales prospects 206 1/4 213 3/4 214 1/4 219 3/4 220 1/2 226 1/4 226 3/4 234 1/2 234 3/4 242 1/4 242 1/2 247 440 435 3/4 440 444 445 1/4 i 445 1/2 447 451 1/2 ; 454 451 471 471 151.0 b 153.0 a 152.0 151.0 b|153.0 a 152.0 Closing coupled with strong production growth. They are putting off buying decisions in anticipation of lower cheese prices in the future. This of course forces prices down at the Chicago Mer cantile Exchange. Blocks last week generally held steady, but barrels fell from $1.20 per pound on Monday, February 4 to $1.1875 by Friday, February 8. Grade AA butter also fell from $1.25 per pound on Monday to $1.20 by Friday. USDA is reporting that milk supplies are more than adequate across much of the U.S. dairy plants m the East are working on extended schedules to pro cess surplus milk. Cream sup plies arc also readily available, thus lowering cream prices. Cow inventory data from USDA shows some interesting numbers. Contrary to conventi- Settle ‘iNetChg 206 3/41 -20 214 220 l/4j -14 Closing 207 250 250 1/4 249 255 n 255 Closing Settle INetChg Closing [settle 436 436 1/4 '436 1/4 440 440 1/2 1440 1/4 445 445 1/41 447 ! 451 4511/4f 458 1 464 nl 469 a|46B 3/4 470 n[ 471 1 , - —WM’SXj . SettleT 147.7 147.0, 148.2! 148.5, ; 148.51 Settle [Net Chg -16 226 1/2 -6 Unch Unch 234 3/4| 242 1/2 247 Unch 250 1/4 249 Unch + 2 Unch + 70 255 255 Net Chg -32 -36 -22 -22 445 1/21 -14 447 -10 458 -12 -12 464 +4 470 j -12 Unch 471 Net’chtf Oats -10 Month tOpening|High Low ' Closing, [settle iNetCjhg 204)207 1/4 203 3/41 206 3/4 207 |206 3/4; +24 187 187 3/4 186 1/2 187 [ 187' Unch 163) 163 | 163 -2 +4l 02Mar 02May 02jui.; rap (5585c r + 3 [o3Mar Unch Unch 1 Month {Opening) Unch onal wisdom, there are slightly more dairy heifers available today than a year ago. In fact, the number of milk replacement heifers per 100 milk cows on January 1, 2002 was 44.6, up from 44.2 a year ago. How can this be possible? First, these fig ures don’t reflect the quality of heifers available. There couid be a reduced of high quality milking heifers. Second, there are also many aggressive producers that are bidding up the price. That said, I don’t expect the perceived “heifer shortage” to realistically affect cow numbers in 2002 (there, 1 said it!). Finally, USDA released data for dairy imports for January through October 2001. This was compared to imports for all of 1999 and 2000. The one number that really sticks out was im ports of “butter and milkfat.” Total imports in 2000 were 13,700 metric tons. Lean Hogs Date 02/13/02 ‘"CASH' 1 ' 0 518851885188 02/14/02 Feb 02 5430 543054005407 02/14/02 Apr 02 6045 604759705975 02/14/02 May 02 6645 6670 6600 6600 0 Jun 02 6670 668066256645 Jul 02 6345 635062806290 Aug 02 6080 611060456045 Oct 02 5205 522551405140 Dec 02 5030 503049304935 Febo3 5125 513551105110 '2/14/02 02/14/02 02/14/02 02/14/02 02/14/02 02/14/02 Composite Volume Open_lnt 02/13/02 7221 31889 Live Cattle Date 02/13/02 0 710071007100 unch 02/14/02 Feb 02 7380 744773807412 +45 02/14/02 Apr 02 7595 763275907602 +lO 02/14/02 Jun 02 7105 713071027107 +2 02/14/02 Aug 02 7077 710270757087 +lO 02/14/02 Oct 02 7232 725072107235 +3 02/14/02 Dec 02 7295 731072757275 -25 02/14/02 Feb 03 7400 740073757375 -25 Composite Volume Open_lnt 02/13/02 13986 92062 Pork Bellies Date 02/13/02 *CASH* 0 688868886888 unch 02/14/02 Feb 02 7507 755074407450 -152 02/14/02 Maro2 7617 761774357442 -175 02/14/02 May 02 7765 7770 7640 7640 -125 02/14/02 Jul 02 7825 782577307730 -30 02/14/02 Aug 02 7650 765076507650 unch Composite Volume Open_lnt 02/13/02 738 2737 163 164 142 142 3/4i That same figure for January through October 2001 jumped to 32,100 metric tons. These im ports, which don’t reflect No vember and December, are high due to the strong butter prices experienced in 2001. Even with high tariffs, it paid processors to import butter rather than use domestic supplies at prices that in some cases exceeded $2 per pound. Previous Previous Open High Low Last Chge Y o | ume Open_lnt 0 0 866 2189 4905 19496 297 2173 703 4314 216 1563 67 864 116 802 51 471 0 16 Previous Previous Open High Low Last Chge Vohjme Qpen Int 0 0 4511 6944 5786 43165 2360 20638 849 12712 306 5817 75 2177 99 608 , Previous Previous Open High Low Last Chge Volume open _ Int 0 0 22 285 1312 928 186 26 141 b{ 142[142 3/4 b| 144 bi | v * Closing -103 576 120 20 1411 |142 3/4j ! 144 j Settle ‘ f {Nefd^ 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 32 bu.. 4.16 cwt Wheat No 2 2 68 bu , 4 48 cwt Barley, No 3 1 67 bu , 3 58 cwt. Oats. No 2 1 69 bu., 5.28 cwt. Soybeans, No 1 4 05 bu , 6.76 cwt Ear Corn 65 21 ton, 3 26 cwt Alfalfa Hay 125 00 ton, 625 cwt Mixed Hay 120 50 ton, 6 03 cwl Timothy Hay— 113 75 ton, 5.69 cwt, + 10 +4
Significant historical Pennsylvania newspapers