GRAIN, CATTLE, HOG. & MILK BFP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Closing Bids: Thursday, February 28, 2002 Com 'Month [opening|High [tow rf ■ '■Closing'*' “ 02Mar 200 202 1/2 199[200 3/4 200 1/4 02May 206 1/2 209 1/4J 206 207 1/4 3/4 'o2Jul 213 1/4 216 1/4 02Sep 220 1/2)222 3/4 219 3/4)220 1/2 |220 3/4 lo2Dec 229)231 1/2 228 1/2 230 {229 1/2 'o3Mar)236 3/4 239 1/2 236 3/41237 3/4 j 238 03May 241 1/4 243 3/4 241 1/4)243 1/4 i 03Jul 245 247 1/2 245 247 247 1/2 03Dec 244 1/2 247 1/2 244 1/2; 247 247 1/2 043u1 255 1/2 258 255 1/2 256 1/2 04Dec 252 253 1/2 2521 253 Month Opening High Low ' Soybeans Month Opening | High ;Low 443 443 1/2 434 1/2 02Mar 448 448 3/4 438 1/2,440 1/2 02May 02Jul 452 1/2 453 1/2 443 1/2 1 453 453 1/2 444 1/21445 1/2 02 Aug 02Sep 453 1/2 454 02Nov 458 1/2 459 1/4 465 465 03Jan 03Mar 03May 03Jul ; 03 Nov .Month jopenlng Soybean Meal Month Opening,High Low 154.4 155.5 151.9 02Mar 153.5 154.0 150.1 02May 153.6 153.9 150.0 02Jul 153.3 153.5 150.0 02Aug 152.5 152.7 149.2 02Sep 151.5 151.7 148.5 02Oct 152.5 152.5 149.1 02Dec 152.5 152.5 149.8, 033 an 150.5 150.5 150.5 03Mar 152.0 152.0 148.0 03May 03Jul 152.0 152.0 147.5 03Oct 03Dec Month Opening High Low ! Closing r (settle Weekly Dairy Market Outlook Ken Bailey Penn State Feb. 22,2002 Cow Numbers Shifting Around • USDA 2001 Milk Produc tion Report. • Some gain, others lose. • California gained the most. • Wisconsin lost the most. USDA recently published their summary of milk production for 2001. The results of this report present a dramatic statement about structural change in the U.S. dairy industry. Some states lost thousands of dairy cattle, whereas others gained thousands. In general, cow numbers fell 1 percent in 2001 from the previous year, by about 91,000 head. This reduc tion from one year to the next is 213{214 1/2 214 1/4 446| 448)450 1/2 ,451 1/2 ! 4581 [High '.LOW { normal. However, it was the re duction in average annual pro duction per cow (down 62 pounds) that was the real cause for the 1.3 percent drop in U.S. milk production. The reduction in cow numbers was not equal across all 50 states. Again, some gained dairy cows and some lost. Also, some of the cows that left some states ended up being transported and milked to other states. The top five states in terms of loss of dairy cows were as fol lows: • Wisconsin, head • Minnesota, head • Texas, down 23,000 head • Pennsylvania, down 18,000 head Closing Closing ; Settle [Net Chg 436 435 1/2 435 3/4, -70 440 .440 1/4 445 445 1/2 445 1/4, 445 445 1/4| 446 458 463 n 468 n\ 468 n| ' 470 n| Closing / - ,/ Closing iSettleiNet Chg 153.0 153.1 -15 153.1 151.0 151.1 151.2 151.2 151.3 151.3 150.4 1150.3 150.2 149.2 149.4! 149.5 148.5 148.8 149.0 . 149.5 149.6' 149.7 150.3 150.5 ! 148.0 147.5 153.0 b 155.0 aj 154.0 f 153.0 b{155.0 ai 154.01 down down ♦’is** {Settle' Net Chg; 200 1/2' +6 1207 1/2 1 1214 1/4; 220 1/2 [' UnchJ 229 3/4 [ |237 3/4j" !243 l/4l 247 1/4 T 247 1/41 + 14 + 22 + 241 1256 1/ 2 f 2531 + 36 [settle [Net Chg | -72 -60 -64 446. -80, -74 451{ 458 463! 4681 -74 -74 -801 -80 4681 ' 4701 Settle^ -70 Net Chg -25 -22 -26 -27 -23 -27 -23 150.3 IISO.Si -20 148.0 -isi 1147.51 Unch Unch Net Chg • New York, down 14,000 head. These five states combined represented a loss of 131,000 head of dairy cows. This loss, sur prisingly, occurred during a year of near-record high milk prices. One reason may have been that higher milk prices resulted in high prices for dairy replace ments. Some farmers may have used the higher prices for re placements to pay off debt or re tire from the dairy industry. The top five states in terms of gains in dairy cows were as fol lows; BUSINESS PAGE APPEARS IN SECTION C See the latest in equipment and material news, promotions and new hires, and burgeoning ag ventures on the business news page located in Section C this issue! 52,000 24,000 Lean Hogs Date 02/27/02 02/28/02 02/28/02 02/28/02 02/28/02 02/28/02 02/28/02 02/28/02 02/28/02 +4 +4| +4 Composite Volume Open_lnt 02/27/02 5496 29901 + 2i +6l Live Cattle Date 02/27/02 *CASH* 0 700070007000 02/28/02 Feb 02 7120 714070257037 02/28/02 Apr 02 7470 748274157420 02/28/02 Jun 02 6995 701069556962 02/28/02 Aug 02 6982 699269506955 02/28/02 Oct 02 7185719771507152 02/28/02 Dec 02 7255 725572207220 02/28/02 Feb 03 7330 734073307330 Composite Volume Open_lnt 02/27/02 17402 91294 Pork Bellies Date 02/27/02 *CASH* 0 710071007100 +4OO 02/28/02 Mar 02 7997 821079978205 +193 02/28/02 ' 02/28/02 02/28/02 02/28/02 02/28/02 Composite Volume Open_lnt 02/27/02 1084 3015 Oats Month Opening (High Low I Closing (Settle Net Chg 02Mar 230 1/2 230 1/2 223 225 1/2 >26 225 3/4 -52 02May 203 204 198 1/21 202 [ 202 023ul ! 174 1/2 175 1/4 1 171j172 1/2 | 172 1/2, 02Sep 145 1/4 145 1/4 145 j 145 \ i 145 |o2Dec ; 144(145 1/2 143 1/4| 03Mar Month |Opening {High n ~ u- ui i Previous Previous Open High Low Last Chge Vo|ume Qpenjnl 0 0 3693 17448 191 2633 1135 5002 267 2153 94 1017 64 966 43 605 9 77 1 - 0519151915191 Apr 02 5975 604259526035 May 02 6680 670066526697 Jun 02 6675 669766406692 Jul 02 6315 632062806317 Aug 02 6065 612060556117 Ocl 02 5200 5225 5180 5222 Dec 02 4950 497549504975 Feb 03 5135 513551355135 „ Previous Previous OpenH.gh Low Last Chge Volume Qpen , nt 0 0 828 339 10966 43358 2931 22290 1325 13621 1103 8169 ~ tt« ■ t ¥ A Previous Previous Open High Low Last Chge Vo|ume o[)en |n , 0 0 396 788 625 1976 62 220 1 26 0 4 0 1 May 02 8185 839081808375 +165 Jul 02 8265 844082658435 +l7O Aug 02 8070 820080708200 +lBO Feb 03 7260 739072607390 +240 Mar 03 7280 728072807280 +230 Low • California, up 64,000 head • Idaho, up 19,000 head • New Mexico, up 18,000 head • Indiana, up 7,000 head • Oregon, up 5,000 head. It is interesting to note that California gained more cows in 2001 than were lost by Wiscon sin. Also, the gain in California was almost equivalent to the en tire loss from Minnesota, Texas, and Pennsylvania. The total gain for these five dairy states was equal to 113,000 head. -10 -5 101 144 { j 146 bi r Closing [Settle * 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 re cord sheets or to develop livestock feed cost data, here's last week's average costs of various ingredients as compiled from regional reports across the state of Penn sylvania. 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. Com, No.2y 2.32 bu., 4.16 cwt. Wheat, N 0.2 2.66 bu., 4.44 cwt. Barley, N 0.3 1.73 bu., 3.70 cwt. Oats, N 0.2 1.70 bu., 5.30 cwt. Soybeans, No. I 4.07 bu., 6.79 cwt. Ear Corn 64.94 ton, 3.25 cwt. Alfalfa Hay 120.00 ton, 6.0 cwt. Mixed Hay 117.50 ton, 5.88 cwt. Timothy Hay 101.25 ton, 5.06 cwt. t*mwnwmMinv(.VA^ WAMM 2576 148 939 -20 -24 144' 146 -10 Unch Net Chg
Significant historical Pennsylvania newspapers