Al6-Lancaster Farming, Saturday, March 16,2002
GRAIN, CATTLE, HOG,
& MILK BFP
FUTURES MARKETS
Markets Courtesy of Chicago Board and Mercantile Exchange
Closing Bids: Thursday, March 14, 2002
Com
02May 208 3/4 209 1/2 207 1/2 ~~ 208 ( 207 1/2 207 3/4 +4
02Jult 215 3/4j216 3/4 214 1/2 214 1/2 214 3/4 [214 1/2 +2
02Sep 222T222 1/2 220 1/2 220 3/4 220 1/2 220 l/zf. +4
02Dec 229 1/21230 1/4 228 1/4 228 3/4 228 1/4 228 1/21 +2
03Mar 237 3/4 238 1/4(236 1/2(236 3/4 236 1/2 [236 l/2[ + 2
03May] J 243) 243 1 242 242 1/2 242 [242 1/4 +4
03Jill [247 1/2[247 3/4|246 1/2 247 247 +4
03DCC 248 1/2 2491247 1/2f 249 248 1/2 a [24B 3/4 1~ -2
043ul 2561256 1/21 256 256 1/2 256 1/2 Unch
'04060 ’’ 250 250(" 250 [~ 250 T 250 f~ Unch
- f ----- , , - Mr”" 1 "■ 1 -i- -1 . j - 11 ■ 1 ■ - 11 -v , n " * iir ' ■' l r
Month Opening High (Low " Settle NetCtig
Soybeans
[Month [opening[High [Low Ciosing['j.^<;;'settiejljNet Chg
(t)2May462 1/2| 470 j 462(469 1/2 [467 1/2 [468 l/2f~ +56
02Jul 468 476 467 1/2 474 3/4 473 473 3/4 +6O
;02Aug _469|_ 46^ 1 474 473 [473 1/2( +6O
02Sep ■ 468 f 475 1 468[474 1/2 | 473 [473 3/4f +6O
02NOV 472(478 3/4[ 471 [477 1/2 476 1/2 477 +56
033 an 1476 1/2(482 l/2f474 1/2|482 1/2 f [482 1/2| +74
[o3Mar ! 483(486 1/2(482 l/2[486 1/2 f~ (486 1/2 +66
[o3Mayj 484 [ 4881 484 ( 488 488 +7O
!03Jul | [ j _ f 489 n 489 +74
(03Nov I 485 489 f 485| 489 489 +74
Soybean Meal
Month Opening (High (Low [ 'Clpsing^%^[^tt)(^ : fctetChjj
(02May 156.3 158.3 155.5 157.5 157.3 157.4 +l3
[023ul 156.0 158.3 155.8 157.4 [ 157.0 |157.2 +l4
[o2Aug i 155.5|157.2(155.2_[ 156.5 | 156,5 +l5
02Sep 154.5 156.0 154.3 156.0 155.8 1155.9 +l9
(02Oct:j 154.0 155.0[ 153.81154.5 b 154.8 a|Ts4.6 +l4
02Dec 154.0 15 6. 0] 15 3.9 |155 ; 5 155.5 _ +l5
33an T Mlss.q|l_ " [i55.0[~ +l5;
155.0 155.0 155.0 155.0
( ' ' r " 1153.5 b[
[o3Jan i
03Mar
|o3May|
|O3 Jul
|o3Oct '
03Dec{
Month Opening High ;Low
Weekly Dairy Market Outlook
Ken Bailey
Penn State
March 11,2002
Market Dealing With Surplus
Loads Of Milk
• Barrel demand looks good.
• Surplus cream, butter prices
weak.
• Commercial disappearance
for 2001.
The market is dealing with
surplus loads of milk because of
an early spring flush in the
Northeast and South. The good
news, however, is that the market
is getting -ready for strong sales
for Easter/Passover. This is put
ting a floor under cream sales,
and hence butter prices.
Cheese prices at the Chicago
Mercantile Exchange last week
rose a few pennies. Blocks rose
from $1.1850 per pound on Mon
day, March 4, to $1.21 by Friday,
March 8. Barrels rose from $1.15
per pound on Monday to $l.lB by
Friday. USDA reported that
“most traders feel current down
side price risk is minimal.”
154.5 a (1.54.0
153.5 a[153.0
152.5 b
153.5 a|T53.O
152.5 b
152.5 a 152.2
152.0 b
152.5 a 152.2
152.0 b
! ' Closing
What does this mean? In the
language of economics, it means
some traders think that cheese
prices have bottomed out and are
on the rise. USDA also reported
last week that a lot of barrel
cheese is being sold because of
strong food service promotions.
The butter story is a mixed
bag. Grade AA butter prices last
week at the Chicago Mercantile
Exchange fell from $1.2725 per
pound on Monday to $1.2425 by
Friday. Butter production across
the U.S. is seasonally strong, and
butter stocks at the end of Janu
ary were up 48 percent relative to
a year ago. However, USDA re
ported, “Cream offerings remain
heavy, although in some areas,
ice cream, sour cream, cream
cheese, whipping cream, and
other cream-based items are ab
sorbing some additional cream
volumes for upcoming Easter/
Passover needs.” This is good
news, because it indicates strong
wholesale demand.
+ 18
+ 10
+9
+4
+4
fettle Net Chg
USD A announced the final
numbers for commercial disap
pearance for 2001. These num
bers reflect the demand for milk
and dairy products. Butter con
sumption was down 2.1 percent
in 2001 compared to a year
earlier. This was due to very high
wholesale and retail butter prices.
American cheese and Other
cheese consumption were up 3.1
and down 0.1 percent, respec
tively. The strong sales for Amer
ican cheese are surprising given
U.S. milk production was down
in 2001, cheese prices were
strong, the U.S. economy experi
enced a mild recession, and
events surrounding the 9/11 trag
edy. Nonfat dry milk consump
tion was up 27.2 percent in 2001
over a year earlier. Again, this
was due to the lower support
BUSINESS PAGE APPEARS IN SECTION D
See the latest in equipment and material news, promotions
and new hires, and burgeoning ag ventures on the
business news page located in Section D this issue! .
Lean Hogs
Date
03/13/02 *CASH* 0 5024 5024 5024
03/14/02 Apr 02 5677 572556005605
03/14/02 May 02 6570 657064706505
03/14/02 Jun 02 6587 659564956500
03/14/02 Jul 02 6320 634062506290
03/14/02 Aug 02 6017 6037 5975 5997
03/14/02 Oct 02 5117 512550755092
03/14/02 Dec 02 4890 489048404857
03/14/02 Feb 03 5025 5045 5020 5045
Composite Volume Open_lnt
03/13/02 10768 31017
Live Cattle
Date
03/13/02 *CASH*
03/14/02 Apr 02
Jun 02
Aug 02
Oct 02
Dec 02
Feb 03
Apr 03
03/14/02
03/14/02
03/14/02
03/14/02
03/14/02
03/14/02
Pork Bellies
Date
03/13/02 *CASH* 0 730073007300 unch
03/14/02 Mar 02 7920 795078707920 -150
03/14/02 May 02 8020 812079357942 -123 747 2473
03/14/02 Jul 02 8140 821080508055 -150 77 289
03/14/02 Augo2 7915 794078907890 -10 1 27
03/14/02 Feb 03 7055 706070057005 +5 10 18
03/14/02 Mar 03 7025 702570007000 unch 0 1
Composite Volume Open_lnt
03/13/02 851 2964
Oats
iQ2Hay 208 211] 206 207 1/2 \ [207 1/2[
oituF 174 1/ 2 j 177 1/2 { 174 176 1/2 [176 1/2
146 1/2 146 1/2 146 146 a J 146
lQ2P>ec 144 3/4 r 145 144 1/2 144 1/2 [144 1/2
rdiMan _ _ _ r 147 a [ 1471 Unch
[Month Opening
price for nonfat dry milk and
higher world prices for protein.
Fluid milk consumption fell 0.5
percent.
There is no ward yet from
USD A regarding a possible
butter/powder tilt. As of March 1,
2002, USDA had 829.3 million
pounds of nonfat dry milk stored
as uncommitted inventories
under the dairy price support
program. That compares to 475.6
million pounds the same time a
year ago. This amount of powder
is about equal to the volume of
nonfat dry milk that would nor
mally be consumed in the U.S.
during an entire year. In fact,
total nonfat dry milk consump
tion in 2000 and 2001 was 770.8
and 982.3 million, respectively.
Thus a butter/powder tilt is very
likely to occur.
ww* ■ x w iri . Previous Previous
Open H.gh Low Last Chge Volume Qpen
0 0
5375 12711
563 3068
3893 9801
614 2110
177 1360
62 1034
47 776
37 157
_ ... , . _ . Previous Previous
Open High Low Last Chge Vo , ume open Int
0 0
15053 36213
7162 30887
2509 14814
2174 11747
440 3600
125 1323
15 15
0 715071507150
7475 748573157320
6925 693067806822
6870 688267906822
7120 713070527080
7250 725071607200
7330 733572557320
7400 740073857400
.I- • , * , Previous Previous
Open High Low Last Chge Vo | nm e Openjnt
0 0
16 156
-250
-130
-85
-40
-30
-27
-10
-25
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.
Corn, No 2v 2 3? bu., 4 16 cwt
Wheat, No 2 2 62 bu„ 4.38 cwt
Bariev, No 3 1 81 bu , 3 88 cwt
Oats, No 2 1 78 bu , 5.54 cwt
Soybeans, No 1 4.29 bu , 7.16 cwt
Far Corn 66.94 ton, 3 35 cwt
Alfalfa Hay 124.25 ton, 6 21 cwt.
Mixed Hay 123.75 ton, 6.19 cwt.
Timothy Hay 120.00 ton, 6.0 cwt.
+ 2
+ 16
+4
+ 10