GRAIN, CATTLE, HOG,
& MILK BFP
FUTURES MARKETS
Markets Courtesy of Chicago Board Exchange
Closing Bids: Wednesday, March 20, 2002
Corn
» : i f-v ji.« i!• 1 1 -
Soybeans
BID
458 1/4
02JUJS
Esn
462 1/2
462
[O2ISI
461 1/2
3/4 470[462 1/2[464 1/2 [465 |464 3/4| Unch
l/2 473 1/21468 1/2|469 1/2 | |469 l/l\ +2
l/2 478 1/2 473| 475 f~ 475| +4
gMI 475
OSJuflll 480
03.N0;
480
Moi
Soybean Meal
BEBBRf 156.1 159 4 155.5
[Bgsfe
155
[pZftUcj 154
[o2Sep
153
152,
02Pe<i
153
F"* "'w-'y
p3Janq
153
03 Mar]
152
[b3Mayj
SSil
pm 1 1
[o3Aua 151.0 b
t'» r &s*jrt 1 1 1
151.0 b
[o3Pea 151.0 b
Weekly Dairy Market Outlook
Ken Bailey
Penn State
March 15,2002
February Milk Production
Up 2.8 Percent
• Production per cow up 43
pounds.
• Cow
slowly,
inventory
• Cheese and butter markets
holding.
USDiC released the milk pro*
duction report today. February
milk production for 20 select
states rose 2.8 percent relative to
a year ago. That reflects moder
ate growth in the milk supply,
which was in line with market
expectations. There have been re
ports of an early spring flush in
much of the U.S. because of mild
winter weather.
February milk production was
464 1/2|456 1/2
460 3/4
468
461
468
460 1/2
467
473
479
482 478 1/2|478 1/2 f
475 n
4801 4801 480
ut-v? ' !- 1
'■*[:
.5 :
158.5
155.0
157.3 154.2 155.3
155.8
153.0 154.0
154.5f152.2|153.0 bj153.2 aj 153.1
152.6
155.4
153.5
153.5
154.0
152.4
11.4 billion pounds. January re
vised milk production was 12.3
billion pounds, up 1.8 percent
from a year ago. Milk production
per cow for the 20 major states in
February was 1,474 pounds, up
43 pounds from a year ago. And
cow numbers were at 7.75 million
head, 1,000 head more than a
month ago.
growing
There were many states that
showed a strong milk production
response in February. Production
continued to grow in the Western
states (California up 4.8 percent,
Washington up 3.4 percent, Ari
zona up 5.9 percent, Idaho up 7.6
percent, and New Mexico up 15.3
percent). The Corn Belt states
also showed some gains (Illinois
up 3.1 percent and Indiana up
2.6 percent). The Upper Midwest,
however, was neutral to lower
459 1/2
459
463 1/2 |463
463
463 1/2
462
475
480| +lO
Ivhus
157.7
157.6
156.6
156.7
153.8
153.6
153.5
153.0 a
152.5 b
152.5 a
151.5 b
152.0
152.0 ajlSl.sj Unch
152.5 a
151.5 b
152.0 a| 151.5' +5
152.0 a
HgHMßiffigeßa
1205 1/2| -2
212 1/4
218 1/4| -4
226 1/4 -4
234 1/2
Unch
239 1/2
243 3/4[ +2
245| Unch
246
+ 2
253
Unch
255| Unch
249| Unch
+6
459 1/4
463 1/4| Unch
+ 12
463 1/4
+4
462
Unch
475
+ 10
478 1/2
475
+2O
mm
157.6
+ 15
+ 13
156.t>
+ 6
155.3
154.0
+ 7
+ 7
+6
153.7
153.5
+ 3
152.7
+ 2
152.0
+ 5
+6
151.5) +5
(Wisconsin up 0.5 percent, Min
nesota down 4.7 percent, and
lowa down 2 percent).
Except for Pennsylvania, the
Northeast showed strong gains
(New York up 6.1 percent, Ver
mont up 4.4 percent, and Penn
sylvania down 0.5 percent). Even
states such as Missouri and
Texas, which showed significant
declines in the last few years,
were about neutral with respect
to growth (Missouri up 1.3 per
cent and Texas down 0.5 per
cent).
The markets were unchanged
this week at the Chicago Mercan
tile Exchange. Blocks and barrels
were basically frozen at $1.21 and
$l.lB per pound, respectively.
There were no cheese sales fids
week at the Chicago Mercantile
Exchange. Also, Grade AA butter
rose very modestly from $1.2425
per pound on Monday, March 11
to $1.25 by Friday, March 15. ...
Lean Hogs
Date
03/19/02 *CASH* 0495549554955 -136
03/20/02 Apr 02 5245 528752305280 +25
03/20/02 May 02 6200 625561876245 +33
03/20/02 Jun 02 6225 632062176282 +52
Jul 02 6052 617060506137 +6O
Aug 02 5810 594057955927+117
Oct 02 4930 508549305030 +lOO
Dec 02 4705 482047004750 +5O
Feb 03 4910 501049104947 +37
03/20/02
03/20/02
03/20/02
03/20/02
03/20/02
Composite Volume Openjnt
03/19/02 10904 36150
Live Cattle
Date
03/19/02 *CASH* 0 744674467446 unch
03/20/02 Apr 02 7085 717070607095 -27
03/20/02 Jun 02 6670 670066326665 unch
-10
-15
-33
-23
-28
Aug 02 6680 670066406662
Oct 02 6965 697069156935
Dec 02 7105 712270657077
Feb 03 7207 721071507182
Apr 03 7250 728272427242
03/20/02
03/20/02
03/20/02
03/20/02
03/20/02
Composite Volume Openjnt
03/19/02 22628 99939
Pork Bellies
Date
03/19/02 *CASH*
03/20/02 Mar 02 7570 765075707645
May 02 7610776076057707
Jul 02 7740 786077207810
Aug 02 7650768576507655
Feb 03 7025 702569607025
Mar 03 6985 6985 6985 6985
03/20/02
03/20/02
03/20/02
03/20/02
03/20/02
Composite Volume Open.lnt
03/19/02 646 2659
Oats
USDA reports that butter
prices were relatively stable fids
week because of strong demand
for cream. Preholiday sales are
brisk this time of year as retailers
prepare for Easter/Passover sales.
Thus surplus milk is finding a
home, at least for now.
There is very little change in of various ingredients as compiled from
the outlook for milk prices regional reports across the state of Penn
through the end of the year. The sylvania.
Chicago Mercantile Exchange fil- Remember, these are averages, so you
hires markets for Class 111 and win need to adjust your figures up or
IV are remarkably stable. Class down according to your location and the
111 futures are expected to slowly £ f ualit >' of y° m cr °P
rise to just more than $l2 per Com, N0.2y—2.33 bu., 4.16 cwt.
CWT by June, then rise above Wheat, N 0.2 2.62 bu., 4.38 cwt.
$l3 per CWT for July through Barley, N 0.3 -1.81 bu.. 3.88 cwt.
September. Class IV futures are Oats, N 0.2 —1.78 bu., S.S4 cwt.
expected to range from Soybeans, No.I 4.29 bu.,7.16 cwt.
$11.50-11.90 per CWT for March Ear Com 66.94 ton, 3.35 cwt
through July, then reach just Alfalfa Hay—126.25 ton, 6.31 cwt.
more than $l2 per CWT for Au- Mixed Hay 131.25 ton, 6.56 cwt
-gUStfDeoembfK.> * Hapi I Mllltlliiiiiit »I
~ u- lt t , ru Previous Previous
Open High Low Last Chge Vo|umeopen lnt
0 0
5085 13147
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~ ir li ¥ Previous Previous
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548
76
Average Faiftejfe r *s r
Costs for Handy
Reference
To help fanners 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
17
2195
376
66