Al6-Lancaster Farming, Saturday, March 30,2002 GRAIN, CATTLE. HOG. & MILK BFP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Com 207 207 201 3/4 jaloaML^! 212 3/4 208 1/2 208 3/4 209 1/4 j 219 1/2[ 21S| 215 |215 l/T mm mm 212 3/4 219 1/2 [Q7D<ar 227 227 1/4 235 1/4 235 1/4 103Mq7,239 1/21239 1/2 [oPir 243 243 3/4 & 252^ mmi 2ss\ HpJSI 247 245 245 3/4 Soybeans ii L 478 1/2 m Mil 481 480 [o2May[ 164.3(164.31160.0 160.5 [ 160.0 | 02Jul f 163.0 1 163.2 1 159.8 160.5 f 160.0 | 02Aug 161.51162.21158.5 158.5 158.7 02Sep 159 02Oct 158 02Dec 158 | 158. 033 a nt 03Mar 156 03Mayj bijuijr 157 156 03Aug 03Sep; 030 c n"» m 03Dec| Montl?o?en^g Weekly Dairy Market Outlook Ken Bailey Penn State March 22,2002 MARKETS UNCHANGED • CME cheese and butter steady. • Butter and cheese inventory building. • International dairy markets weak. The U.S. dairy market is un changed this week, reflecting the fact that there is “nothing new.” So far the market is expecting av erage production and average consumption, and is therefore picking “average prices” in the cash and futures markets. Cheese prices at the Chicago Mercantile Exchange rose a Closing Bids: Thursday, March 28, 2002 222 3/4 231 1/2 237 241 1/4 243 1/2 251 3/4 252 255 255 f 246 247 FI9HBH 470 1/2 480 1/2 483 1/2|474 1/2 474 482 157.0 160.8 156.5 156.5 .0 [159.8 156.5 160.7 157,5[ 157.5 .5 160.0 156.0 -4 156.0 1 156.0 | f 156 -°l +3 156.0 .0 156.0 156.0 156.0 157.5 155.5 b 156.0 a penny or two this week. Barrel prices were up a penny to $1.19 per pound by Friday, March 22. Blocks were up two cents to $1.23 per pound by the end of the week. Grade AA butter fluctuat ed between $1.2275-$1.2450 per pound. Butter stocks are well ahead of year-ago levels. USDA’s Cold Storage report indicated that but ter stocks on Feb. 28, 2002 were at 132 million pounds, up 53 per cent relative to a year ago. This represents a significant increase. Butter stocks will continue to grow as we enter the spring flush. The question is, why aren’t butter prices falling below cur rent levels? Butter futures at the 224 1/4 224 223 1/2 232 237 1/2 242 1/4 242 241 1/2 n 244 1/4 244 251 3/4 | 255[ Unch 255 246 1/4 475 1/2 477 480 481 480 481 157.0 156.5 157.5 156.0 156.0 156.0 a 155.5 b 156.0 a 155.5 b 156.0 a 155.5 b -36 -36 209 215 1/4 -34 -26 -26 232 -26 237 1/2 -20 242 1/4 -20 241 1/2 244 1/4 -14 251 3/4 -12 246 1/4 476 1/4 +34 480 1/2 + 52 +6O 480 1/2 -22 160.3 i6 0.3r -i* 158.6 j -17 -18 157.0 156.5 -11 157.0 157.5 +3 156.0 Unch 155.7 Unch 155.7 Unch 155.7 +7 155.7 Chicago Mercantile Exchange in dicate a rise in butter prices to $1.28 per pound in May, to $1.31 by July, peaking at $1.36 by year’s end. Cheese inventories are actually below a year ago. American cheese and total cheese invento ries at the end of February were 6 and 3 percent below year-ago lev els, respectively. It appears, how ever, that cheese inventories are increasing. American cheese in ventories in February rose 5 per cent over January levels. Finally, the global market for dairy products is weakening. The Businm apmars w ssctton 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! Lean Hogs Date 03/27/02 *CASH* 0 475347534753 03/28/02 Apr 02 5240 527051555187 03/28/02 May 02 6060 6065 59706052 03/28/02 Jun 02 6090 6105 6027 6050 03/28/02 Jul 02 5905 5905 58325890 03/28/02 Aug 02 5650 566756055655 03/28/02 Oct 02 4800 480047404780 03/28/02 Dec 02 4530 455045154530 03/28/02 Feb 03 4730 474046904740 Composite Volume Open_lnt 03/27/02 9502 35371 Live Cattle Date 03/27/02 *CASH* Apr 02 7015 706069857042 Jun 02 6560 660065206580 03/28/02 03/28/02 Aug 02 6550 656765006550 Oct 02 6840 686267906835 Dec 02 6985 701569606970 Feb 03 7135 713570857100 Apr 03 7230724072007207 03/28/02 03/28/02 03/28/02 03/28/02 03/28/02 Composite Volume Open_lnt 03/27/02 23148 102675 Pork Bellies Date 03/27/02 *CASH* 0690069006900 -200 03/28/02 ;* May 02 7640 7S/07525 7582 -45 03/28/02 Jul 02 7740 7t75 76407685 -55 03/28/02 Aug 02 7575 761575557555 -45 03/28/02 Feb 03 7025 702570257025 unch 03/28/02 Mar 03 7025 702570257025 unch 03/28/02 May 03 6800 680068006800 Composite Volume Openjnt 03/27/02 569 2522 Oats milk supply in the European Union is recovering from the out break of foot-and-mouth disease, and production is growing in New Zealand. The global reces sion is also a contributing factor. A weak global dairy market could lead to higher U.S. imports of butter and milk protein con centrates, and few commercial exports of nonfat dry milk out side of the Dairy Export Incen tive Program. Previous Previous Open High Lon- Last Chge Volume open 0 0 3738 9198 349 3500 3836 15802 710 2678 309 1576 322 1242 214 1056 24 318 „ IT . . ¥ T , Previous Previous Open High Low Last Chge Vo|umeopen In , 0 0 0700070007000 « xj. . ¥ T Previous Previous Open High Low Last Chge Volume openJn| 0 0 437 1939 125 506 7 72 0 4 0 1 0 0 -100 -68 -23 -32 -20 -35 -20 -10 +lO -96 10434 7361 3079 1634 405 182 52 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 2.34 bu., 4.18 cwt. Wheat, N 0.2 2.64 bu., 4.40 cwt. Barley, N 0.3 1.84 bu., 3.93 cwt. Oats, N 0.2 1.85 bu., 5.76 cwt. Soybeans, No.l 4.32 bu., 7.21 cwt. Ear Com 66.66 ton, 3.33 cwt. Alfalfa Hay 128.75 ton, 6.44 cwt. Mixed Hay 123.75 ton, 6.19 cwt. Timothy Hay 118.75 ton, 5.94 cwt. 25638 36096 18922 14360 5402 1912 345
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