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.
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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