Al6-Lancaster Farming, Saturday, April 6, 2002
GRAIN, CATTLE, HOG,
& MILK BFP
FUTURES MARKETS
Markets Courtesy of Chicago Board and Mercantile Exchange
Closing Bids: Thursday, April 4, 2002
Com
'ifofltjf{ffipenlnc}[High * Low '
l/4 202 3/4 200 1/2(201 1/2 |2Ol 3/4 (201 1/2| +2i
023uR 207 1/2 209 206 3/4(207 3/4 208 [207 3/4f +2
02Sep, 214 1/4(215 1/2 213 1/2 ]214 1/4 | 214
|o2Deo'i 222 1/4 223 3/4 221 3/4 222 1/4 [222 1/2 (222 1/4’ Unch|
230 1/2 231 1/2 230 1/4 230 3/4 | j230_3/4 JJnch!
l/2 237 236 236 __TT 236 " 4
3/4 241 1/2 240 240 3/4 240 3/4 -4
tisaf 238 ’ 2397 ' 238 239 _ 239 -4
242 1/2 243 1/2 241 3/4 242 3/4 242 3/4 -4
BBT 250 1 T 250 L _249(249 1/2~| 1249 1/2| -4
253 253 1/2 253 253 253 -4
247(247 247(247 1/2 [~ [247 1/2[ +4
Soybeans
l/2 [~ 463(456 3/4(458 1/2 (459 1/2~P 459[~ -26
jP[2ju|| 465 467 460 462 1/2 464 463 1/4| -22
(02|ffj 465 1/4 466 3/4 460 1/2 462 1/2 462 462 1/4 -30
463 464 1/2 457 1/2 458 1/2 458 458 1/4 -42
468 460 461 4613/4 461 1/2 -42
OSJanf 468| 472| 46S| 465 465| -44
— 1 1 1 r 1 1
OWM 473 475 468 1/2 469 469 -44
l/2|475 1/2| 470(470 1/2 (470 1/2| -40
oaiffilj 478 478 472 472 1/2 472 1/2 -40
OgHis 473 n 473 -30
t 6jjNa>| ' 480 r 480[ 475 j” 475 f 475
Soybean Meal
156.5 157.0i155.0l 155.4 155.3 155.41 15
05Sui7; 155.3 156.4 154.0 154.5 f 154.6 T 154.6 -16
*» ‘<w »».v V* i _ _ __ __ _____ i__ __ _____ _ _____ 1
|OgP~ 154.5] 155.4(153.2 [ 153.51 153.4 153.51 ’ 14
02SeF 153.5 154.2 152.0 152.0 [ i 152.01 “19
OZbctJ 152.7 j 153.5j150.ej 150.6 bflSO.? a 150.? l -21
02 Dec-1 153.3 |154.0 151.3 151.5 151.3 151.4 -23
151.5 j 151.5 151.5 _-20|
151.0 |152. 5 j 149.5 [iSO.OJ 149.5 149.8 -181
03Jan 153
03Mar 1
I(>3Mayj' 151
; 03 Juft;
NAug _
[olsiep
150
150
151
;o3ig
gggjgl
150
Weekly Dairy Market Outlook
Ken Bailey
Penn State
March 29,2002
MARKETS CLOSED
FOR EASTER/PASSOVER
• Market activity light this
week.
• Cheese and butter prices un
changed.
• Commercial disappearance
numbers strange.
The dairy markets at the Chi
cago Mercantile Exchange were
closed March 29 in observance of
Good Friday. Markets reopened
Monday, April 1.
The short trading week didn’t
offer much in the way of price in
formation. Butter and cheese
prices at the Chicago Mercantile
Exchange were unchanged.
Blocks were about $1.23 per
pound and barrels were about
149.2 J 149.2
151.0
150.0 b
150.0
151.5
149.0 b
149.5
151.0
149.0 b
149.5
151.0
149.0 b
149.5
150.0
150.0 b
$1.20 per pound. Grade AA but
ter prices were unchanged at
$1.2250-$1.2350 per pound.
USDA reported numbers for
commercial disappearance for
milk and dairy products from
November 2001-January 2002.
The numbers were strange. But
ter consumption during this peri
od was up 11.9 percent. This is
very strong. Looking at retail but
ter prices over a similar time pe
riod (December 2001-February
2002), prices were up about 14
percent. This is strange, I
thought. Normally, consumption
drops when retail prices rise.
Here is what I pieced together.
First, wholesale butter prices
spiked in the fall of 2000, rising
to more than $l.BO per pound by
the first week in December. This
had an adverse! affect IM I4abl-I I
149.2
150.1
150.2 a
149.5
149.5 a
149.5
149.5 a
149.5
149.5 a
150.3
150.5 a
sumption of butter, particularly
at the food-service level. As for
retail, it was likely that retailers
did not pass on all of the higher
wholesale costs, since butter sold
for less than $3 per pound.
Now fast forward to November
2001-January 2002. Wholesale
prices for butter fell considerably
from the summer levels, from
more than $2 per pound in Au
gust to a low of $1.24 by the mid
dle of December. Retail butter
prices fell from summer levels,
but not nearly as much as whole
sale prices. The retail price of
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Lean Hogs
Date
04/03/02 *CASH*
04/04/02 Apr 02
04/04/02 May 02
04/04/02 Jun 02
04/04/02
04/04/02
04/04/02
04/04/02
04/04/02
Composite Volume Open_lnt
04/03/02 9834 36140
Live Cattle
Date
04/03/02 *CASH* 0 710071007100 unch
04/04/02 Apro2 7180 718770127012 -150
-150
-150
-150
-150
-150
-120
04/04/02 Jun 02 6655 665564806480
04/04/02
04/04/02
04/04/02
04/04/02
04/04/02
Composite Volume Open_lnt
04/03/02 18015 103005
Pork Bellies
Date
04/03/02 *CASH* , 0 670067006700 unch
04/04/02 May 02 7090 717069857065 -37
04/04/02 Jul 02 7190 726571007(35 -55
04/04/02 Aug 02 7050 7185 7015 7015 -35
04/04/02 Feb 03 6875 687568756875 +5
04/04/02 Mar 03 6845 684568456845 unch
Composite Volume Open lnt
04/03/02 960 2820
Oats
Oats
-13
-10
-10
-10
~ Ti. ui t Previous Previous
Open High Low Last Chge Volume open lnt
0 0
3568 6437
1077 3834
4081 18317
587 2868
206 1787
190 1331
124 1191
1 372
0 480148014801 +l2B
4702 477246754695 -75
5730 575555975597 -200
5950 599057775777 -200
5810 584556355645 -190
5580 561054005405 -190
4755 476546004625 -147
4570457044404455 -105
4735 478047204720 -40
Jul 02
Aug 02
Oct 02
Dec 02
Feb 03
~ T,- 1.1 i Previous Previous
Open High Low Last Chge Volume openJnt
0 0
8081 21799
5488 38477
1856 19361
2020 15491
448 5579
105 1876
15 421
Aug 02 6600 660064326432
Oct 02 6870 687067056705
Dec 02 7045 705068856885
Feb 03 7145 714570057005
Apr 03 7170 717071207150
~ t.. ut r a. /"'ll- Previous Previous?
Open High Low Last Chge Volumeopen Int
o a
780
144
36
04 1/2
15 1 /
168 1/2
172
144 1/4
42 3/4
butter in major urban markets
fell from $3.70 per pound in Sep
tember 2001 to $3.28 by February
2002. While retail customers
faced some reduction in prices by
the fall, food-service customers
likely got a bigger discount be
cause of lower wholesale prices.
Overall, because of lower prices,
butter consumption increased
during this period relative to a
year ago.
Unlike cheese, butter con
sumption is very sensitive to
wholesale and retail prices.
215 1/2
215 1/4
168 1/2
169
142
144
142
142
147
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
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., 4.41 cwt.
Barley, N 0.3 1.84 bu., 3.93 cwt.
Oats, N 0.2 1.85 bu., 5.76 cwt.
Soybeans, No.I —4.32 bu„ 7.21 cwt.
Ear Corn 66,66 ton, 3 33 cwt.
Alfalfa Hay 135 50 ton, 6.78 cwt.
Mixed Hay 127.50 ton, 6.38 cwt.
. . Ttraotbw fciavmU2lUX) ton> 6.o«:wk . . .
215 1/4
168 3/4
144
142
147
Average Farm Feed
Costs for Handy
Reference
2000
626
, 189
+9O
-22
+ 2
Unch