Lancaster farming., April 13, 2002, Image 16

Al6-Lancaster Farming, Saturday, April 13, 2002
GRAIN, CATTLE, HOG.
& MILK BFP
FUTURES MARKETS
Markets Courtesy of Chicago Board and Mercantile Exchange
Closing Bids: Thursday, April 11, 2002
Com
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Soybean Meal
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si
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mm ms.
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Weekly Dairy Market Outlook
Ken Bailey
Penn State
April 8,2002
Butter Imports Surge
• Butter imports in January
and February are up.
• Licensed and high-tier im
ports increase.
• March federal order prices
released.
USDA’s Foreign Agriculture
Service reported last week that
butter imports during the first
two months of 2002 were well
ahead of year-ago levels. This is
surprising, since domestic whole
sale butter prices are seasonally
low, providing little economic in
centive.
There are two categories of
butter imports. “Licensed im-
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239
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241
42 3
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467
154.8
0
5
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152.5
150.4
149.5
148.8
147.9
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ports” are butter imports that are
subject to a fairly low tariff on a
specified quantity. That quantity,
known as a quota, is 15.3 million
pounds for 2002. The other cat
egory is imports that are outside
the quota, referred to as “high
tier” butter. The tariff on high
tier imports is much greater.
Licensed imports during Janu
ary and February 2002 were
2.048 million pounds, up 10.5
percent relative to the same peri
od a year ago. High-tier imports
of butter were up about four
times relative to the same period
a year ago at 488,609 pounds.
While butter imports during
January and February 2002 are
well ahead of year-ago levels,
they are still relatively small com
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242 1/2
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Unch
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pared to actual U.S. production.
Butter production during Janu
ary and February 2002 was 266.2
million pounds. As a result, But
ter imports in 2002 were equiva
lent to just one percent of total
U.S. production.
Class and component prices
for March 2002 were announced
last week. They are slightly below
February levels. The March fed
eral order class prices, with
changes from February, are as
follows: Class II $12.19 per CWT
BUSINESS PAGE APPEARS IN SECTION 0
See the latest in equipment and material news, promotions
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business news page located in Section D this issue!
Lean Hogs
Date
04/10/02 *CASH*
04/11/02 Apr 02
04/11/02 May 02
04/11/02 Jun 02
04/11/02 Jul 02
04/11/02 Aug 02
04/11/02 Oct 02
04/11/02 Dec 02
04/11/02 Feb 03
Composite Volume Open_lnt
04/10/02 6939 35046
Live Cattle
Date
04/10/02 *CASH* 0 680068006800 -262
04/11/02 Apr 02 6660 671065926700 -42
04/11/02 Jun 02 6225 631061006292 +42
04/11/02
04/11/02
04/11/02
04/11/02
04/11/02
Aug 02 6240 631060956292
Oct 02 6520 660264056572
Dec 02 6725 682066156795
Feb 03 6850 692267506920
Apr 03 6880 703568807035
Composite Volume Open_lnt
04/10/02 21736 98413
Pork Bellies
Date
04/10/02 *CASH* 0 620062006200 +4OO
04/11/02 May 02 6460 -170
04/11/02 Jul 02 6565 670563876505 -182
04/11/02 Aug 02 6530 659563306440 -190
04/11/02 Feb 03 6525 6600 6525 6600 unch
04/11/02 Mar 03 6525 652565256525 -125
Composite Volume Open_lnt
04/10/02 866 3375
Oats
Oats
(down $0.09), Class 111 $10.65
per CWT (down $0.98), and
Class IV $11.42 (down $0.12).
The federal order class prices
were all down because of lower
component prices (butterfat, pro
tein, and other solids). These
prices were lower because of re
ductions in monthly average
wholesale prices for butter (down
$0.0147 per pound), cheese
(down $O.OBOB per pound), non
fat dry milk (down $0.0061 per
pound), and dry whey (down
$0.0268 per pound).
w ui t Previous Previous
Open High Low Last Chge Vo|ume Qpen
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Open High Low Last Chge Pr , e ™ us Pre ™ us
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3448 18105
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1982 6933
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Open High Low Last Chge Volume openJm
0 0
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295 977
51 283
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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 2.33 bu., 4.16 cwt.
Wheat, N 0.2 2.71 bu., 4.52 cwt.
Barley, N 0.3 1.92 bu., 4.11 cwt.
Oats, N 0.2 1.89 bu., 5.88 cwt.
Soybeans, No.l 4.40 bu., 7.34 cwt.
Ear Com 66.08 ton, 3.30 cwt.
Alfalfa Hay 137.50 ton, 6.88 cwt.
Mixed Hay 130.00 ton, 6.5 cwt.
Timothy Hay.— 125.0(1 ton. 6.25 xwtJ