Al6-Lancaster Farming, Saturday, May 25, 2002 I Oats 02Jul 1576 +22 1570 1580 1536 1576 1554 1776 1376 114 pm 10 20 am 1580 9 31 am 119 pm 02Sep 1322 +26 1294 1324 1292 1322 1294 1522 1122 109 pm 10.03 am 9 56 am ll9pjn 02Dec 1334 +l4 1322 1336 1310 1334 1320 1534 1134 119 pm 10 03 am 1336 9 31 am 1 19 pm 03Mar 1390 +2O 1330 1370 1590 1190 1400 1:20 pm 03May 1390 +2o' 1370 1370 15901 1190 1410 1 ‘2O pm Soybeans GRAIN, CATTLE, HOG, & MILK BFP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Closing Bids: Wednesday, May 22, 2002 Com i (few [HlghllfaUg 02Jul 2076 +2l 2076 " 2084 1 2046 2074 2074 2276 1H76 2080 MS4um 10 04 im 2080 I _____ _ _ QlO am M 7 pm ~o2Se|» 2142' Unch 2146 2150 2116' 2140 2142 2342 1942 2150 9 10 am 10 02 am 2144 9 12 am 1 17 prti 02l)cc 2236 'Unchf 2234 2246 ~ 2212 2234 2236 2436 2036 2240 ll **4 mn lo 04 imi 2240 9 11 nm 117 pm 03Mar 2314 +2 " 2314 * 2322 2292’ 2314 2312 2514 2114 17 41pm lO 10 am 2316 9 3{ am 1 IS pm ______ 03May 2360 +f> 2356 2360 2332 2360 2352 2560 2160 I 14 pm 10 01 am 9 H nm 1 18 pm 03Jul 2386 +2 2376 2390 2366 2384 23841 2586 2186 ltl4pm 10 08 am 23510 ___ O 34 am J_lßpm ______ 03Scp 2350 Unch 2350 2350 2550 2150 03Dec 2392 Unch ~~ 2382 ~ 2394 ~ 2374 2390 2392 2592 2192 2384 11 51am 10 04am 2394 9 33 am I 18 pm , 04Mar ~ 2460 +2 2460 2456 2660 2260 I 18 pm 04,ful 2490 -4 2490 2494 " 2690 2290 I 18 ‘pm 04Dec “ 2394 2392 2394 2392 2394 2400 2594 2194 12 55 pm i 1 56 am ll 56 am 1 18 pm Soybean Meal (12Jul 1625 .17 1638 1638 1617 1624 1642 1825 1425 I 1634 9 11am 10 02 am 1626 9 31am 1 19 pm OZAug l 1597 -15 1606 1606 1589 1596 1612 1797 1397 1605 911 am 10 03 am 1597 9ll diti 1 1 9 pm OZSep l ” 1567 -13 1575 1578 1563 1567 1580 1767 1367 1573 11 36 am 10 11 am 9 32 am 1 20 pm __________ 02OU 1536 -8 1538 1545 1530 1536 1544 1736 1336 1044.ain 10 03 am 9 36 am 1 20 pm _ 02Dec 15221 Ho 1528 1531 ~ TsTs 1523 1532 1722 1322 1527 11 37 am 10 03 am 1521 9 32 am 1 21 pm 03Jan| ISIS -12 IS2O IS2S 1512 ISIS 1527 1715" 1315 £ll7 am 10 10am 9 37 am __ » 1 20 pm __ 03Mar 1499 -11 1508 1508 ~ 1495 1498 1510 1699 1299 935 am 10 05 am 1500 -i> 35 am 1 20 pm 03May 14t7 -8 . 1480 1485 1475 1478 1485 1677 1277 10 37 am I 20 pm 1475 *. lo*oB am 120 pm __ 03Jul 1470 -19 1490 1492 1470 1470 1489 1670 1270 11 01 am 120 pm _ 9 31am _ 120 pm 03Aug 1482 -9 ~ffio 1491 1482 " 1481 1491 1682 1282 J'b Uo2’»m 1-20 pm 1482 ___ , 931 am \2O pm •> 1 * if * 03Sep 1482 -8 1490 1492 1482 1481 1490 1682 1282 > 1102 am 120 pm 1482 _ _ iOJOim I 20 pm 03Oct 1475 -5 MSS 1455 1475 1470 1480 1675 1275 12:S1 pot l 20 pm 1475 l2,34pm' 1 20 pm 03Dec 1490 Unch 1495 1495 1490 1485 1490 1690 1290 11 22 urn i2O pm 1490 | 11 22 am _l_ 20 pm 02 Jul 4914 -14 4920 4926 4870 4910 4930 5414 4414 4910 12 42 pm 10 02 am 4920 9 31 am 1 17 pm 02Aug 48601 -20 4870 4880 4820 4854 4880 5360 4360 4864 12 41pm 10;10am 4864 9 30 am 1 J7.pm 02Sep 4764 4780 j 4790 4736 4764 4790 5264 4264 4770 12 42 pm 10 03 am i 9 30 am 1 17 pm 02Nov 4712 -12 4704 4720 4676 4706 4724 5212 4212 4714 9*31 am 10 10 am 4714 9.33 am 1.18 pm . 03Jan 4740 -10 4750 4754 4724 4740 4750 5240 4240 12 41 pm 9 44 am 9 31am 119 pm |o3Mar 47641 -6 4750 4764 4734 4764 4772~' 5264 " 4264 12-30 pm 10:57-am i 9 31am - ■ ■■ -flBpm 03 May 4770 A 4754 4770 4734 4770 4774 ~ 5270 4270 1 14 pm 9 54 am 9 34 am 1 • IJB pm 03Jul 4784 -4 4760 ™ 4?84 4760 4784 ~ - 4790 5284 4284 ■ lrl9pm 10:06 am lO 06. am _ 1 19-pm ' 03Sep 4740 Unch 4740 4740 5240 4240 1 19 pm 03Nov 4784’ Unch ' 4770 4784 ' 476 Q • 4784 : 4784’ ; 5284 4284 ■ 'j' 1:14 pn> iO 03 am ; ' . S>!s3 aW ! 1:18 pm ‘ ■ Lean Hogs u i i h l Previous Previous Open High Low Last Chge Vo , ume open Jnt 0 0 784 13175 1702 10906 682 4288 260 2940 718 3136 63 473 Date 0 503850385038 -79 4840490047174787 -130 4930 501048254937 -40 4860490047304847 +5 3860 399038403950 +65 3630 374536303712 +65 3852 399538503995 +lO5 05/21/02 *CASH* 05/22/02 Jun 02 05/22/02 Jul 02 05/22/02 Aug 02 05/22/02 Oct 02 05/22/02 Dec 02 05/22/02 Feb 03 Composite Volume Open_lnt 05/21/02 4209 34918 Weekly Dairy Market Outlook Ken Bailey Penn State May 17,2002 President Signs Farm BUI • Countercyclical payments. • Extension of the support pro gram. • 2.4 million pound annual cap per operation. President Bush signed the 2002 Farm BiU into law on Monday, May 13. The new law, caUed the “Farm Security and Rural Invest ment Act of 2002,” contains many dairy provisions including an ex tension of the dairy price support program at $9.90 per CWT (3.67 percent milkfat) through Dec. 31, 2007, extension of the Dairy Ex port Incentive Program through 2007, a requirement that dairy im porters to pay an assessment for dairy promotion that is equivalent to domestic producers, and cre ation of a new National Dairy Mar ket Loss Payments Program that will contain countercyclical pay r-'vt-vTrn rfrrfrtni i er milk prices fall below a certain level. It is the latter provision, the Na tional Dairy Market Loss Pay ments Program, that is getting a lot of attention from dairy producers. The program (let’s caU it the “countercyclical payment pro gram”) will work as follows. First, a monthly payment will be made to a producer whenever the announced Class I price of milk in Boston is below $16.94 per CWT. The payment rate wUI be equal to 45 percent of this difference. Let’s take May 2002 as an exam ple. The announced Class I price for fluid milk in Boston was $14.51 per CWT. The difference between this and $16.94 per CWT is $2.43 ($16.94-$14.51). The payment rate wiU then be 45 percent of this dif ference, or $1.09 per CWT. Where did the $16.94 come from? That was the limit under the Northeast Interstate Dairy Com pact. Where did the 45 percent *WBMhfcß»'kTha#is the Class I uti- Live Cattle ... , . . . Previous Previous Open High Low Last Chge Volume Qpen Jn| 0 0 6367 30357 5854 29779 2853 26154 1391 10970 381 3275 125 1409 Date 05/21/02 *CASH* 0 650065006500 -116 05/22/02 Jun 02 5965 603559606012 +72 05/22/02 Aug 02 6065 613560526095 +3B 05/22/02 Oct 02 6435 649064306465 +4O 05/22/02 Dec 02 6612 6665 6605 6645 +35 05/22/02 Feb 03 6695 674566906705 +5 05/22/02 Apr 03 6850 687068356847 -8 Composite Volume Open_lnt 05/21/02 16971 101947 lization rate for the Northeast. Re member, these were the parameters agreed to by the House-Senate Conference Committee. The payments are limited to 2.4 million pounds of milk per farm operation for a given fiscal year. This is equivalent to the output of a farm with 133 cows producing 18,000 pounds of milk per cow. The current government fiscal year will end Sept. 30. The next question is, what is a dairy farm operation? Is an opera tion a place of business with cows, housing, a bulk tank, and milking equipment? Or is it Mom, Dad, and a working son or daughter on a farm location? Or is it an owner with three different operations in three different sites each qualifying for the 2.4 million pound cap? Also, will the 2.4 million pounds of milk be prorated to 2 million pounds during the first fiscal year (Dec. 1, 2001 to Sept. 30, 2002)? Maybe not. There are still more questions to ask. How will things be managed the first fiscal year? Will a large operation that exceeds the 2.4 mil- Pork Bellies Date 05/21/02 "CASH* 05/22/02 May 02 05/22/02 Jul 02 05/22/02 Aug 02 05/22/02 Feb 03 05/22/02 Mar 03 05/22/02 May 03 Composite Volume Openjnt 05/21/02 553 3224 lion pound cap be able to pick and choose the months that they wish to apply their cap? That would allow them to avoid low-price months. But here’s the problem with that. Let’s say USDA decides that a total of 2 million pounds of milk is the cap for the months Dec. 1, 2001-Sept. 30, 2002. And let’s as sume the average payment rate is $O.BB per CWT. That will mean a farm with 133 cows will get a total of $17,600. However, if a large farm that produces 2 million pounds of milk per month could choose a month, they may elect May 2002, when the payment rate was $1.09. In that case, the large farm would get a check for $21,800. That would be a larger check than the farm with 133 cows. But then again, on a hundred weight basis, the larger farm would get much less than the farm with 133 cows. Not to confuse things even more, the law intends to make a transi tion payment that would cover the (Turn to Page A 24) „ . , i . /-ii. Previous Previous Open High Low Last Chge Volume Qpm _ lat 0 0 5 7 401 2515 115 640 31 58 0 2 1 1 0 585058505850 unch 5880 590056105900 +2O 5850 602057406000 +l7O 5780 593057155920+150 6110 617060906137 +62 6060 606060606060 +lO 6100 610061006100 +25 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 2.56 bu., 4.28 cwt. Barley, N 0.3 1.77 bu., 3.79 cwt. Oats, N 0.2 —1.91 bu., 5.95 cwt. Soybeans, No.l 4.38 bu., 7.31 cwt. Ear Com 66.13 ton, 3.31 cwt. Alfalfa Hay —125.00 ton, 6.25 cwt. Mixed Hay 116.25 ton, 5.81 cwt. Timothy Hay^—_llB.oo cwt.
Significant historical Pennsylvania newspapers