Al6-Lancaster Farming, Saturday, June 8, 2002
GRAIN, CATTLE, HOG,
& MILK BFP
FUTURES MARKETS
Markets Courtesy of Chicago Board and Mercantile Exchange
Closing Bids: Thursday, June 6, 2002
Com
06/05/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
•CASH*
JUL 02
SEP 02
DEC 02
MAR 03
MAY 03
JUL 03
SEP 03
DEC 03
MAR 04
JUL 04
DEC 04
Total
06/05/02
Soybeans
06/05/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
*CASH*
JUL 02
AUG 02
SEP 02
NOV 02
JAN 03
MAR 03
MAY 03
JUL 03
SEP 03
NOV 03
Total
06/05/02
Soybean Meal
06/05/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
♦CASH*
JUL 02
AUG 02
SEP 02
OCT 02
DEC 02
JAN 03
MAR 03
MAY 03
JUL 03
AUG 03
SEP 03
OCT 03
DEC 03
Total
06/05/02
Weekly Dairy Market Outlook
Ken Bailey
Penn State
May 31,2002
Dairy Demand Weak
• Consumption in first quarter
down.
• Retail butter prices still
high.
• Futures prices improve.
• May class prices announced.
Cash prices at the Chicago
Mercantile Exchange overall re
mained low this week. Markets
are reacting to weak demand and
surplus milk.
Block cheese prices bounced
around between $1.1675 and
$1.20 per pound, and barrels fell
from $1.1525 per pound earlier in
the week to $1.1375 by Friday.
Butter prices started the week at
$1.04 per pound (on Wednesday)
but increased to $1.0950 per
High
2162
2122
2192
2284
2356
2384
2414
2340
2394
2454
2490
2390
Op«n
2100
2166
2264
2336
2372
2400
2340
2390
2450
2490
2390
Voliuhs Opan_lnt
52481 428404
High
5085
5194
5110
4960
4862
4880
4884
4890
4900
4750
4830
Opan
5150
5080
4930
4850
4864
4870
4870
4880
4750
4830
Voluaw Op»n„lnt
53165 181939
Op«n sigh
17150
1715
1673
1628
1577
1550
1538
1520
1498
1502
1500
1500
1490
1495
1703
1660
1618
1563
1540
1525
1508
1481
1488
1495
1495
1490
1495
Voluma Opan_lat
28326 143131
pound by Friday,
A combination of a cool spring
and normal spring flush is con
tributing to lower milk prices.
What is surprising is that con
sumption of dairy products the
first three months of this year
was down. USDA reported com
mercial disappearance of dairy
products the first three months of
2002 as follows: butter up 9.5 per
cent, American cheese down 2.7
percent, other cheese up 0.8 per
cent, nonfat dry milk down 25.7
percent, and fluid milk products
down 1.2 percent.
Farmers increased milk pro
duction 2.9 percent during this
period, but overall milk con
sumption went up only 0.7 per
cent.
While butter consumption re
bounded a bit from last year, it
Last
2162
2090
2160
2250
2330
2352
2392
2340
2380
2450
2490
2390
Low
2162
2086
2156
2246
2326
2352
2390
2340
2374
2450
2490
2390
Low
5085
5124
5040
4884
4800
4820
4834
4834
4850
4750
4770
Last
5085
5132
5046
4884
4806
4824
4836
4850
4854
4750
4770
to w
17150
1690
1645
1601
1560
1533
1523
1504
1481
1483
1485
1483
1482
1481
iMt
17150
1693
1646
1601
1561
1534
1525
1511
1485
1484
1485
1483
1482
1481
should have done better. Retail
butter prices were about $3 per
pound the first quarter of the
year, down only 6 percent from a
year ago (April 2002). That com
pares to wholesale butter prices
in April which were down 36 per
cent from a year ago. Lower re
tail butter prices this summer
could help reduce mounting but
ter inventories.
The cheese numbers were also
a bit of a surprise. We have
grown used to seeing cheese con
sumption increase year after
year. The drop in nonfat dry milk
consumption was fairly large,
leading to growth in government
purchases. And even fluid milk
consumption fell below normally
negative figures. The recession
the first quarter of this year may
have played a role.
The good news is that the fu
tures markets perked up a bit this
week. September Class 111 futur-
Lean Hogs
Date
06/05/02 ♦CASH* 0445844584458
06/06/02 Jun 02 4855 489548004880
06/06/02 Jul 02 4877 495748304912
06/06/02 Aug 02 4810 490547804842
06/06/02 Oct 02 3890 399538903982
06/06/02 Dec 02 3700381036903782
06/06/02 Feb 03 3980406539804065
06/06/02 Apr 03 4165418041654165
06/06/02 May 03 4570459045704570
06/06/02 Jun 03 5150515051505150
Chg«
+l6
-12
-12
-16
-14
-20
-14
-10
-10
-4
unch
-6
Composite Volume Open_liit
06/05/02 9895 29418
Live Cattle
Date
06/05/02 *CASH* 0600060006000
06/06/02 Jun 02 6107 618061006142
06/06/02 Aug 02 6120 618561006145
06/06/02 Oct 02 6390 646063656437
06/06/02 Dec 02 6610 664565756637
06/06/02 Feb 03 6710676067006727
06/06/02 Apr 03 6875 688068206877
06/06/02 Jun 03 6630663066306630
Cbg«
■*•4o
-4
-16
-30
-22
-22
-16
unch
-2
-20
-20
Composite Volume Opcnjnt
06/05/02 17069 97529
Pork Bellies
Date
06/05/02 ♦CASH* 0 610061006100 unch
06/06/02 Jul 02 5650569555255565 +9B
06/06/02 Augo2 5592 570055155547 +B5
06/06/02 Feb 03 6000607560006000 +5O
06/06/02 Mar 03 6000600060006000 +5O
06/06/02 May 03 6075607560756075 +7O
chg«
+lOO
-6
-10
-12
Composite Volume Openjnt
06/05/02 812 3044
-4
unch
■♦■6
+4
+4
Oats
06/05/02
06/06/02
06/06/02
06/06/02
06/06/02
06/06/02
+4
+2
unch
-1
Total
06/05/02
, Previous Previous
Open High Low Last Chge Vo j Ul|ie Open Jnt
0 0
2659 4102
4537 12631
2189 5699
135 3277
343 3150
28 520
1 30
0 1
3 8
_ , , , , Previous Previous
Open High Low Last Chge Volume ope n Jnt
0 0
5800 17039
6307 36284
3223 26462
1234 12387
374 3678
131 1679
0 0
OpenHlgh Low I^Chg.
0 0
571 2184
232 778
9 79
0 2
0 1
♦CASH*
JUL 02
SIR 02
DEC 02
MAR 03
MAY 03
2024
1610
1484
1490
1490
Volmaw Op*n_int
2111 10759
es at the Chicago Mercantile Ex
change fell to $12.15 per CWT
earlier this week. However, Sep
tember futures prices rallied to
$12.41 per CWT by Friday. Pro
ducers concerned about weak
milk prices this fall may want to
consider locking in a portion of
their fall milk supplies at these
price levels. Milk prices may rally
once the summer heat hits and
U.S. economic recovery is under
way. But then again, milk prices
may fizzle even more between
now and then. Locking in some
of your milk now would provide
some revenue protection.
USDA announced May 2002
federal order class prices with
changes from the month before:
Class II $11.29 (-$0.59), Class 111
$10.82 (-$0.03), and Class IV
$10.57 (-$0.52). Butter prices had
the most impact on class prices.
They fell $0.12 per pound, from
$1.17 in April to $1.05 in May.
-179
+lB5
+155
+137
+92
+ll5
+ll5
+7O
+7O
+7O
-303
440
4-28
445
4-32
4-27
4-22
4-105
High
2372
2034
1610
1490
1490
1490
Lorn
2372
1980
1552
1466
1490
1490
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 2.6 bu., 4.34 cwt
Barley, N 0.3 —1.77 bu., 3.79 cwt.
Oats, N 0.2 —1.94 bu., 6.06 cwt.
Soybeans, No.l 4.45 bu., 7.43 cwt
Ear Com 66.68 ton, 3.33 cwt
Alfalfa Hay —108.13 ton, 5.41 cwt
Mixed Hay —111.25 ton, 5.56 cwt.
Timothy Hay —117.50 ton, 5.88 cwt
Chgs
+32
+l2
-4
+4
+2
unch
Last
2372
2034
1586
1472
1490
1490