GRAIN, CATTLE, HOG.
& MILK BFP
FUTURES MARKETS
Markets Courtesy of Chicago Board and Mercantile Exchange
Closing Bids: Thursday, July 18, 2002
Com
07/17/02
07/18/02
07/18/02
07/18/02
07/18/02
07/18/02
07/18/02
07/18/02
07/18/02
07/18/02
07/18/02
*CASH*
SEP 02
DEC 02
MAR 03
MAY 03
JUL 03
SEP 03
DEC 03
MAR 04
JUL 04
DEC 04
Total
07/17/02
Soybeans
07/17/02
07/18/02
07/18/02
*CASH*
AUG 02
SEP 02
07/18/02
07/18/02
07/18/02
07/18/02
07/18/02
07/18/02
07/18/02
Total
07/17/02
Soybean Meal
07/17/02
07/18/02
07/18/02
07/18/02
07/18/02
07/18/02
07/18/02
07/18/02
07/18/02
07/18/02
07/18/02
07/18/02
07/18/02
*CASH*
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
07/17/02
Weekly Dairy Market Outlook
Ken Bailey
Penn State
July 13,2002
Greetings From Saskatchewan!
• Its wheat, canola, and cattle.
• You should see the hay
bales.
• U.S. dairy markets report.
This week’s report on dairy
markets was updated from Sas
katchewan, Canada. I’m on the
road to Calgary, a large Cana
dian city in the western province
of Alberta, to deliver a paper at
an international dairy confer
ence.
Saskatchewan is a prairie
province located due north of
Montana and North Dakota. It is
truly an agricultural paradise. I
drove from east to west along the
Trans Canadian Highway (Rt. 1)
through cities such as Regina,
Moose Jaw, and Swift Current.
High
2300
2334
2434
2490
2522
2542
2470
2420
2486
2540
2426
Open
2310
2410
2470
2506
2530
2460
2414
2476
2534
2420
Volume Qpen_lnt
65894 449900
High
5710
5840
5574
Open
5760
5494
5400
5380
5364
5330
5324
5150
5130
5300
5290
5280
5274
5280
5150
5036
Volume Open_lnt
74740 230860
Open High
19000
1884
1805
1733
1719
1702
1690
1677
1675
1655
1640
1620
1630
1870
1792
1723
1700
1685
1670
1660
1655
1655
1640
1590
1630
Volume Open_lnt
26922 144664
The eastern half of the prov
ince was covered with fields of
canola, wheat, and other small
grains for as far as the eye can
see. The canola was in bloom and
presented a beautiful yellow
landscape. This was accented by
neighboring fields of some anoth
er small grain that had a dark
blue bloom. And of course there
were miles and miles of wheat,
which was already at the heading
stage.
The landscape at the western
edge of Saskatchewan changed
dramatically into hay and cattle
country. I passed places where
there were acres of hay stacked
high and ready for sale. There
were trucks on the road shipping
the product to distant markets.
They were even cutting hay be
tween the highways!
LOW
2300
2296
2394
2454
2500
2520
2460
2404
2474
2534
2420
Last
2300
2326
2424
2482
2512
2534
2470
2416
2486
2540
2426
Last
5710
5774
5514
Low
5710
5740
5474
5344
5340
5324
5310
5294
5150
5070
5290
5284
5280
5254
5244
5150
5020
Last
19000
1861
1780
1715
1694
1685
1674
1653
1655
1640
1620
1620
1630
Low
19000
1860
1779
1709
1688
1680
1665
1648
1644
1640
1620
1590
1630
A local paper in the city of Re
gina reported that agriculture in
Saskatchewan had fallen on hard
times because of drought. Cattle
farms were reportedly selling
major portions of their herd to
settle bills. I found it odd since
the fields of hay, wheat, and can
ola looked so lush from the road
side.
The Canadian railroad is
clearly the lifeblood for agricul
ture throughout these prairie
provinces. All of the towns were
located along the railroad tracks,
as were the town grain elevators.
In many places, you could see
new elevator terminals that were
built right alongside the older
ones. While the newer ones are
no doubt more functional and ef
ficient, the older ones proudly
represent the history of agricul
ture in each of these towns.
In the U.S. dairy markets,
prices remain depressed. That
Lean Hogs
Date
07/17/02 *CASH* 0 537153715371 +9B
07/18/02 Aug 02 5005 5150 5005 5130+150
07/18/02 Oct 02 4200 433042004295 +lOB
07/18/02 Dec 02 4065 411040554055 -10
07/18/02 Feb 03 4430 447044104457 +27
07/18/02 Apr 03 4670 481046704755 +7O
07/18/02 May 03 5470 547053955470 +55
07/18/02 Jun 03 5600 566056005660 +7O
07/18/02 Jul 03 5610 565056105650 +5O
07/18/02 Aug 03 5500 555055005550 +53
Chge
-26
+ 12
+ 10
+4
+ 2
+ 2
+4
-4
-6
unch
-2
Composite Volume Open_lnt
07/17/02 8556 31560
Live Cattle
Date
07/17/02 *CASH* 0 620062006200 -200
07/18/02 Aug 02 6555 65906505 6587 +l5
07/18/02 Oct 02 6770 681567306812 +25
07/18/02 Dec 02 6875 690068406897 +22
07/18/02 Feb 03 6970 699569406990 +lO
07/18/02 Apr 03 7025 704070007040 +8
07/18/02 Jun 03 6610 662265906617 +5
07/18/02 Aug 03 6590 662065906620 +l5
Chge
-35
+ 6
+22
Composite Volume Open_lnt
07/17/02 13109 96791
Pork Bellies
Date
07/17/02 *CASH* 0 850085008500 unch
07/18/02 Jul 02 7200 762072007620 +3OO
07/18/02 Aug 02 7072 7372 7072 7372 +3OO
07/18/02 Feb 03 6350 664063406625 +285
07/18/02 Mar 03 6500 650065006500+200
07/18/02 May 03 6400 656064006560+175
07/18/02 Jul 03 6500 650065006500
Chge
-350
-6
-9
Composite Volume Open_lnt
07/17/02 696 2015
-4
unch
Oats
+ 5
+4
+ 10
+ 10
+ 19
+27
+ 35
07/17/02 *CASH*
07/18/02 SEP 02
07/18/02 DEC 02
07/18/02 MAR 03
07/18/02 MAY 03
Total
07/17/02
~ w Previous Previous
Open High Low Last Chge Vo|ume open
0 0
4580 9547
2718 12341
1035 7165
132 1003
71 154
0 23
12 103
8 27
0 1
u; „i » T Previous Previous
Open High Low Last Chge Vo|ume open In ,
0 0
6046 28388
4536 36830
1319 19557
756 7444
300 3597
150 966
2 8
~ u . . T T .r,. Previous Previous
Open High Low Last Chge Vfflhjme open |nt
0 0
8 188
636 1595
52 220
0 7
0 5
0 0
Open
1794
1752
1760
1730
Volume Open_lnt
1838 10543
said, there are new signs that
prices have bottomed out and are
beginning to firm up a bit. Butter
prices in Chicago remained just
below $1 per pound for the week
because of heavy production fol
lowing the July 4 week.
The Chicago cheese market
started the week with very low
prices, but firmed up close to
support levels by week’s end.
There is no doubt that the recent
heat wave that has blanketed
much of the U.S. has helped bid
up prices. Cheese yields and but
terfat levels usually decline in re
sponse to heat and humidity.
Next week I’ll be reporting on
the Canadian dairy industry.
Canada has a fairly large dairy
industry, and exports a lot of cat
tle, genetics, and dairy products
to the U.S. I hope to learn more
about their quota system.
High
2002
1810
1770
1764
1730
Low
2002
1740
1710
1720
1730
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.
Corn, No.2y 2.51 bu., 4.49 cwt.
Wheat, N 0.2 2.82 bu., 4.70 cwt.
Barley, N 0.3 —1.47 bu., 3.15 cwt.
Oats, N 0.2 1.82 bu., 5.66 cwt.
Soybeans, No.l 5.09 bu., 8.50 cwt.
Ear Corn 68.11 ton, 3.46 cwt.
Alfalfa Hay 107.50 ton, 5.38 cwt.
Mixed Hay 96.25 ton, 4.81 cwt.
Timothy Hay 100.00 ton, 5.0 cwt.
Chge
+ 14
-42
-20
-12
+4
Last
2002
1760
1732
1734
1730