Al6-Lancaster Farming, Saturday, August 3, 2002 GRAIN, CATTLE, HOG, & MILK BFP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Closing Bids; Thursday, August 1. 2002 Com 07/31/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 *CASH* SEP 02 DEC 02 MAR 03 MAY 03 JUL 03 SEP 03 DEC 03 MAR 04 JUL 04 DEC 04 Total 07/31/02 Soybeans 07/31/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 Total 07/31/02 Soybean Meal *CASH* AUG 02 SEP 02 OCT 02 DEC 02 07/31/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 Total 07/31/02 Weekly Dairy Market Outlook Ken Bailey Penn State July 25,2002 Dairy Futures Take A Nose Dive • Milk prices get worse. • Fall highs evaporate. • Weather and demand main drivers. The dairy futures at the Chica go Mercantile Exchange took a nosedive this past week. Septem ber Class 111 futures, which were trading at $13.50 per CWT in the spring, fell to new lows of $lO.lO per CWT. Near-term contract months for July and August are below $lO per CWT. My inter pretation of this is that farm gate milk prices will continue to de teriorate through August, and that a fall recovery will be limited. There are four main factors iag are working to depress milk High 2492 2556 2654 2700 2724 2734 2590 2494 2540 2580 2446 Open 2524 2614 2670 2694 2714 2590 2484 2540 2580 2446 Volume Open_lnt 105731 483924 High 5575 5870 5754 5564 5554 5530 5480 5470 5310 5200 5170 Open 5780 5650 5450 5450 5440 5404 5404 5310 5200 5160 Volume Qpen_Xnt 88282 203580 Open High 18600 1905 1855 1783 1755 1860 1805 1735 1700 1740 1722 1698 1695 1685 1670 1650 1640 1695 1695 1680 1675 1675 1655 1650 1640 Volume Open_lnt 48594 129310 1. Growing cow numbers in U.S. economy or changes in con- support program as early as this the West, and a recovery in milk sumer tastes. week. If that occurs, then assume production per cow The break in the weather may that the cheese industry thinks 2. Weak U.S. economy, which have sparked the decline in dairy prices will be depressed for the is depressing cheese sales futures. Hot, humid weather was next few months. 3. Steady imports of butterfat replaced in recent days with Butter prices at the Chicago and nonfat solids much cooler temperatures. In Mercantile Exchange are surpris 4. A return to cooler weather fact, daily highs in the Northeast ingly above support levels, trad across much of the U.S. and Northwest are in the 70s and ing at $1.03-$1.05 per pound this Yum! Brands, a company that in the 80s in the Upper Midwest, week despite significant invento- _ . owns a number of fast-food California, and the West. ries in cold storage. me *" r ’ _ ese 316 avera 8 es > so you chains, including Pizza Hut, re- Cheese prices at the Chicago Opportunities for dairy pro- ™ adjust your flgures up or ported that same-store sales for Mercantile Exchange are rela- ducers to forward contact or ow ? accor mg *° your location and the Pizza Hut in the U.S. declined 3 tively weak. Block cheese was hedge milk for the fall months t ' ual,t y of y° urcro P percent in the second quarter of trading at $1.04-$1.05 per pound have all but evaporated. Produc- Com, No.2y 2.5ibu.,4.49cwt. this year. That reflects less use this week, which is below the ers should hold off for now. It is Wheat, N 0.2 2.94 bu., 4.91 cwt. for pizza cheese. This was likely support price of $1.1314 per still possible prices could Barley, N 0.3 —1.63 bu., 3.49 cwt. related to the weakness in the pound. Cheese processors have strengthen for the fall months. Oats,No.2 — i.7ibu. 5.33 cwt U.S. economy. That said, same- been reluctant to sell to the gov- There is talk that low grain car- Soybeans No 1— s store sales at Taco Bell and KFC, eminent under the dairy price ryover stocks and drought in the F r ' ’ u ” ' cwt which are also owned by Yum! support program since there are Western Combelt states could om ‘ ton > 3 - 45c *t Brands, were higher relative to a costs associated with doing so tighten up grain prices. That Atfalfa Hay i0e.25 ton, 5.31 cwt. year ago. Thus it is unclear (about $0.05 per pound). That would possibly drive milk prices Mixed Hay — lll.OO ton, 5.55 cwt. whether pjieese use in.-, vsaid„tha|e*are nanorrlhafrofreesc v c • 4.69 cwt. > PWV # W.V • f v.« • f M•■ • • • • i LOW 2492 2450 2540 2590 2630 2670 2540 2450 2514 2554 2340 Last 2492 2492 2586 2632 2670 2690 2550 2470 2524 2570 2360 Last 5575 5684 5586 5414 5410 5412 5364 5340 5310 5150 5070 Low 5575 5580 5500 5320 5320 5300 5270 5260 5310 5150 5070 Low 18600 1800 1764 1693 1667 Last 18600 1829 1786 1717 1690 1684 1673 1649 1650 1630 1615 1630 1630 1667 1650 1630 1630 1615 1610 1630 1630 Lean Hogs Date 07/31/02 *CASH* 08/01/02 Aug 02 08/01/02 Oct 02 08/01/02 Dec 02 08/01/02 Feb 03 08/01/02 Apr 03 08/01/02 May 03 08/01/02 Jun 03 08/01/02 Jul 03 08/01/02 Aug 03 Chge + 122 +2O + 22 + 14 + 10 + 6 -4 Composite Volume Open_lnt 07/31/02 5872 30494 -4 unch -70 Live Cattle Date 07/31/02 *CASH* 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 Chge + 160 + 10 + 46 + 50 + 30 + 36 + 16 + 20 + 20 -20 -14 Composite Volume Open_lnt 07/31/02 15111 93260 Pork Bellies Date 07/31/02 *CASH* 0 750075007500-1000 08/01/02 Aug 02 6240 624060156015 -300 08/01/02 Feb 03 6340 635060926092 -300 08/01/02 Mar 03 6030603060306030 -300 08/01/02 May 03 6160 616061606160 -300 08/01/02 Jul 03 6137 613761376137 -300 Chge +750 + 6 +22 +22 +23 Composite Volume Openjnt 07/31/02 606 1224 + 16 +7 Oats 07/31/02 08/01/02 08/01/02 08/01/02 08/01/02 08/01/02 +8 unch -5 + 15 +2O Total 07/31/02 ~ U- ui Previous Previous Open High Low Last Chge Vo , ume open _ Int 0 0 2457 7323 2684 13892 586 7506 104 1271 26 247 3 58 7 132 4 55 0 7 0 523552355235 5150 515049955015 4085 412039703977 3950 397538853907 4400442243554390 4870 491048404875 5590 561555805615 5750 577057405770 5720 575557205755 5570 559555155515 „ . w t Previous Previous Open High Low Last Chge Vo|ume open 0 0 0 623962396239 unch Aug 02 6490 649064256445 -55 Oct 02 6750 676066826707 -68 Dec 02 6877 688068306852 -30 Feb 03 6950 695569206947 -3 Apr 03 7005 700769827005 -5 Jun 03 6600 660565806597 -5 Aug 03 6630 664066306640 unch it* u t t * Previous Previous Open High Low Last Chge Volume Qpen 0 0 392 780 211 435 I 6 0 2 1 1 Open *CASH* SEP 02 DEC 02 MAR 03 MAY 03 JUL 03 1826 1754 1734 1710 1690 Volume Qpon_lnt 2384 10897 -10 -5 +2O High 1866 1860 1780 1734 1710 1690 Low 1866 1750 1684 1660 1670 1660 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. 6482 5729 1699 780 390 30 15475 40591 21673 9780 4414 1304 23 Chge +44 -4 -6 -6 -34 Last 1866 1780 1700 1684 1670 1660
Significant historical Pennsylvania newspapers