Al6-Lancaster Farming, Saturday, August 10, 2002 GRAIN, CATTLE, HOG. & MILK BFP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Com 08/07/02 08/08/02 08/08/02 08/08/02 08/08/02 08/08/02 08/08/02 08/08/02 08/08/02 08/08/02 08/08/02 *CASH* SEP 02 DEC 02 MAR 03 MAY 03 JUL 03 SEP 03 DEC 03 MAR 04 JUL 04 DEC 04 Total 08/07/02 Soybeans 08/07/02 08/08/02 08/08/02 08/08/02 08/08/02 08/08/02 08/08/02 08/08/02 08/08/02 08/08/02 08/08/02 *CASH* AUG 02 SEP 02 NOV 02 JAN 03 MAR 03 MAY 03 JUL 03 AUG 03 SEP 03 NOV 03 Total 08/07/02 Soybean Meal 08/07/02 08/08/02 *CASH* AUG 02 08/08/02 08/08/02 08/08/02 08/08/02 08/08/02 08/08/02 08/08/02 08/08/02 08/08/02 08/08/02 08/08/02 Total 08/07/02 Weekly Dairy Market Outlook Ken Bailey Penn State August 3,2002 Markets React To Summer Heat • Relief from heat short-lived. • Cheese market sends mixed signals. • July Class 111 prices an nounced. • Cash flow tight! Heat and humidity have blan keted much of the U.S., resulting in temperatures in the 80s and 90s everywhere except the North west. In addition, concerns about drought-like conditions in some parts of the Combelt have some market watchers concerned about higher feed grain prices. According to USDA’s Dairy Market News, this hot weather pattern is “deterring milk output in the central and eastern re- Closing Bids: Thursday, August 8, 2002 Open 2490 2590 2640 2662 2684 2564 2460 2520 2554 2390 Volume Open_lnt 69697 505528 Open 5600 5504 5286 5300 5300 5284 5290 5230 5070 5030 Volume Open_lnt 49646 201018 Open High Low Last 18400 18400 18400 1827 1795 1805 1812 1765 1680 1660 1655 1643 1620 1623 1600 1600 1560 1560 Volume Open__lnt 25414 126674 gions. However, in the West, pro duction is steady with areas of California showing a significant rebound from heat-induced prob lems two weeks earlier.” This of course is sending mixed signals to the cheese market, where prices at the Chicago Mer cantile Exchange have risen slightly above support levels. For the week ending Aug. 2, blocks traded at $1.1620 per pound and barrels at $1.1175. The rise in block prices is a bit strange, considering cheese stocks are more than adequate and market demand is weak. But the reduction in milk output through much of the U.S. is prob ably the reason for this. Butter remained fairly con stant this week, with Grade AA butter trading at an average $1.0642 per pound in Chicago. This slight rise from last week is High 2530 2490 2592 2640 2666 2686 2564 2476 2520 2560 2394 Low 2530 2452 2562 2610 2644 2656 2534 2450 2514 2554 2390 High 5500 5620 5510 5314 5324 5310 5300 5300 5230 5070 5040 Low 5500 5544 5434 5210 5224 5230 5220 5220 5230 5070 4980 1745 1653 1630 1627 1617 1600 1600 1595 1581 1560 1560 1775 1690 1665 1658 1647 1628 1626 1600 1600 1560 1580 Lean Hogs Date 08/07/02 *CASH* 08/08/02 Aug 02 08/08/02 Oct 02 08/08/02 Dec 02 08/08/02 Feb 03 08/08/02 Apr 03 08/08/02 May 03 08/08/02 Jun 03 08/08/02 Jul 03 08/08/02 Aug 03 Chge -22 -26 -26 -24 -26 -24 -16 -6 -4 -4 +4 Last 2530 2462 2572 2620 2644 2666 2534 2450 2514 2554 2394 Composite Volume Openjnt 08/07/02 5464 29779 Live Cattle Date 08/07/02 *CASH* 0 620062006200 08/08/02 Aug 02 6445 6445 6395 6417 08/08/02 Oct 02 6765 678067106767 08/08/02 Dec 02 6925 694568806940 08/08/02 Feb 03 7010705569877050 08/08/02 Apr 03 7075 710070507095 08/08/02 Jun 03 6635 6655 6635 6655 08/08/02 Aug 03 6660 666066606660 Chge -25 -22 -52 -76 -80 -66 -74 -62 -54 -30 -22 Last 5500 5576 5454 5226 5234 5244 5242 5240 5230 5070 4984 Composite Volume Open_lnt 08/07/02 16132 90054 Pork Bellies Date 08/07/02 *CASH* 0 530053005300 08/08/02 Aug 02 6160 649561306445 08/08/02 Feb 03 6280 638562106300 08/08/02 Mar 03 6250 625562506250 08/08/02 May 03 6495 652063726425 08/08/02 Jul 03 6530 653064076530 Chge -150 -9 1749 1661 1639 1633 1630 1611 1610 1595 1581 1560 1580 Composite Volume Open_lnt 08/07/02 429 945 Oats 08/07/02 08/08/02 08/08/02 08/08/02 08/08/02 08/08/02 -8 + 10 Total 08/07/02 because of the reduced cream supplies available to the market. The hot summer weather is fuel ing ice cream sales; thus, cream supplies are moving into ice cream plants and not butter chums. USDA announced the federal order prices this week. Class 111 prices fell from $10.09 per CWT in June to $9.33 per CWT in July. This drop of $0.76 per CWT was due entirely to the drop in the wholesale price of cheese in July. Class IV milk prices fell just $0.07 per CWT from the month before to $10.45 per CWT in July. This slight de cline in Class IV prices was due to the fact that butter prices dropped only $0.02 per pound in July, and nonfat dry mUk prices remained at support levels. According to the futures mar kets at the Chicago Mercantile Exchange, this represents the “bottom” of the market for Class 111 milk. Class 111 prices should ~ , ¥ Previous Previous Open High Low Last Chge Volume open Jnt 0 0 1209 3730 2894 15110 1167 8732 179 1588 4 310 8 77 3 147 0 70 0 15 0 492349234923 -75 4800 487548004862 +77 3920 394038203905 +lOO 3790 387037903820 +43 4335 438043204335 unch 4815 484048124822 +l5 5535 554755355542 +2 5730 574557155745 +lO 5725 572556805725 +2O 5475 548054755475 +3 ~ it , ,Previous Previous Open High Low Last Chge Vo|umeopen , nt 0 0 4125 8789 7974 41734 2279 21498 1211 11515 430 4962 113 1533 0 23 „ ... , . T x „. Previous Previous Open High Low Last Chge Volumeopen , nt 0 0 142 223 287 693 0 25 0 2 0 2 Open *CASH* SEP 02 DEC 02 MAR 03 MAY 03 JUL 03 1804 1730 1670 1634 1620 Volume Open_lnt 636 11157 increase about $0.30 per CWT in August and then increase about $1.60 per CWT in September. The August milk check that pro ducers receive in September will be the worst check for the year. Milk prices should rebound about sl-$2 per CWT the rest of the year relative to July lows. One final note. Dairy produc ers eligible to receive the new dairy deficiency payments under the 2002 Farm Bill can expect to receive an average of $1.04 per CWT on tip to 2.4 million pounds of milk marketed for the months of December 2001 through Au gust 2002. This will represent a significant amount of money for most dairy producers, particular ly given current weak market conditions. However, because of reduced staffing at USDA and an ava lanche of new programs under the Farm Bill, this money won’t (Turn to Page ASS) unch -45 -18 +5 +l5 +3 -2 unch -200 f 330 +73 +95 +35 f 105 High 1886 1810 1740 1674 1634 1620 Low 1886 1756 1716 1670 1634 1620 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 2.51 bu., 4.49 cwt. Wheat, N 0.2 2.94 bu., 4.91 cwt. Barley, N 0.3 1.63 bu., 3.49 cwt. Oats, N 0.2 —1.71 bu., 5.33 cwt. Soybeans, No.l 5.58 bu., 9.32 cwt. Ear Com 69.82 ton, 3.49 cwt. Alfalfa Hay 106.25 ton, 5.31 cwt. Mixed Hay 111.00 ton, 5.55 cwt. Timothy Hay 93.75 ton, 4.69 cwt. Chge -20 -34 -6 -4 -14 unch Last 1886 1770 1720 1674 1634 1620
Significant historical Pennsylvania newspapers