GRAIN, CATTLE, HOG,
& MILK BFP
FUTURES MARKETS
Markets Courtesy of Chicago Board and Mercantile Exchange
Closing Bids: Thursday, August 29, 2002
Com
08/28/02
08/29/02
08/29/02
08/29/02
08/29/02
08/29/02
08/29/02
08/29/02
08/29/02
08/29/02
08/29/02
*CASH*
SEP 02
DEC 02
MAR 03
MAY 03
JUL 03
SEP 03
DEC 03
MAR 04
JUL 04
DEC 04
Total
08/28/02
Soybeans
08/28/02
08/29/02
08/29/02
08/29/02
08/29/02
*CASH*
SEP 02
NOV 02
JAN 03
MAR 03
08/29/02
08/29/02
08/29/02
08/29/02
08/29/02
08/29/02
08/29/02
Total
08/28/02
Soybean Meal
08/28/02
08/29/02
08/29/02
08/29/02
08/29/02
08/29/02
08/29/02
08/29/02
08/29/02
08/29/02
08/29/02
08/29/02
*CASH*
SEP 02
OCT 02
DEC 02
JAN 03
MAR 03
MAY 03
JUL 03
AUG 03
SEP 03
OCT 03
DEC 03
Total
08/28/02
Weekly Dairy Market Outlook
(Continued from Page A 1)
MlLC.htm.
• Step 2. Fill out the form.
This requires the producer to
make two decisions:
For the current federal fiscal
year 2002 (October
2001-September 2002), the pro
ducer must elect to either receive
or not receive the transition pay
ment. If you elect not to receive
the transition payment, elect a
start month for FY-2002 Elect a
start month for FY-2003 if you
do not want to receive payments
starting in October.
Most producers in Pennsylva
nia, those with less than 700
cows, will likely elect to receive
the transition payment (see
below).
• Step 3. Review and/or sign
form AD-1026, Highly Erodible
Land and Conservation (HELC)
and Wetland Conservation (WC)
Certification.
High
2644
2584
2690
2750
2774
2772
2622
2520
2554
2580
2390
Open
2580
2680
2750
2774
2770
2622
2520
2554
2576
2390
Volume Qpen_lnt
97418 491172
High
5600
5614
5454
5464
5454
Open
5604
5434
5454
5454
5450
5440
5380
5250
5170
5170
5070
5450
5440
5380
5250
5170
5170
5070
Volume Qpen_lnt
46351 193085
High
18600
1817
1738
1713
1705
1685
1660
1655
1645
1628
1598
1595
Open
1810
1730
1707
1702
1677
1657
1654
1635
1621
1598
1595
Volume Qpen_lnt
36337 139038
If you go down to the FSA of
fice and fill out form CCC-580
during August and elect to re
ceive your transition payment,
your start month will be August.
That means you will begin to re
ceive monthly payments from
USDA beginning in October. As
it turns out, this is the earliest
date that USDA’s FSA offices
will able to get the money in your
hands. They must still receive all
the necessary regulations and
computer software. Again, the
payments will be madejanly on
eligible production and only in a
month when the MILC payment
is available (the Boston Class I
price is below $16.64 per CWT).
The start month also sets the
period of time for the transition
payment. If your start month is
officially September 2002, you
may elect to receive a transition
payment for the months of De-
Last
2644
2564
2666
2730
2756
2746
2600
2496
2552
2580
2374
Low
2644
2560
2662
2722
2750
2742
2600
2492
2552
2576
2370
Last
5600
5552
5390
5396
5392
Low
5600
5552
5382
5392
5390
5380
5366
5320
5240
5124
5170
5070
5370
5364
5320
5240
5120
5170
5070
Last
18600
Low
18600
1792
1716
1690
1683
1667
1645
1643
1625
1615
1585
1580
1802
1717
1692
1688
1670
1646
1644
1625
1615
1585
1580
cember 2001 through August
2002. The transition payment
will equal the MILC payment
rate times eligible production.
As stated earlier, most Penn
sylvania dairy producers will
likely elect to receive the transi
tion payment. To see why, let’s
provide an example.
Suppose you have 60 cows and
ship 100,000 pounds of milk per
month. You sign up for MILC
payments in August. Your start
date is for the month of Septem
ber.
The known payment rates are
as follows:
The known payment rates are as follows
Year Month
2001 December
2002 January
2002 February
2002 March
2002 April
2002 May
2002 June
2002 July
2002 August
2002 September
10 Month Avg.
Lean Hogs
Date
08/28/02 *CASH*
08/29/02 Oct 02
08/29/02 Dec 02
08/29/02
08/29/02
08/29/02
08/29/02
08/29/02
08/29/02
08/29/02
Chge
-16
-30
-34
-32
-30
-36
-24
-20
-20
-14
-14
Composite Volume Open_lnt
08/28/02 7353 34961
Live Cattle
Date
08/28/02 *CASH* 0 610061006100 unch
08/29/02 Aug 02 6490 652264876517 +l7
08/29/02 Oct 02 6727 674067076710 -27
08/29/02 Dec 02 6995 701569806985 -20
08/29/02 Feb 03 7155 716071307145 -25
08/29/02 Apr 03 7235 724072057232 -13
08/29/02 Jun 03 6722 676067226757 -8
08/29/02 Aug 03 6770 678067706780 +lO
Chge
-30
-42
-36
-46
-50
Composite Volume Openjnt
08/28/02 10023 94110
Pork Bellies
Date
08/28/02 *CASH* 0 720072007200 unch
08/29/02 Feb 03 6030 620060306182 +152
08/29/02 Mar 03 6095 611560906095 +lOO
08/29/02 May 03 6220 632562206325
08/29/02 Jul 03 6265 630062656300
08/29/02 Aug 03 6135 6135 6135 6135
Chge
+250
Composite Volume Open_lnt
08/28/02 320 1007
Oats
08/28/02
08/29/02
08/29/02
08/29/02
08/29/02
08/29/02
Total
08/28/02
~ ww . . ¥ ¥ Previous Previous
Open H.gh Low Last Chge v „| ume Open Jnt
0 0
3411 17988
2892 12171
0 406740674067 -101
3015 308529773065 +43
3315 344533153432 +95
4120422541204217
4780482547654815
5710 572056905720
5900 591558755910
5840 588058405875
5550 555555505555
5115 511551155115
Feb 03
Apr 03
May 03
Jun 03
Jul 03
Aug 03
Oct 03
„ ■ w T Previous Previous
Open High Low Last Chge Volume ope „
0 0
650 756
5559 41067
2475 25763
610 15799
437 7569
287 3052
5 103
✓a ii* ■ t t Previous Previous
Open High Low Last Chge Vo lume Open Jnt
0 0
316 957
0 31
Open
*CASH*
SEP 02
DEC 02
MAR 03
MAY 03
JUL 03
1862
1914
1854
1800
1760
Volume Qpen_lnt
1624 9957
That means our producer
will be eligible for a total pay
ment of $9,370 for the months of
December 2001 through August
2002.
That said, our producer has
the option to NOT receive the
transition payment. This option
only makes sense, however, if you
are a large producer with 700
cows or more.
For example, suppose you
market 1.2 million pounds of
milk each month from 720 cows.
(Turn to Page A 26)
MILC Payment Rates
$0.77
$0.78
$0.78
$0.93
$l.OO
$1.09
$1.20
$1.38
$1.44
$1.45
$l.OB
■195
+7O
+25
High
2070
1876
1920
1866
1800
1760
Low
2070
1802
1846
1810
1790
1760
Average Farm Feed
Costs for Handy
Reference
To help fanners 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 2.95 bu., 5.28 cwt.
Wheat, N 0.2 3.23 bu., 5.40 cwt.
Barley, N 0.3 1.71 bu., 3.66 cwt.
Oats, N 0.2 1.73 bu., 5.40 cwt.
Soybeans, No.l 5.63 bu., 9.41 cwt.
Ear Com 77.67 ton, 3.88 cwt.
Alfalfa Hay 129.25 ton, 6.46 cwt.
Mixed Hay 122.50 ton, 6.13 cwt
Timothy Hay —125.00 ton, 6.25 cwt
3099
934
264
306
148
45
638
268
66
35
38
14
3
Chge
+ 10
-54
-44
-30
-12
unch
Last
2070
1810
1860
1814
1790
1760