Al6-Lancaster Farming, Saturday, October 12, 2002 GRAIN, CATTLE, HOG, & MILK BFP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Com 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 *CASH* DEC 02 MAR 03 MAY 03 JUL 03 SEP 03 DEC 03 MAR 04 MAY 04 10/10/02 10/10/02 JUL DEC Total 10/09/02 Soybeans 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 *CASH* NOV 02 JAN 03 MAR 03 MAY 03 JUL 03 AUG 03 SEP 03 NOV 03 JAN 04 NOV 04 Total 10/09/02 Soybean Meal *CASH* OCT 02 DEC 02 JAN 03 MAR 03 MAY 03 JUL 03 AUG 03 SEP 03 OCT 03 DEC 03 JAN 04 DEC 04 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 Total 10/09/02 Oct. 7,2002 SEPTEMBER CLASS ID IS NEW FALL LOW • USDA announces a $9.92 Class 111. • Cheese prices still strong. higher? It appears the market is will not be sustained. There were • August cheese and butter rebounding, but only marginally. lots of rumors why cheese prices production strong. The overwhelming data at this spiked in recent weeks, none of What a strange week regard- point is that cheese and butter them suggesting that this had ing market signals. One report production are strong, demand anything to do with market fun showpd capo* 'but- pointed tn-con--' produGts.-pe-' -iook ' for- drtiese' WDOhl-'Wqrihin Closing Bids: Thursday, October 10, 2002 Open 2550 2616 2660 2670 2564 2464 2520 2500 2510 2350 04 04 Volume Open_lnt 49402 487919 Open 5240 5284 5316 5320 5334 5300 5150 5024 5024 4900 Volume Open_lnt 69070 202391 Open High 16350 1630 1670 1682 1694 1690 1690 1674 1650 1600 1595 1590 1600 1620 1650 1665 1676 1668 1672 1661 1638 1585 1590 1590 1600 Volume Qpen_lnt 32122 129912 tinued weakness. Everyone at World Dairy Expo in Madison was discussing the current low milk prices. The question every one had was: when will they get High 2574 2556 2624 2664 2676 2564 2464 2520 2500 Low 2574 2512 2580 2622 2634 2530 2430 2490 2500 2504 2334 2514 2350 High 5025 5290 5336 5364 5364 5370 5320 5150 5030 5024 4900 Low 5025 5230 5284 5316 5320 5324 5280 5150 4980 5024 4860 Low 16350 1619 1650 1663 1673 1667 1672 1661 1638 1575 1573 1576 1600 Chge -44 -44 -42 -42 -42 -40 -36 -34 -30 Last 2574 2514 2582 2624 2636 2530 2432 2494 2500 -24 -2 2504 2334 Chge + 15 + 12 + 6 +4 -2 + 4 + 12 -4 -24 -24 -60 Last 5025 5246 5296 5322 5326 5324 5282 5150 4982 5024 4860 Chge -200 + 5 + 9 + 5 +7 +7 + 6 Last 16350 1623 1657 1668 1680 1674 1676 1662 1638 1575 1574 1576 1600 + 6 unch -4 unch port indicated that for the month of August, butter production was up 17.2 percent, American cheese was up 8.2 percent, and mozza rella cheese production was up 0.7 percent. Excess milk is mov ing away from mozzarella vats and into American-style cheeses. USDA announced last week that the September Class 111 price in all federal orders is $9.92 per CWT (the Class IV is $10.22). The Chicago futures last Friday indicated that Class 111 prices will rise to $10.67 per CWT in October, but then de cline to $10.45 by December. What’s going on? Well, the answer is not good. The folks I spoke with at World Dairy Expo are convinced that the recent rise in cheese prices Lean Hogs Date 10/09/02 *CASH* 10/10/02 Oct 02 10/10/02 Dec 02 10/10/02 Feb 03 10/10/02 Apr 03 10/10/02 May 03 10/10/02 Jun 03 10/10/02 Jul 03 10/10/02 Aug 03 10/10/02 Oct 03 Composite Volume Open_lnt 10/09/02 7379 34694 Live Cattle Previous Previous Date Open High Low Last Chge Volumeopen Int 10/09/02 *CASH* 0 630063006300 unch 10/10/02 Octo2 6732 682567326812+102 10/10/02 Dec 02 7055 713070507120 +5B 10/10/02 Feb 03 7207 726572057257 +5O 10/10/02 Apr 03 7232 729072327287 +55 10/10/02 Jun 03 6780 683067806825 +45 10/10/02 Aug 03 6790 685067906850 +6O 10/10/02 Oct 03 6885 691568856915 +3O Composite Volume Open_lnt 10/09/02 15761 109673 Pork Bellies Date 10/09/02 *CASH* 0 810081008100 unch 10/10/02 Feb 03 7645 7675 74407555 -77 10/10/02 Mar 03 7595 759574007490 -90 10/10/02 May 03 7630 765076207650 -100 10/10/02 Jul 03 7600 764075257525 unch 10/10/02 Aug 03 7400 7400 74007400 unch Composite Volume Open_lnt 10/09/02 374 1192 Oats 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 10/10/02 *CASH* DEC 02 MAR 03 MAY 03 JUL 03 SEP 03 DEC 03 MAR 04 Total 10/09/02 why the futures market expects Class 111 prices to fall back to lower levels in November and December. That said, most observers point out that Cheddar production in the Upper Midwest is pretty tight at the moment, and that we are in the fall period when prices are normally bid up. We’ll just have to wait and see. The market will be looking very carefully for the upcoming milk production report (to be re leased Oct. 17). That will possibly show production responding to low mUk prices. If there is a re sponse, look for Chicago cheese prices and hence Class 111 prices to be bid up. Also, two important crop reports will be released this week. You will recall that grain futures prices have moderated in recent weeks, making the cost of those weekly grain deliveries more reasonable. rk ui Previous Previous Open High Low Last Chge Volume Qpen 0 0 1522 2784 4865 23150 736 4983 150 1358 10 721 77 1200 12 291 7 183 0 24 0 445944594459 +l7 4480 4545 4475 4500 +73 4100 414540074095 +45 4670 470045904657 +2 5120 514250525095 unch 5800 583558005812 +l2 6100 612060756085 -7 5900 593058755887 -25 5657 567056575657 -5 5182 518251825182 +2 ti- ¥ Previous Previous Open High Low Last Chge Vo|ume op£n 0 0 359 1113 9 46 6 16 0 12 0 5 Open 2124 2054 2004 1860 1680 1560 1610 Volume Open_lnt 650 10301 Producers considering locking (Turn to Page A3S) High 2246 2140 2066 2004 1860 1680 1560 1610 Low 2246 2100 2044 1976 1850 1680 1560 1610 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 ot 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 3.06 bu., 5.47 cwt. Wheat, N 0.2 3.78 bu., 6.30 cwt. Barley, N 0.3 1.90 bu., 4.06 cwt. Oats, N 0.2 —1.86 bu., 5.81 cwt Soybeans, No.l 5.53 bu., 9.24 cwt. Ear Com 76.56 ton, 3.84 cwt. Alfalfa Hay 136.25 ton, 6.81 cwt. Mixed Hay —125.00 ton, 6,25 cwt. - Timothy Hay 13550 ewt. 10126 52215 24323 13578 8484 887 60 3800 7592 1952 1392 872 151 Chge -26 -26 -16 -20 -30 -50 -50 unch Last 2246 2102 2044 1976 1850 1680 1560 1610
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