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