GRAIN, CATTLE, HOG,
& MILK BFP
FUTURES MARKETS
Markets Courtesy of Chicago Board and Mercantile Exchange
Closing Bids: Thursday, October 17. 2002
Com
10/16/02
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
*CASH*
DEC 02
MAR 03
MAY 03
JUL 03
SEP 03
DEC 03
MAR 04
MAY 04
10/17/02
10/17/02
JUL
DEC
Total
10/16/02
Soybeans
10/16/02
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
*CASH*
NOV 02
JAN 03
MAR 03
MAY 03
JUL 03
AUG 03
SEP 03
NOV 03
JAN 04
NOV 04
Total
10/16/02
Soybean Meal
*CASH*
DEC 02
JAN 03
MAR 03
MAY 03
JUL 03
AUG 03
SEP 03
OCT 03
DEC 03
JAN 04
DEC 04
10/16/02
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
Total
10/16/02
Oct. 14,2002
RETAIL DAIRY PRICES
RELATIVELY HIGH
• Cheese, ice cream prices
above year ago.
• Whole milk, butter down
some.
• Milk ingredient costs down
30-40 percent.
Dairy farmers are noticing that
retail prices for many dairy prod
High
2612
2594
2650
2672
2672
2570
2482
2530
2522
Open
2512
2582
2610
2624
2536
2446
2504
2522
2524
2344
2524
2340
Volume Qpen_lnt
88231 479910
High
5265
5540
5560
5570
5554
5550
5490
5320
5156
5150
4920
Open
5434
5470
5500
5500
5490
5420
5320
5100
5150
4920
Volume Qpen_lnt
57950 208085
High
17100
1730
1735
1738
1733
1730
1715
1680
1605
1625
1610
1600
Open
1697
1708
1715
1712
1710
1695
1660
1605
1610
1610
1600
Volume Qpen_lnt
21865 129467
ucts have not fallen nearly as
much as their milk checks. In
fact, some dairy products such as
cheese and ice cream are actually
higher than a year ago.
I have often been asked to ex
plain this and have for the most
part avoided it. Here’s why. First,
many dairy farmers did not go
back into the grocery stores last
year to compare retail prices. Ice
Last
2612
2554
2610
2634
2626
2532
2460
2514
2522
Low
2612
2504
2570
2600
2600
2530
2440
2504
2522
2522
2340
2522
2340
Last
5265
5506
5526
5536
5532
5520
5464
5300
5134
5150
4920
LOW
5265
5432
5464
5480
5484
5480
5420
5300
5094
5150
4920
Last
17100
1713
1722
1727
1720
1720
1701
1672
1605
1611
1610
1600
LOW
17100
1691
1701
1709
1706
1707
1695
1660
1605
1610
1610
1600
cream, for example, went up in
price, but not nearly as high as
butterfat prices. Remember
$2.44-per-pound butterfat prices?
Many ice cream processors saw
their margins squeezed because
they could not fully pass along all
of their costs.
Retail milk prices have fol
lowed a pattern over the years.
They haven’t always gone up as
high as the increase in raw milk
costs (Class I prices) when milk
prices are rising, and they don’t
go down as fast either when milk
prices are plummeting. That may
be because consumers don’t like
big swings in their milk prices
(neither do farmers).
Another reason why I haven’t
focused on retail milk prices is
because the year-to-year changes
in those prices have often been at
or below the rate of inflation.
And besides, we live in a country
with a capitalist economy. Pro
cessors and retailers can sell their
products (fanners don’t own it at
Lean Hogs
Date
10/16/02 *CASH*
10/17/02 Dec 02
10/17/02 Feb 03
10/17/02 Apr 03
10/17/02 May 03
10/17/02 Jun 03
10/17/02 Jul 03
10/17/02 Aug 03
10/17/02 Oct 03
10/17/02 Dec 03
Chge
-6
+22
+6
+2
-12
-6
+2
+2
+2
Composite Volume Open_lnt
10/16/02 ' 5480 35378
Live Cattle
Date
10/16/02 *CASH* 0 630063006300 unch
10/17/02 Oct 02 6880 688068406845 -40
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
digs
unch
+36
+2O
+ 14
+l6
Composite Volume Open_lnt
10/16/02 14209 112469
+ 6
+ 14
+2O
+22
+2O
+2O
Pork Bellies
Date
10/16/02 *CASH*
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
Chge
-50
+ 12
+ 10
+ 8
+ 5
+ 5
+ 1
+ 2
-5
+ 1
+2
unch
Composite Volume Open_lnt
10/16/02 235 1242
Oats
10/16/02
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
10/17/02
Total
10/16/02
~ ¥w . . ¥ ¥ Previous Previous
Open High Low Last Chge ~ , , .
r & Volume Openjmt
0 0
4150 23981
1162 5401
94 1474
15 742
49 1253
6 310
3 194
1 29
0 0
0 455245524552 +7B
4155 421041204165 -52
4745 483547404797 unch
5065 516250655115 -10
5815 583057905820 +5
6060 610560606087 unch
5880 590058355890 +8
5650 569056505650 +8
5175520051755195 +25
5000 500050005000 unch
u* u¥ i Previous Previous
Open High Low Last Chge Vo|tlmeopen lnt
0 0
3019 6047
Dec 02 7175 717771357137
Feb 03 7335 734273157320
Apr 03 7370737073457367
Jun 03 6935 693569056920
Aug 03 6905 692268956922
Oct 03 7000 701069907010
~ ¥ w. . T , Previous Previous
Open High Low Last Chge Volume open lnt
0 0
0 810081008100 unch
Feb 03 7450 745073207362
Mar 03 7320 735072977297
May 03 7500 750074407440
Jul 03 7400 740073757375
Aug 03 7365 736572707270
Open
*CASH*
DEC 02
MAR 03
MAY 03
JUL 03
SEP 03
DEC'O3
MAR 04
1972
1960
1940
1800
1610
1600
1600
Volume Open_lnt
1802 9228
this point) at whatever price they
can get away with. They just
have to make their customers
happy.
But not everyone is happy at
the moment. Dairy farmers are
facing three crushing blows: 1)
low milk prices, 2) rising feed
costs, and 3) drought conditions
that have limited their feed pro
duction.
Also not happy are consumers.
They are facing a tough economy
right now and are worried about
their economic futures. In addi
tion, they are paying more for
milk and dairy products than the
ingredient costs would suggest.
For example, during the period
June-August 2002, retail prices
for ice cream and natural cheese
rose 1.4 and 6.7 percent, respec
tively. That is a modest increase
in retail prices for ice cream, until
you consider two things. First, ice
cream prices last year were ex-
(Tum to Page A 29)
-123
-138
-160
-145
-130
High
2122
2010
1990
1940
1800
1610
1600
1600
LOW
2122
1970
1950
1940
1800
1610
1600
1600
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 record sheets or to develop live
stock feed cost data, here’s last week’s
average costs of various ingredients as
compiled from regional reports across the
state of Pennsylvania.
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 3.05 bu., 5.46 cwt.
Wheat, N 0.2 3.79 bu., 6.33 cwt.
Barley, N 0.3 —l.BB bu., 4.02 cwt.
Oats, N 0.2 —1.84 bu., 5.75 cwt.
Soybeans, No.l 5.42 bu., 9.06 cwt.
Ear Com 76.76 ton, 3.84 cwt.
Alfalfa Hay 142.50 ton, 7.13 cwt.
Mixed Hay 146.25 ton, 7.31 cwt.
Timothy Hay 128.75 ton, 6.44 cwt.
55267
25090
15574
9212
1201
78
5804
2765
1510
692
419
1149
56
■ 19
13
208
15
10
Chge
-50
-4
-14
-14
-40
-20
+ 10
unch
Last
2122
1972
1950
1940
1800
1610
1600
1600