GRAIN, CATTLE, HOG.
& MILK BFP
FUTURES MARKETS
Markets Courtesy of Chicago Board and Mercantile Exchange
Com
10/23/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
*CASH*
DEC 02
MAR 03
MAY 03
JUL 03
SEP 03
DEC 03
MAR 04
MAY 04
JUL 04
DEC 04
Total
10/23/02
Soybeans
10/23/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
*CASH*
NOV 02
JAN 03
MAR 03
MAY 03
JUL 03
AUG 03
SEP 03
NOV 03
JAN 04
JUL 04
NOV 04
Total
10/23/02
Soybean Meal
10/23/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
*CASH*
DEC 02
JAN 03
MAR 03
MAY 03
JUL 03
AUG 03
SEP 03
OCT 03
DEC 03
JAN 04
DEC 04
Total
10/23/02
September milk production was
at 11.8 billion pounds. Although
this figure is much lower than
earlier in the year (it was 13 billion
pounds in May), it is still ahead of
year-ago figures. In addition, milk
production in the third quarter of
the year (July-September) was up
3.4 percent from the same period a
year ago.
States with the highest positive
rates of growth in September were
Arizona (15.7 percent), New Mexi
co (13.1 percent), Texas (9.3 per
cent), Idaho (6.1 percent), and Cal
ifornia (5.9 percent). With the
exception of Texas, all of these
states saw growth in cow numbers,
ed September milk production re- So, where is the good news in all
port. The news was mixed. Milk of this?
production continues ahead of Cow numbers have actually
market needs. September milk pro- peaked out for the year and are
duction for 20 select states was up headed down. This was anticipated
3,3 percent. That is bad as far as since replacement values fell about
. „ milk prices are concerned. That $2OO-$3OO per head a month or two
Ik ° C ° W ° re said, a much closer inspection of- ago. This shows economic adjust
mi k ' fers some good news, that cow ment and is exactly what the mar
• Cow numbers, however, are numbers in the nation’s dairy herd ket is expecting.
d° wn - have peaked out and are trending In 2001, cow numbers for 20
USDA issued a much-anticipat- lower. In fact, that is good news! major states fell 0.44 percent.
Oct 18,2002
MILK PRODUCTION
REPORT; GOOD
NEWS, BAD NEWS
* September milk up 3.3 per
cent.
Closing Bids: Thursday, October 24, 2002
Open
2496
2544
2570
2572
2492
2426
2494
2500
2500
2340
Volume Open_lnt
65950 485444
Open
5564
5580
5574
5544
5530
5460
5250
5080
5100
90
4944
Volume Qpen_lnt
71945 219234
Open
1719
1720
1720
1710
1703
1678
1648
1577
1578
1570
1600
Volume Qpen_lnt
26861 131098
High
2602
2516
2566
2590
2596
2502
2440
2494
2504
2504
2344
Low
2602
2476
2530
2556
2570
2484
2422
2484
2494
2494
2340
High
5365
5594
5604
5594
5560
5550
5460
5250
5090
5100
Low
5365
5492
5504
5504
5484
5464
5400
5250
5034
5100
90
4944
90
4944
High
17000
1720
1723
1724
1710
1703
1680
1648
1590
1585
1575
1600
Low
17000
1687
1693
1692
1677
1669
1655
1625
1577
1570
1570
1600
Chge
-50
unch
-2
-2
+2
unch
+2
unch
+4
+4
+ 10
Last
2602
2502
2546
2572
2584
2490
2426
2484
2494
2494
2342
Chge
+ 80
+3O
+4O
+ 36
+32
+32
+ 30
+ 30
+32
+ 14
Last
5365
5574
5586
5580
5550
5536
5454
5250
5084
5100
90
4944
+ 14
Chge
+ 100
-1
+4
+7
+2
+4
Last
17000
1708
1714
1718
1703
1697
1680
1640
1585
1582
1575
1600
+ 4
+ 11
+ 12
+4
unch
Lean Hogs
Date
10/23/02 *CASH*
10/24/02 Dec 02
10/24/02 Feb 03
10/24/02 Apr 03
10/24/02 May 03
10/24/02 Jun 03
10/24/02 Jul 03
10/24/02 Aug 03
10/24/02 Oct 03
10/24/02 Dec 03
Composite Volume Open_lnt
10/23/02 9203 35430
Live Cattle
Date
10/23/02 *CASH*' 0 660066006600
10/24/02 Oct 02 6890 690068356877
10/24/02 Dec 02 7250 725571927240
Feb 03 7455 746574207452
Apr 03 7455 745774207447
Jun 03 6942 697569406970
Aug 03 6880 693568756930
Oct 03 6980 699569806985
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
Composite Volume Open_lnt
10/23/02 10177 111801
Pork Bellies
Date
10/23/02 *CASH*
Feb 03 7635 777576307687
Mar 03 7655 766076257637
May 03 7650 775076507715
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
Jul 03 7650 765076507650
Aug 03 7450 745074007400
Composite Volume Open_lnt
10/23/02
Oats
10/23/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
10/24/02
*CASH*
DEC 02
MAR 03
MAY 03
JUL 03
SEP 03
DEC 03
MAR 04
Total
10/23/02
which is considered normal. Cow
numbers in 2002, however, grew
from 7.744 million head in Febru
ary to 7.790 million head by Au
gust. It declined to 7.786 in Sep
tember. This trend will likely
continue until spring 2003.
The market conditions are very
painful for dairy producers who
cannot cash flow under current
milk and feed prices. The market
place is expecting an adjustment to
occur that will better match supply
and demand. In fact, milk prices
won’t rise until this happens. Thus,
the September milk production re
port is the first real evidence that
suggest this adjustment has begun.
The next bit of market adjust
ment that needs to occur is reduc
tion in inventories of dairy prod
ucts, particularly butter, cheese,
and nonfat dry milk. Retailers will
likely offer specials this holiday
season on butter and cheese. This
should help allow the U.S. dairy in
dustry to enter the new year with a
better balance between supply, de
if li . A Previous Previous
Open High Low Last Chge ... ~ , .
r & Volume Open_lnt
0 0
6579 25200
2151 5973
278 1589
63 776
71 1317
30 326
30 211
0 34
1 3
0418941894189 -170
4160418040104027 -168
4790480046774685 -130
5155 516551005105 -85
5775 580557575757 -48
6070 607060506050 -45
5860 586058505850 -32
5625 562556155622 -3
5172517251725172 -3
5002 500550025002 unch
~ . ¥ T Previous Previous
Open High Low Last Chge Volunle Qpenjnt
0 0
1267 2574
4673 54296
~ it- . i ¥ Previous Previous
Open High Low Last Chge Vohlme Qpenjnt
0 0
0 730073007300 +4OO
1393
196
Open
1906
1902
1882
1750
1554
1580
1574
Volume Open_lnt
1267 9183
-7
-45
-10
-15
-20
-7
-10
-40
+37
+77
+75
+5O
+BO
High
2056
1914
1910
1882
1750
1554
1580
1574
Low
2056
1872
1872
1860
1750
1554
1580
1574
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 3.01 bu., 5.39 cwt.
Wheat, N 0.2 3.51 bu., 5.87 cwt.
Barley, N 0.3 1.91 bu., 4.08 cwt.
Oats, N 0.2 1.85 bu., 5.77 cwt.
Soybeans, No.l 5.35 bu., 8.93 cwt.
Ear Com 76.73 ton, 3.84 cwt.
Alfalfa Hay 131.75 ton, 6.59 cwt.
Mixed Hay 129.25 ton, 6.46 cwt.
Timothy Hay 128.75 ton, 6.44 cwt.
25885
17421
10293
1150
181
2347
992
821
76
1273
75
21
16
187
4
3
9
Chge
+24
+4
+ 4
-6
unch
unch
-20
-24
Last
2056
1912
1904
1872
1750
1554
1580
1574