Al6-Lancaster Farming, Saturday, November 9, 2002 GRAIN, CATTLE, HOG. & MILK BFP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Closing Bids: Thursday, November 7, 2002 Com 11/06/02 11/07/02 11/07/02 11/07/02 11/07/02 11/07/02 11/07/02 11/07/02 11/07/02 11/07/02 11/07/02 *CASH* DEC 02 MAR 03 MAY 03 JUL 03 SEP 03 DEC 03 MAR 04 MAY 04 JUL 04 DEC 04 Total 11/06/02 Soybeans 11/06/02 11/07/02 *CASH* NOV 02 11/07/02 11/07/02 11/07/02 11/07/02 JAN MAR MAY JUL 11/07/02 11/07/02 11/07/02 11/07/02 11/07/02 AUG SEP NOV JAN NOV Total 11/06/02 Soybean Meal 11/06/02 11/07/02 11/07/02 11/07/02 11/07/02 11/07/02 11/07/02 11/07/02 11/07/02 11/07/02 11/07/02 11/07/02 11/07/02 *CASH* DEC 02 JAN 03 MAR 03 MAY 03 JUL 03 AUG 03 SEP 03 OCT 03 DEC 03 JAN 04 MAR 04 DEC 04 Total 11/06/02 Nov. 1,2002 OCTOBER FEDERAL ORDER PRICES ANNOUNCED • Class 111 and IV prices high- • Commodity prices proved, • Rally is not sustainable. Recent calculations by USDA’s High 2464 2430 2472 2502 2522 2470 2430 2490 2504 2510 2396 Open 2426 2472 2500 2520 2464 2424 2490 2504 2510 2394 Volume Open_lnt 83273 506527 High 5675 5804 Open 5800 5744 5700 5610 5570 5744 5694 5604 5560 5470 5290 5090 5084 4880 5470 5290 5104 5084 4880 Volume Qpen_lnt 83287 210629 Open High 16550 1698 1701 1696 1678 1660 1645 1610 1568 1562 1560 1565 1600 1692 1693 1690 1670 1655 1635 1595 1555 1547 1560 1565 1600 Volume Open_lnt 37526 136998 Market Administrators look promising. The November Class I mover was up $0.45 per CWT from the month before to $10.60. That implies a November MILC payment of $1.39 per CWT. And announced Class 111 and IV prices for October are both up. Class 111 is up $O.BO per CWT to $10.72 and Class IV is up $0.28 per CWT to $10.50. im- Last 2464 2410 2454 2486 2510 2460 2420 2484 2504 2504 2386 Low 2464 2406 2450 2482 2506 2460 2420 2484 2504 2504 2386 Last 5675 5740 Low 5675 5730 5682 5636 5564 5522 5660 5610 5542 5500 5442 5244 5054 5084 4860 5430 5244 5050 5084 4860 Last 16550 1679 1686 1678 1657 1645 1631 LOW 16550 1676 1681 1677 1655 1645 1630 1595 1551 1547 1543 1560 1600 1600 1551 1550 1543 1560 1600 Does this look like the begin ning of a late fall rally? The butter situation looks promising. Grade AA butter prices in Chicago this week trad ed at $1.0325 per pound. While only 23 carloads of butter were traded this week, there does ap pear to be evidence that the mar ket is clearing a lot of butter. This is occurring in anticipation of holiday promotions. USDA re ports that this may move a good quantity of butter. The numbers from USDA indi cate that butter prices used in the calculation of October federal order prices actually rose 6.27 cents per pound from the previ ous month. Cheese is a different story. The five-week cheese price rally in late September and early October was short-lived. Block cheese prices this week in Chicago aver- Lean Hogs Date 11/06/02 *CASH* 11/07/02 Dec 02 11/07/02 Feb 03 11/07/02 Apr 03 11/07/02 May 03 11/07/02 Jun 03 11/07/02 Jul 03 11/07/02 Aug 03 11/07/02 Oct 02i 11/07/02 Dec 03 Chge +lO -20 -16 -14 -12 -4 -6 -6 -4 -4 -10 Composite Volume Open_lnt 11/06/02 7194 38592 Live Cattle Date 11/06/02 *CASH* 0 680268026802 unch 11/07/02 Dec 02 7285 7322 7265 7312 +27 11/07/02 Feb 03 7600 766075957655 +43 11/07/02 Apr 03 7507 757274977562 +55 11/07/02 Jun 03 6990 706069807052 +55 11/07/02 Aug 03 6880 692068756917 +4O 11/07/02 Oct 03 6980 699069606980 +35 Chge + 50 -64 -66 -66 -62 -56 Composite Volume Open_lnt 11/06/02 8520 117827 -46 Pork Bellies Date -4 -34 -34 -22 11/06/02 *CASH* 0 730073007300 11/07/02 Feb 03 8190 830081658287 11/07/02 Maro3 8170 822581308220 11/07/02 May 03 8255 832082458280 11/07/02 Jul 03 8280 } 8320 8255 8280 11 /07/02 Aug 03 8000 8005 7975 7985 Chge -100 -18 -16 -20 -17 -15 Composite Volume Open_lnt 11/06/02 325 1814 Oats 11/06/02 11/07/02 11/07/02 11/07/02 11/07/02 11/07/02 11/07/02 11/07/02 -2 unch -2 -5 unch Total 11/06/02 ~ TT . . ¥ . 4 Previous Previous Open High Low Last Cnee ~ T A v b & Volume Open_lnt 0 0 4564 23898 2063 8631 388 2342 41 1038 91 1902 29 450 11 266 5 52 2 13 0 395939593959 4550 460545204592 5210 531051905230 5555 561055555600 6060 611060606092 6220 626262206245 5985 602559856020 5760 577557355735 5240 524052105240 5220 522051905217 „ Previous Previous Open High Low Last Chge Volume Qpenjnt 0 0 3100 50156 2948 30935 1614 21185 381 13003 383 1996 94 550 ~ Previous Previous Open High Low Last Chge Volume openJnt 0 0 272 1661 37 94 9 28 7 25 0 6 Open *CASH* DEC 02 MAR 03 MAY 03 JUL 03 SEP 03 DEC 03 MAR 04 2024 1984 1894 1770 1550 1580 1574 Volume Opon_lnt 2245 10179 aged $1.0760 per pound, below the support price of $1.1314. It is that rally that has elevated Octo bers’ Class 111 price by $O.BO per CWT. Unfortunately, according to the futures markets. Class 111 prices in November and Decem ber are expected to reflect the cash market and will be below $lO per CWT. Low milk prices won’t last for ever. The same market that is ex pecting low November and De cember Class 111 prices is also expecting Class 111 prices to aver age $10.92 per CWT the first six months of 2003, and $12.40 per CWT the second half of 2003. And those numbers will rise sig nificantly if the milk supply falls below market expectations and if market sales of dairy products improve. Again, low milk prices don’t last forever. High 2196 2030 1994 1910 1770 1550 1580 1574 LOW 2196 1994 1954 1884 1770 1550 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 3.05 bu., 5.46 cwt. Wheat, N 0.2 3.27 bu., 5.46 cwt Barley, N 0.3 —1.94 bu., 4.15 cwt. Oats, N 0.2 1.83 bu., 5.71 cwt. Soybeans, No.l 5.56 bu„ 9.28 cwt. Ear Com 82.11 ton, 4.11 cwt. Alfalfa Hay 141.25 ton, 7.06 cwt. Mixed Hay 141.25 ton, 7.06 cwt. Timothy Hay 130.50 ton, 6.53 cwt. Chge -2 -44 Last 2196 2002 1982 1910 1770 1550 1580 1574 -12 +4 unch -10 unch unch
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