Al6-Lancaster Farming, Saturday, January 18, 2003
GRAIN, CATTLE, HOG,
& MILK BFP
FUTURES MARKETS
Markets Courtesy of Chicago Board and Mercantile Exchange
Closing Bids: Thursday, January 16, 2003
Com
01/15/03
01/16/03
01/16/03
01/16/03
01/16/03
01/16/03
*CASH*
MAR 03
MAY 03
JUL 03
SEP 03
DEC 03
01/16/03
01/16/03
01/16/03
01/16/03
MAR
MAY
JUL
DEC
Total
01/15/03
Soybeans
01/15/03
01/16/03
01/16/03
01/16/03
01/16/03
01/16/03
01/16/03
01/16/03
01/16/03
01/16/03
*CASH*
MAR 03
MAY 03
JUL 03
AUG 03
SEP 03
NOV 03
JAN 04
MAR 04
NOV 04
Total
01/15/03
Soybean Meal
01/15/03
01/16/03
01/16/03
01/16/03
01/16/03
01/16/03
01/16/03
01/16/03
01/16/03
01/16/03
01/16/03
01/16/03
01/16/03
01/16/03
01/16/03
*CASH*
MAR 03
MAY 03
JUL 03
AUG 03
SEP 03
OCT 03
DEC 03
JAN 04
MAR 04
MAY 04
JUL 04
AUG 04
SEP 04
DEC 04
Total
01/15/03
Jan. 11,2003 what one would expect after the
COMMERCIAL USE SENDS holidays. Excess milk production
MIXED SIGNALS normally ends up in butter and
• Butter prices trending lower, cheese production, and demand
• Nonfat dry milk prices is noticeably weak,
weakening. At the Chicago Mercantile Ex
• Cheese below support. change, block cheese prices fell
• Demand for 2002 stronger from $1.1325 per pound on Mon
than expected. day, Jan. 6 to $1.1125 by week’s
The markets were generally end. Barrel prices held steady at
wfak during the second week.of r,j>l.ll ,R£r pujujid most of the
JatotiMy-2QQ3r-Ofr«o>i«w*lwrtM»«»*i>«e«kcfinMias«t»»<BA<4ft<paeipnHndi
Open
2310
2336
2366
2376
2390
2446
2460
2480
2414
04
04
04
04
Volume Open_lnt
49320 459036
Open
5500
5470
5450
5424
5270
5130
5150
5180
4950
Volume Qpen_lnt
52092 195536
Open High
16000
1623 1636
1618 1626
1613 1622
1588 1596
1571 1576
1531 1541
1525 1535
1525 1530
1550 1550
1560 1560
1565 1565
1570 1570
1580 1580
1595 1595
Volume Open_lnt
27131 153900
High
2376
2316
2344
2374
2382
2392
Low
2376
2286
2312
2344
2362
2374
2434
2460
2474
2402
2450
2460
2480
2414
High
5420
5544
5502
5490
5424
5270
5174
5150
5180
4950
LOW
5420
5446
5416
5400
5340
5220
5096
5150
5174
4950
Low
16000
1605
1601
1595
1569
1550
1518
1509
1513
1540
1550
1565
1570
1580
1595
Lean Hogs
Date
01/15/03 *CASH*
01/16/03 Feb 03
01/16/03 Apr 03
01/16/03 May 03
01/16/03 Jun 03
01/16/03 Jul 03
01/16/03 Aug 03
01/16/03 Oct 03
01/16/03 Dec 03
01/16/03 Feb 04
Ghge
-10
-4
-6
-6
-6
-10
Last
2376
2306
2332
2362
2372
2384
2440
2460
2474
2402
-10
-10
-6
-6
Composite Volume Open_lnt
01/15/03 9754 40553
Live Cattle
Date
01/15/03 *CASH* 0 788578857885 +l3l
01/16/03 Feb 03 7975 800579307967 +32
01/16/03 Apr 03 7785 779577107785 +l3
01/16/03 Jun 03 7000 704069757037 +67
01/16/03 Aug 03 6775 679767406782 +4O
01/16/03 Oct 03 7025 704570007035 +35
01/16/03 Dec 03 7155 718571507175 +35
01/16/03 Feb 04 7280 731572807312 +32
Chge
-10
-6
+ 10
+4
+ 12
unch
+ 12
+4
+4
+24
Last
5420
5490
5454
5436
5386
5230
5120
5150
5174
4950
Composite Volume Open_lnt
01/15/03 31741 112243
Pork Bellies
Last
16000
1624
1615
1608
1584
1559
1523
1517
1515
1540
1550
1565
1570
1580
1595
Oats
01/15/03
01/16/03
01/16/03
01/16/03
01/16/03
01/16/03
01/16/03
Total
01/15/03
by Thursday. We are now techni
cally below support price levels
($1.1314 per pound for 40- and
60-pound block cheese).
Grade AA butter prices weak
ened significantly this week at
the Chicago Mercantile Ex
change because of mounting in
ventories. Prices fell from $1.1350
per pound on Monday to $l.OB
per pound by Friday. This is still
technically above the support
price of $1.05. However, western
butter prices are normally 1-3
cents per pound below Chicago
prices. Butter production for the
first 11 months of 2002 grew 10.5
percent relative to depressed lev
els in 2001.
Western nonfat dry milk prices
continue to drift toward support
levels of $O.BO per pound. For the
week of Jan. 6-10, western prices
averaged $O.BO-$0.84 per pound.
Nonfat dry milk production for
the first 11 months of 2002 were
up 7.9 percent relative to the
same period in 2001. Thus the
butter/powder tilt is having its ef
fect on market prices.
of this points to weak mar-
r\ . , ¥ .f,. Previous Previous
Open High Low Last Chge Volume opeD
0 0
325 1607
97 531
40 298
24 232
4 21
Date
01/15/03 *CASH* 0 790079007900 +4OO
01/16/03 Feb 03 8230 827581508182 -30
01/16/03 Mar 03 8230 825081458150 -20
01/16/03 May 03 8310 837082708270 -25
01/16/03 Jul 03 8400 840083408380 unch
01/16/03 Aug 03 8150 815081508150 unch
Composite Volume Open_lnt
01/15/03 490 2689
*CASH*
MAR 03
MAY 03
JUL 03
SEP 03
DEC 03
MAR 04
ket conditions. However, USDA
also released 2002 consumption
data last week that seems to con
tradict dour forecasts of weak de
mand. For the period January
through October 2002, milk pro
duction grew 2.7 percent and
commercial disappearance, a
proxy for consumption, grew just
l.i percent. This reflects con- Average Farm Feed
sumption on a “milkfat basis. It p, H .
does not come close to the growth ior rtanay
in the milk supply. However, ex- Reference
animation of individual finished . T " hel P farmers aero* the state to have
, . , . , , . . handy reference of commodity input costs
dairy products looks more inter- j n their feeding operations for DHIA re
esting. Demand for finished dairy cord sheets or to develop livestock feed
products grew as follows: butter cost data, here’s last week’s average costs
up 4.0 percent, American cheese of vari ° us in B redients “ compiled from
r .a * r ’ .a , regional reports across the state of Penn
up 1.3 percent, other cheese up sy i va nia.
3.9 percent, nonfat dry milk Remember, these are averages, so you
down 22.4 percent, and fluid will need to adjust your figures up or
milk consumption up 0.2 percent. down according to your location and the
This seems to contradict earlier quality of your crop,
ims seems to contraoict earner Com No-2y _ 2.95 bu., 5.30 cwt.
USDA reports that “other wheat, N 0.2 - 3.36 bu.. 5.60 cwt.
cheese” consumption, mainly Barley, N 0.3 2.07 bu., 4.42 cwt.
Italian cheese, was weak. Oats, N 0.2 —1.97 bu., 6.15 cwt.
For August through October Soybeans, No.l 5,75 bu 9.60 cwt.
.aa. 0 .. 5 . . Ear Com 87.66 ton, 4.38 cwt.
2002, consumption of American Alfalfa Hay —149.50 ton, 7.48 cwt.
cheese grew 3.5 percent and other Mixed Hay —142.50 ton, 7.13 cwt.
chegp Ufc2« owt.
... , ¥ ¥ . Previous Previous
Open High Low Last Chge Vo|ume open
0 0
4722 13392
3643 13516
92 2806
785 6881
125 1745
188 1471
132 553
52 168
15 19
0 450945094509
5160521250925182
5762 581056305800
6230 630061506297
6350 642062706410
6120 619060626172
5830 589058255890
5265 529052405280
5170 517051405152
5420 542054205420
„ Previous Previous
Open High Low Last Chge Vo|(lme open Int
0 0
14430 39225
11528 44630
3384 18228
1342 6451
567 2178
476 1508
13 23
High
2324
2136
2050
1886
1686
1584
1620
Open
2134
2040
1886
1686
1584
1620
Volume Open_lnt
807 7300
Last
2324
2104
2014
1872
1680
1584
1620
Low
2324
2084
2014
1870
1680
1584
1620
suggest that holiday sales were
better than expected. However,
what really counts is ending
stock levels and the rate of
growth in cow numbers. Those
two factors are still not support
ive of higher milk prices, at least
not this month.
Chge
+ 14
-24
-26
-2
unch
-4
unch