Lancaster farming. (Lancaster, Pa., etc.) 1955-current, January 18, 2003, Image 16
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