Al6-Lancaster Farming, Saturday, March 8, 2003
GRAIN, CATTLE, HOG,
& MILK BFP
FUTURES MARKETS
Markets Courtesy of Chicago Board and Mercantile Exchange
Closing Bids: Thursday, March 6, 2003
Com
03 Ob 03
03 06 03
0 3 '06'03
03 06,03
03/06/03
03/06/03
03/06/03
03/06/03
03/06/03
03/06/03
’'CA
MAP
03/06/03
DEC
Total
03 'O5/03
Soybeans
03/05/03
03 'O6/03
03 06 'O3
03/06/03
03 - 06/03
03/06/03
*CASH *
MAR 0 3
03
03
03
03
MAY
JUL
AUG
SEP
03/06/03
03/06/03
03/06/03
03/06/03
03 'O6/03
NOV
JAN
MAR
MAY
NOV
Total
03 '05/ 03
Soybean Meal _ . L
* Open High
03 no 03 ‘CASH* 1/900
03 Ob 03 MAR 03 1760 1/60
03 06 03 03 1743 1748
03/06 03 03 1724 1727
M 3 /
JUL
03 / OG/03
03 06/03
03 'Ob, 03
03/0 b / 0 3
03/06 03
03 06-03
AUG
SEP
OCT
DEC
JAN
MAR
03 06/03
0 3 ' 06 0 3
0 3'o 6 0 3
03 06'03
03-06 03
03'0 6 / 0 3
MA 6
JUL
AUG
SEP
OCT
DEG
Total
0 / ' 0 5 / 0 3
W«okly Dairy Market
Feb. 28,2003
BLOCK CHEESE FALLS
BELOW $1 PER POUND
• Chicago cheese continues to
weaken.
• Grade AA butter flat.
• Consumption figures
nounced for 2002.
The cheese market seems to be
getting worse every week. That
may be interpreted as an under-
High
2 166
2400
24 01
2 12 1
2430
2440
2490
2524
2540
2426
Open
2392
2 3 94
2404
2410
2432
2476
2522
2522
2420
2440
2440
Volume Open__lnt
59442 448413
High
5625
5700
5690
5670
Open
5690
567 0
5654
5544
5364
5204
5214
5224
5220
5010
5194
5214
5220
5220
5010
Volume Open Int
42639 228724
1673
1626
1563
1553
15 50
1564
1565
1570
1570
1575
1575
15 55
Volume Open Int
18967 167760
Ken Bailey
Professor of
Agricultural Economics,
Dairy Marketing and Policy
Penn State
statement. On Friday, Feb. 28,
40-pound block cheese prices fell
below $1 per pound to $0.9925.
This is well below the support
price of $1.1314.
USDA is citing weak demand
and strong availability of product
as the reason. Grade AA butter
prices in Chicago remained flat
at $1.0292 per pound. Western
prices for nonfayt dry
right at support price levels.
an-
Low
2466
2380
2380
2 3 96
2410
2422
2476
2516
2522
2410
2440
Low
5 62 5
5622
5620
5600
5500
5334
5560
5 3 90
5160
5190
5200
5220
5002
Low
17950
17 34
17 17
1700
1652
1610
1546
1536
1540
1546
167 5
1628
1568
1556
1553
1564
1 55 7
1563
1558
1560
1560
1555
15/5
15 80
1575
1575
15 / 5
155 5
Chge
+ 10
+ 30
+ 30
+ 30
+ 22
+ 22
+ 22
+ 20
+ 22
+ 14
Last
24 66
2396
2402
2422
2422
2434
2486
2520
2534
2424
2440
Chge
Last
-30
-60
-52
5625
5624
5622
56 0 2
5504
5334
-52
-44
-40
-34
-24
-20
-14
-10
5162
5194
5224
5220
5002
Chge
-50
- 2 5
-28
-26
Last
17950
1736
1719
1701
-25
-18
-18
-17
-13
-12
1652
1613
1548
1538
1541
1548
1557
1565
1558
1560
1560
1555
12
10
20
10
At a meeting in Idaho this
week, a producer asked how
cheese prices could remain below
support price levels at the Chica
go Mercantile Exchange. Good
question! Basically, the price sup
port program offers to purchase
unlimited quantities - of block
cheese at exactly $1.1314 per
pound. However, they can’t force
anyone to sell cheese to the gov
ernment. So, what isn’t pur
chased ends up on the market or
in inventory.
There is a disincentive to offer
cheese to the USDA since it in
volves a cost to processors, about
3 cents per pound. However, with
prices this low, it is very likely
that more cheese will be offered
to the Commodity Credit Cor
poration (CCC) in the weeks
ahead. For the week ending Feb.
28, the CCC purchased 514,800
pounds of Central processed
cheese.
USDA announced the Febru
ary class and component prices
for 2003. Component prices for
Lean Hogs
Date
OVOS/03 c \sn
()V()(>/()3 \pi I) 1 '
0 3/06/0 3 Ma\ 03
km 0 *
lul 0*
0 3/06/03
0 3/06/0 3
0 3/06/03
0 3/06/03
03/06/03
03/06/0"*
03/06/03
\u” 0 *
Ocl 03
Dcl 03
I’ch 04
Api 01
Composite Volume ()pen_lnt
03/0 V 0.3 6402 37400
Live Cattle
Date
CASH' 0 7748 77487748
Apr 03 7432 740074007460
Jim 03 6035 607560006067
Aug 03 6650 668766206680
Oct 03 6802 600568576000
Dec 03 7002 702060007010
Feb 04 7100710771757105
Apr 04 7220 723072207230
03/05/03
03/06/03
03/06/03
03/06/03
03/06/03
03/06/03
03/06/03
03/06/03
Composite Volume Open__lnt
03/05/03 1 1855 04664
Pork Bellies
Date
03/05/03 ' CASH 0 8300 83008300 +lOO
03/06/03 Mar 03 8470 8505 8465 8562 +l7
May 03 8500 8600 85408680
Jul 03 8610 8717 86108712
Aug 03 8425 8425 8425 8425
Feb 04 7025 7025 7025 7025
Mar 04 7025 7025 70257025
03/06/03
03/06/03
03/06/03
03/06/03
03/06/03
Composite Volume Open_lnt
03/05/03 976 2760
Oats
03 05/03
*CASH*
MAR 0 3
03/06/03
03/06/03
03 /0 6/0 3
03/06/03
03/06/03
03/06/03
MAY 0 3
JUL 0 3
SEP 03
DEC 0 3
MAR 0 4
Total
03/05/03
February 2003 milk checks will
be $1.1373 per pound for butter
fat, $1.8538 per pound for pro
tein, and $0.0240 per pound for
other solids. The class prices are
as follows: Class II is $10.66 per
CWT, Class 111 is $9.66, and
Class IV is $9.81.
Final consumption figures for
2002 were also just released by
USDA. The milk supply rose 2.6
percent in 2002 and imports, on a
butterfal basis, fell 10.7 percent.
Total commercial disappearance
on a milkfat basis rose 0.5 per
cent.
What is more interesting is the
estimated consumption figures
on a product-pound basis. Con
sumption figures for 2002 relative
to the previous year were butter,
up 0.9 percent; American cheese,
up 0.9 percent; other cheese, up
3.7 percent; nonfat dry milk,
down 22.4 percent; and fluid
milk products, up 0.3 percent.
It appears that the real prob
lems in 2002 were with butter,
American cheese, and nonfat dry
milk consumption figures.
, ..... , ~, l*re\ious I’rtMous
Open llmi Lou Last (. nj:e . . , .
1 * \ oiume Open Int
0 0
ico4l
is? : "Wit)
0 1027 1027 102 ”
MHo 7 I ,s 7
7827 7807 77 u 0 7802
01 020000700100
0007 0070 707700
7800 707078807072
7 100 7 107 SOSO 7 1 70
7047 7127701071 10
7727 7700 74007700
7750 7815 7720781 7
, , .ru Previous Previous
Open High Lou Last Chge . .
r * * Volume Open_lnt
0 0
7432 47961
2772 25507
1138 9361
360 7176
62 3514
90 1142
Previous Previous
Open High Low Laste hge . ... , .
1 * Volume Open_lnt
0 0
186 466
High
2256
Open
2150
1884
1770
1590
1550
1590
2132
1850
1732
1590
1550
1590
Volume Open_lnt
2329 5875
-17
1702
+ 17
i so
+2 i
+ *7
2 >0
7 ■>
+ 78
+B7
+77
+77
-154
-10
+7
+ 15
+3
+ 3
+3
+8
111
57
+65
+2
unch
unch
Last
2256
Low
2256
2150
1870
1764
1590
1544
1590
2116
1850
1732
1590
1540
1590
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 3.19 bu., 5.70 cwt.
Wheat, N 0.2 3.28 bu., 5.48 cwt.
Barley, N 0.3 2.16 bu., 4.62 cwt.
Oats, N 0.2 2.01 bu., 6.28 cwt.
Soybeans, No. I 5.65 bu., 9.44 cwt.
Ear Corn 89.08 ton, 4.45 cwt.
Alfalfa Hay 151.25 ton, 7.56 cwt.
Mixed Hay 143.75 ton, 7.19 cwt.
Timothy Hay 132.50 ton, 6.63 cwt.
10100
77 ' >
1> 7 7
7 5 V>
1 20S
MO
03
13
1762
503
26
Chge
-34
+ 14
unch
-4
unch