GRAIN, CATTLE. HOG.
& MILK BFP
FUTURES MARKETS
Markets Courtesy of Chicago Board and Mercantile Exchange
Closing Bids: Thursday, March 13, 2003
Com
03/12/03
03/13/03
03/13/03
03/13/03
03/13/03
03 'l3/03
03 / 13 / 03
03/13/03
03 / 13 7 0 3
03 / 13/03
03/13/03
*CASH *
MAR 03
03
03
03
03
04
04
04
04
05
MAY
JUL
SEP
DEC
MAR
MAY
JUL
DEC
DEC
Total
03/12/03
Soybeans
03/12/03
0 3 'l3 /0 3
03/13, 03
*CASH +
MAR
MAY
03/13/03
03 / 13/03
JUL
AUG
03/13/03
03/13/03
03/13/03
03/13/03
03/13/03
03 / 13/0 3
SEP
NOV
JAN
MAR
MAY
NOV
Total
03/12/03
Soybean Meal op en „ igh
03/12/03
03 'l3/03
03/13/03
03/13/03
*CASH*
MAR 03
MAY 03
JUL 03
AUG 0 3
SEP 03
OCT 03
DEC 03
JAN 04
MAR 04
03/13/03
03/13/03
03/13/03
03/13/03
03/13/03
03/13/03
MAY 04
JUL 04
03/13/03
03/13/03
AUG 04
SEP 04
03/13/03
03/13/03
OCT 04
DEC 04
03/13/03
03/13/03
Total
03/12/03
mmg $
$l.OB per pound at the Chicago
Mercantile Exchange. While it is
still below the support price of
$1.1314 per pound, it is better
than 99 cents per pound! And
• Butter rises above support. butter surprisingly rose more
• When will things get better? than three cents above support
While not dramatic, things did levels to $1.0875 per pound.
improve slightly this week. Block The rise in cheese prices likely
cheese rose frprpweird,and f , had Itytje, fo dp with the daii
shockingly, low levels last week, to.. -price.support program"
March 7,2003
CHEESE
BOUNCES BACK
• Blocks now higher than bar
rels.
High
2450
2392
2366
2376
2384
2396
2446
2484
2494
2404
2430
Open
2376
2356
2370
2384
2392
2446
2484
2494
2404
2430
Volume Open_lnt
45522 432893
High
5 580
5764
5760
Open
57 10
5694
5734
5620
5664
5570
5350
5152
5190
5226
5210
4982
5394
5184
5204
5226
5210
4982
Volume Open_lnt
45802 223359
17450
1775
1747
1727
1740
1720
1700
1680
1622
1560
1550
1550
1560
1660
1608
1548
1538
1543
1555
1565
1568
1555
1555
1565
1565
1555
1565
1550
1542
1550
1542
Volume Open_lnt
161713
24830
Km Bailey
Professoral
Agricultural Economics,
Dairy Marketing and Policy
Penn State
Low
2450
2340
2342
2360
2370
2384
2440
2480
2490
2400
2430
Last
2450
2352
2354
2366
2374
2390
2442
2480
2490
2402
24 30
Last
5580
5760
5752
Low
5 5 8 0
5700
5680
5730
5616
5654
5550
5390
5180
5204
5226
5210
4982
5350
5146
5184
5226
5210
4982
Last
17450
1772
1745
1726
Low
17450
1735
1718
1700
1680
1621
1557
1546
1546
1550
1660
1607
1546
1534
1539
1550
1555
1555
1555
1553
1555
1555
1555
1555
1550
1542
1550
1542
been some cheese going into the
government program, but not
much. USDA reported that more
cheese will likely move into the
Commodity Credit Corporation
in the weeks ahead. But clearly
the cheese industry prefers to
market their product to real cus
tomers, not to the government.
All eyes will be on the March
17 milk production report. The
agonizingly low milk prices have
made milk production unprofita
ble for all dairy farmers. An eas
ing of dairy replacement prices is
an early warning that there is less
demand for them. If the March
milk report shows cow numbers
leveling off, or even falling a bit,
look for cash market prices to im
prove.
My interpretation is that we
are now at the bottom of the mar
ket (of course, I said that last
fall!). As they say on Wall Street,
you have to hit bottom before
Hungs get’fietfer Tt is unlikely
iere
Lean Hogs
Date
03/12/0 3
03/1 3/03
03/1 3/03
03/13/03
03/13/03
03/13/03
03/13/03 Oct 03 5260 5285 5235 5257
03/13/03 Dec 03 5195 52 10 5 127 5 140
03/13/03 Feb 04 5580 5595 55805592
03/13/03 Apr 04 5837 58405835 5840
Chge
-22
unch
+ 2
+ 2
+ 2
+ 2
+ 2
unch
+ 2
unch
Composite Volume Open_lnt
03/12/03 9924 40295
Live Cattle
Date
03/12/03
03/13/03
03/13/03
03/13/03
03/13/03
03/13/03
03/13/03
03/13/03
03/13/03
Chge
-60
+ 92
+ 96
03/13/03
+ 94
+ 92
+ 70
+ 44
+ 44
Composite Volume Open_lnt
03/12/03 23682 100277
+ 42
+ 40
unch
Pork Bellies
Date
03/12/03
03/13/03
03/13/03
03/13/03
03/13/03
03/13/03
03/13/03
Chge
-250
+ 39
+ 31
+ 31
+ 27
+ 20
+ 15
+ 15
+ 13
+ 5
Composite Volume Open_lnt
03/12/03 1331 3006
Oats
03/12/03
03/13/03
03/13/03
unch
unch
03/13/03
03/13/03
unch
+ 4
03/13/03
03/13/03
Total
03/12/03
, v ..... , .... Previous Previous
Open High Low Last C hue , .
1 Volume Open_lnt
0 0
CASH 0 483248324832 +5l
Api 03 5265 5.305 522052(0 unch
Mu\ 1)3 5000 5025 58705010 -7
Jun 03 6240 628062206267 +l7
Jul 03 6160610061326152
Aug 03 6000 6025 50706005
Pre\ious Previous
Open High Low Last L hge . .
1 * H Volume Open_lnt
0 0
0 7513 7313 7513 -151
7345 744073377425 +llO
7200 7265 71957262 +77
6900 6972 6900 6965 +7O
6730 673067056730 +2O
6645 671566356707 +B7
6830 688768306885 +75
6975 7025 6975 7020 +6B
7125 716071207157 +47
Apr 04 7210 722072007220 +3O
CASH
Api 03
Ma\ 03
Jun 03
Jul 03
Aug 03
Oct 03
Dec 03
Feb 04
.. Ppcmous Prt'Mous
Open man Low Last Lnae ~ , „ , A
1 * h Volume Openjnt
0 0
1 I 1 246
1085 2128
132 605
3 24
0 2
CASH 0 8400 84008400 +4OO
Mar 03 9050 9110 9000 9107 +77
May 03 9110 9175 9065 9105 unch
Jul 03 9070 91 1290309080 -10
Aug 03 8800 880087608760 +ll5
Feb 04 7985 798579807980 unch
Mar 04 7985 798579807980 unch
Open
*CASH*
MAR 03 2174
MAY 03 1834
JUL 03 1700
SEP 03 1552
DEC 03 1540
MAR 04 1580
Volume Open^lnt
968
that these $9 Class 111 prices will
continue beyond the next month
or two. Of course the low cheese
prices last week will be reflected
in the March milk check. Farm
gate milk prices should begin to
improve by May. In fact, we
could see some improvement in
cheese and butter prices by April
or early May, but only if we see
cow numbers declining.
For those considering forward
pricing milk for the summer and
fall months, my suggestion is to
hold off. Locking in milk futures
right now could result in frustrat
ingly low milk checks later this
year. It is generally a bad strate
gy to lock in the bottom of the
market. This depressed cash
market has lowered expectations
for futures prices later in the
year. That could change in a
month or two if the cash market
improves. So, hold off on com
mitting large amounts of your
milk at these prices.
->
-o
+ 13
-10
-32
-28
-7
High
1994
Low
1994
2172
1734
2180
1840
1630
1550
1704
1556
1530
1580
1550
1580
5664
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 2.94 bu., 5.26 cwt.
Wheat, N 0.2 3.25 bu., 5.42 cwt.
Barley, N 0.3 2.18 bu., 4.66 cwt.
Oats, N 0.2 2.08 bu., 6.47 cwt.
Soybeans, No. I 5.7 bu., 9.52 cwt.
Ear Corn 89.83 ton, 4.49 cwt.
Alfalfa Hay 158.75 ton, 7.94 cwt.
Mixed Hay 151.25 ton, 7.56 cwt.
Timothy Hay 146.25 ton, 7.31 cwt.
13323
2271
1 2920
3743
3323
50 1 3
I I i
3277
405
153
1551
620
314
28
32
31
4323 I
453
32628
1 1968
206
7594
10749
8244
3616
1328
1842
1478
504
63
26
Chge
-26
Last
1994
+ 2
-84
2176
1734
-66
-4
1630
1554
unch
1530
1580
unch