Al6-Lancaster Farming, Saturday, March 22, 2003
GRAIN, CATTLE, HOG,
& MILK BFP
FUTURES MARKETS
Markets Courtesy of Chicago Board and Mercantile Exchange
Closing Bids: Thursday, March 20, 2003
Com
03/19/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
03 /2 0/03
03/20/03
03/20/03
03/20/03
*CASH*
MAY 03
JUL 03
SEP 03
DEC 03
MAR 04
04
04
04
04
05
MAY
JUL
SEP
DEC
DEC
Total
03/19/03
Soybeans
03/19/03
03/20/03
03/20/03
03/20/03
03/20/03
‘CASH*
MAY 0 3
03
03
03
JUL
AUG
SEP
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
NOV
JAN
MAR
MAY
NOV
Total
03/19/03
Soybean Meal
* Open
*CASH*
MAY 03
JUL 03
AUG 03
03/19/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
SEP
OCT
DEC
JAN
MAR
MAY
JUL
AUG
SEP
OCT
DEC
Total
03/19/03
''- < “
flMnw
March 17,2003
CANADIAN DAIRY
INDUSTRY
FACES UNCERTAINTIES
• Special exports no longer al-
lowed
• New WTO may allow more
imports.
• Implications for Canada.
1 just returned from speaking
at the Western Canadian Dairy,
High
2434
2340
2346
2356
2370
2422
2464
2476
2424
2396
2416
Open
2326
2334
2350
2354
2412
2454
2464
2424
2384
2416
Volume Open_lnt
48840 451891
High
5645
5760
5740
5620
5380
Open
5690
5664
5560
5340
5130
5200
5224
5230
5044
5174
5200
5224
5230
5044
Volume Open_lnt
33223 228814
High Low Last
17250 17250 17250
1733 1708 1721
1718 1694 1705
1669 1659 1659
1712
1695
1665
1608
1535
1525
1533
1540
1555
1560
1565
1565
1525
1540
Volume Open_lnt
26342 156571
Ken Briley
Professor of
Agricultural Economics,
Dairy Marketing and Policy
Penn State
Seminar in Red Deer, Alberta.
Alberta of course is a Canadian
Province sitting west of the Rock
ies. My topic was, “Milk Protein
Concentrate Imports: Implica
tions For the North American
Dairy Industry.”
I participated in a Dairy Farm
Policy section chaired by Dr.
Ellen Goddard. The keynote
speaker, jvas Wade Armstrong,
Low
2434
2326
2334
2346
2354
2412
2454
2464
2424
2380
2416
Low
5645
5690
5664
5560
5340
5130
5194
5224
5224
5044
1601
1535
1525
1532
1540
1555
1560
1565
1565
1525
1527
1610
1545
1538
1540
1555
1555
1565
1565
1565
1525
1540
Lean Hogs
Date
03/19/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
Chge
+ 16
+ 22
+ 20
+ 14
+ 20
+ 20
+ 16
+ 12
+ 4
+ 10
+ 2
Last
2434
2336
2342
2352
2362
2420
2462
2472
2424
2396
2416
Composite Volume C)pen_lnt
03/19/03 11523 41984
Live Cattle
Date
03/19/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
Chge
-30
+ 40
+ 40
+ 3 2
+ 26
Last
5645
5744
5722
5602
5372
+ 34
+ 36
+ 34
+ 40
+ 64
5164
5196
5224
5224
5044
Composite Volume ()pen_lnt
03/19/03 14120 101704
Pork Bellies
Date
03/19/03 *CASH* 0 870087008700
03/20/03 Mar 03 9115 913 5 9115 9130
03/20/03 May 03 9120917090859127
03/20/03 Jul 03 9070 914090709110
03/20/03 Aug 03 8820 882088208820
03/20/03 Feb 04 7955 795579557955
03/20/03 Mar 04 7980 798079807980
Chge
-300
+ 9
+ 10
+ 6
1602
1538
1531
1533
1545
1555
1565
1565
1565
1525
1527
Composite Volume Open_lnt
03/19/03 545 2985
Oats
03/19/03
03/20/03
03/20/03
03/20/03
03/20/03
03/20/03
Total
03/19/03
New Zealand High Commission
er to Canada. Armstrong did an
excellent job of discussing the
new trade proposals at the ongo
ing Doha Round of the World
Trade Organization, or WTO.
The WTO will have implica
tions for the dairy industry in the
U.S., Canada, and New Zealand.
His take-home message was that
all the proposals call for further
opening of domestic borders to
imports (greater market access),
lower tariffs (on over-quota dairy
products), and an eventual elimi
nation of export subsidies. My in
terpretation of his remarks was
he painted Canadian dairy policy
as highly restrictive and protec
tionist, and thus less likely to
benefit from these WTO propos
als.
The High Commissioner also
discussed the WTO Appellate de
cision regarding Canadian export
subsidies. Both the U.S. and New
Zealand vigorously pursued this
case to the WTO over a five-year
period. Basically Canada’s pro-
„ PreMous Proious
Open High Low Last Chge ... ~ , .
1 M * Volume Open_lnt
0 0
5829 13824
441 2427
3934 13417
628 3932
395 3699
199 1637
33 663
37 346
7 37
CASH ’ 0 476447644764
Apr 03 5300 5340 5275 5287
May 03 5950 5995 5925 5987
.1 un 03 61 80 621061256160
Jul 03 6070 6117 60556065
Aug 03 5950 6015 5945 5970
Oct 03 5260 5295 5255 5260
Dec 03 5185 519051255125
Feb 04 5595 5595 55605595
Apr 04 5797 580057705800
„ , T , Previous Previous
Open High Low Last Chge ... ~ , .
1 * H Volume Open_lnt
0 0
7322 39400
92 1159
3814 36629
0 757575757575 -125
7487 752574707485 +lB
7235 726772057210 -27
6892 697068756877 -8
*CASH *
Apr 03
May 03
Jun 03
6700 670066506690 unch
6650 671766306635 -27
6865 692068426845 -35
7050 708570007005 -27
7200 721571907190 -5
7250 725072407245
Jul 03
Aug 03
Oct 03
Dec 03
Feb 04
Apr 04
„ ¥ ,. , , ¥ Previous Previous
Open High Low Last Chge Volume open _ Int
0 0
24 92
465 2210
56 656
0 24
0 2
0 1
Open
*CASH*
MAY 03
JUL 03
SEP 03
DEC 03
MAR 04
1782
1640
1550
1504
1570
Volume Open_lnt
558 5829
vincially run export program was
challenged as an export subsidy
that was outside existing trade
rules.
I spoke to a few Canadian
dairy farmers after the confer
ence. They said that the Cana
dian export program did not in
volve government logistics.
Farmers would contract directly
with a U.S. processor. That was
possible because the transaction
did not require government subsi
dies, and there were no quotas on
raw milk in the U.S. (Really?)
The Canadian farmer would get
the price that was negotiated
with the U.S. processor. I under
stood that this price was some
where between the low world
price and the higher U.S. price.
Even if this special export pro
gram did not involve the Cana
dian government, one could see
two potential problems for the
U.S. First, the program would re
alistically involve “pooling” the
(Turn to Page A 29)
-23
3
+l5
unch
-2
+2
-25
unch
unch
unch
High
1982
1850
1682
1550
1520
1570
Low
1982
1780
1636
1550
1500
1570
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 2.98 bu„ 5.33 cwt.
Wheat, N 0.2 3.24 bu., 5.41 cwt.
Barley, No 3 2.21 bu., 4.73 cwt.
Oats, N 0.2 2 10 bu., 6.54 cwt.
Soybeans, No.l 5.64 bu., 9.42 cwt.
Ear Corn 89.53 ton, 4 48 cwt.
Alfalfa Hay 165.00 ton, 8.25 cwt.
Mixed Hay 160.00 ton, 8.0 cwt
Timothy Hay 152.50 ton, 7.63 cwt.
16
10480
8307
3943
1657
113
1621
856
310
46
55
Chge
+ 2
Last
1982
1842
1672
1550
1520
1570
+ 34
+ 22
unch
+ 20
unch