GRAIN, CATTLE. HOG. & MILK BFP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Closing Bids: Thursday, May 15, 2003 Com 04/03/03 04/04/03 04/04/03 04/04/03 04/04/03 *CASH* MAY 03 JUL 03 SEP 03 DEC 03 04/04/03 04/04/03 04/04/03 04/04/03 04/04/03 04/04/03 MAR MAY JUL SEP DEC DEC Total 04/03/03 Soybeans 05/14/03 05/15/03 05/15/03 05/15/03 05/15/03 05/15/03 *CASH* JUL 03 AUG 03 SEP 03 NOV 03 JAN 04 05/15/03 05/15/03 05/15/03 05/15/03 MAR MAY JUL NOV Total 05/14/03 Soybean Meal *CASH* JUL 03 AUG 03 SEP 03 OCT 03 DEC 03 JAN 04 MAR 04 MAY 04 JUL 04 AUG 04 SEP 04 OCT 04 DEC 04 05/14/03 05/15/03 05/15/03 05/15/03 05/15/03 05/15/03 05/15/03 05/15/03 05/15/03 05/15/03 05/15/03 05/15/03 05/15/03 05/15/03 Total 05/14/03 May 12,2003 MARKETS STABLE • Cheese, butter holding up. • Cheese, butter production down. • Futures improving. Cheese and butter prices last active, and cheese is moving into week at the Chicago Mercantile the USDA’s dairy price support Exchange appear to be holding program. Last week, USDA pur above support-price levels. This is chased 2.5 million pounds of pro gpod news fpr dairy producers as amlbjyj^cheeseihup^e the combination-of-this and new weSf Snd cerftfal *states. Despite* • Open 2382 2386 2384 2394 2450 2474 2496 2420 2396 2380 Volume Qpen_lnt 62063 419289 Open 6500 6424 6034 5644 5684 04 04 04 04 5700 5650 5660 5360 Volume Qpen_lnt 65725 229542 Open High 19850 1974 1935 1846 1694 1676 1678 1696 1705 1720 1695 1700 1595 1610 1970 1930 1835 1685 1660 1665 1685 1695 1715 1695 1700 1595 1610 Volume Open_lnt 28191 165295 federal order pricing formulas should put at least $0.30 per CWT into farm-gate milk prices. Block cheese averaged $1.1575 per pound for the week. Demand for process cheese is seasonally High 2516 2394 2404 2400 2402 LOW 2516 2376 2384 2382 2392 2446 2474 2494 2420 2394 2380 2454 2484 2504 2420 2410 2380 High 6405 6524 6466 6100 5700 5720 Low 6405 6450 6392 6020 5634 5670 5690 5650 5660 5360 5750 5690 5684 5360 Low 19850 1935 1900 1820 1680 1653 1658 1674 1688 1700 1685 1680 1595 1610 Chge -14 + 2 + 4 + 2 unch Last 2516 2390 2396 2390 2396 unch 2450 2482 2502 2420 2410 2380 -2 unch unch + 10 +4 Chge + 50 -4 + 4 + 30 + 40 + 54 Last 6405 6486 6426 6060 5684 5710 + 50 +3O + 14 + 16 5750 5680 5684 5360 Chge -50 -25 -24 -16 + 1 -2 unch + 3 unch -5 -7 -10 unch unch Last 19850 1944 1907 1824 1686 1667 1671 1694 1702 1712 1685 1680 1595 1610 05/14/03 05/15/03 05/15/03 05/15/03 05/15/03 05/15/03 large inventories, Grade AA but ter prices in Chicago last week remained above support price levels, averaging $1.0892 per pound. The futures market remains a mystery. Class 111 futures at the Chicago Mercantile Exchange are peaking at just more than $l2 per CWT for September 2003. This isn’t bad, although it is no where near the record levels for September. My interpretation of this is that traders are looking at a very gradual reduction in the milk supply, and tighter cheese production levels. The latest Dairy Products re port indicates that cumulative On* *f *ur favarita tin** *f y*ar it Just araund the aarnar: Jun* Pairy Manfhl * And what a traat w* hava far Farming Oi raadart in aur Jun* Pairy latu* tehadulad Jun* 7. T Vrj Ineludad will b* family farm faaturaa, braad and raff aataaiatian nawt and hi|hlighti, and alhar graal vXrJ dairy familiat. Lean Hogs Date 05/14/03 *CASH !i 05/15/03 Jim 03 05/15/03 Jul 03 05/15/03 Aug 03 05/15/03 Oct 03 05/15/03 Dec 03 05/15/03 Feb 04 05/15/03 Apr 04 05/15/03 May 04 05/15/03 Jun 04 Composite Volume Open_lnt 05/14/03 9476 44122 Live Cattle Date 05/14/03 *CASH* 05/15/03 May 03 05/15/03 Jun 03 05/15/03 Jul 03 05/15/03 Aug 03 05/15/03 Oct 03 05/15/03 Dec 03 05/15/03 Feb 04 05/15/03 Apr 04 05/15/03 Jun 04 Composite Volume Open_lnt 05/14/03 14762 110198 Pork Bellies Date 05/14/03 *CASH ;: 0 980098009800 unch 05/15/03 May 03 9700 970095509597 -213 05/15/03 Jul 03 9370 937091259167 -175 05/15/03 Aug 03 9030 903088108855 -175 05/15/03 Feb 04 7970 797077807780 -190 05/15/03 Mar 04 7780 778077807780 -180 Composite Volume Open_lnt 05/14/03 Oats *CASH* JUL 03 SEP 03 DEC 03 MAR 04 MAY 04 Total 05/14/03 cheese production during the first quarter of 2003 fell 1.1 percent below year-ago levels. This is very good news. If this continues, we could see fall prices improve even more. A good strategy would be to use the futures markets to begin to lock in Class 111 prices that get much above $l2 per CWT. Be conservative and lock in just a portion of your fall production as prices improve. The fall months are still very uncertain, the econ omy still weak, and expectations for a large surge in cheese con sumption are not great. / „ „• i i i Previous Previous OpenH.gh Low l. aSt Chge Vo , ume 0 pe„_l„. 0 0 4672 17670 2841 12334 1489 6612 281 3874 128 2741 34 501 22 342 0 0 9 48 0 599359935993 6497 656064706502 6500 655564606502 6515 653564506500 5540 556555005530 5350 539753305372 5650567556505675 5992 599259455992 6100 614561006145 6460 647064606470 „ _ T Previous Previous Open High Low Last Chge ... ~ . r Volume Open_lnt 0 0 236 1346 7162 43268 70 336 4040 32176 1937 18470 984 10032 283 3482 47 1067 1 20 0 799479947994 +97 7677 769570607685 -2 7390 739573457382 +lO 7000 700069926992 -3 6920 692268856917 +lO 7020 703270007020 unch 7310 731772827305 -7 7455 745574257430 -40 7510 756075027555 -10 7075 710070507050 -40 „ . i i Previous Previous Open High Low Last Chge Volume open Int 0 0 49 184 496 2864 107 290 1 56 0 1 3395 653 Open 1556 1496 1462 1520 1550 Volume Open_Znt 760 5943 -62 -58 -60 -15 -09 + 10 -7 unch unch High 1770 1624 1530 1494 1530 1550 Low 1770 1556 1496 1462 1520 1550 Average Farm Feed Costs for Handy Reference To help fanners 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., 5.27 cwt. Wheat, N 0.2 3.02 bu., 5.04 cwt. Barley, N 0.3 2.23 bu., 4.77 cwt. Oats, N 0.2 2.22 bu., 6.93 cwt. Soybeans, No.l 5.94 bu., 9.91 cwt. Ear Com 88.31 ton, 4.42 cwt. Alfalfa Hay —161.25 ton, 8.06 cwt. Mixed Hay 150.00 ton, 7.5 cwt. Chge + 16 + 64 +46 +34 +2O unch Last 1770 1624 1526 1494 1530 1550
Significant historical Pennsylvania newspapers