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