Al6-Lancaster Farming, Saturday, June 7, 2003 GRAIN, CATTLE, HOG. & MILK BFP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Closing Bids: Thursday, June 5, 2003 Com 06/04/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 *CASH* JUL 03 SEP 03 DEC 03 MAR 04 MAY 04 JUL 04 SEP 04 DEC 04 DEC 05 Total 06/04/03 Soybeans 06/04/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 *CASH* Total 06/04/03 Soybean Meal 06/04/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 *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 Total 06/04/03 June 2,2003 SUPPLY CONTROL The National Milk Producers Federation (NMPF) is formulat ing a voluntary supply control program. The objective appears to be to artificially restrict the milk supply and thereby enhance milk prices. At first glance, it sounds like a good- plan- It will be -viewed in High 2484 2390 2372 2392 2452 2492 2506 2422 2416 2362 Open 2364 2354 2370 2434 2472 2492 2410 2414 2362 Volume Open_lnt 87894 395306 High 6085 6224 6214 5920 5630 5680 5700 5684 5694 5360 Open 6134 6130 5844 5554 5604 5634 5640 5650 5344 Volume Qpen_lnt 60710 224319 Open High 18750 1887 1876 1818 1700 1690 1694 1710 1722 1735 1720 1720 1647 1650 1858 1857 1796 1680 1673 1677 1698 1706 1727 1710 1710 1647 1650 Volume Qpen_lnt 26653 152310 Washington circles as a self-help program that won’t cost the U.S. Treasury a dime. And dairy pro ducers, who have been facing low milk prices since nine-eleven, will be glad that something, anything, is being done. NMPF’s plan involves setting up a new cooperative that would be funded by assessments on NMPF cooperative members. Last 2484 2356 2342 2364 2426 2470 2492 2410 2410 2362 Low 2484 2350 2334 2354 2420 2456 2482 2402 2400 2362 Last 6085 6186 6176 5880 5610 5640 5694 5650 5680 5354 Low 6085 6114 6110 5820 5524 5580 5620 5600 5650 5340 Last 18750 1879 1868 1812 1698 1689 1693 1710 1721 1735 1720 1720 1647 1650 Low 18750 1857 1846 1790 1668 1661 1669 1687 1700 1715 1710 1710 1647 1641 The assessment initially is ru mored to be 18 cents per hun dredweight for 12 months. The plan, however, raises a number of tough questions. First, will it work? If it is voluntary, one can see that some producers will opt out of the program, leav ing the cost to others and reduc ing the overall effectiveness of the program. There is a huge eco nomic incentive to being a “free rider.” A large dairy farm with 10,000 cows could save $360,000 in 12 months by saying “I don’t want to participate.” Second,- is it fair to “tax” producers who did not expand milk production for the sins of their neighbors? Final ly, wouldn’t such a program, if effective, simply result in a new wave of large-scale expansions out West? There have been many propos als for solving this crisis of low milk prices. None of them, how ever, will fundamentally address the problem that currently .faces ■ Lean Hogs Date 06/04/03 '-CASH- 0 619161916191 +l4 06/05/03 Jim 03 6565 657565026542 -50 06/05/03 Jul 03 6840 685067806792 -40 06/05/03 Aug 03 6860 692568606922 +25 06/05/03 Ocl 03 5870 592258605882 -5 06/05/03 Dec 03 5507 5540 5507 5517 unch 06/05/03 Feb 04 5820 585058005832 -28 06/05/03 Apr 04 5950 597059355952 -23 06/05/03 May 04 6180 62106170 6200 -27 06/05/03 Jun 04 6400 640063906397 -35 Chge -24 -16 -20 -12 -12 -10 -6 -12 -14 unch Composite Volume Open_lnt 06/04/03 16966 51316 Live Cattle Date 06/04/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 06/05/03 Chge + 70 + 34 + 36 + 24 + 40 + 30 + 34 + 16 + 30 + 14 Composite Volume Openjnt 06/04/03 21230 119200 Pork Bellies Date 06/04/03 06/05/03 06/05/03 06/05/03 06/05/03 Chge unch + 12 + 11 + 12 + 14 + 13 + 10 + 14 + 15 Composite Volume Open_lnt 06/04/03 993 3832 Oats 06/04/03 *CASH* 06/05/03 JUL 03 06/05/03 SEP 03 06/05/03 DEC 03 06705/03 MAR 04 06/05/03 MAY 04 + 8 + 10 + 10 + 6 + 10 Total 06/04/03 Previous Previous Open High Low LaslChge Vo|ume Qpenjnt 0 0 5743 7962 5844 17107 3597 13764 1335 6615 354 4201 66 901 13 593 6 64 8 109 _ Previous Previous Open High Low Last Chge Vnlumt Qpen.lnt 0 0 6383 16641 177 504 9733 57040 3 8 2189 22068 1745 15692 633 4654 348 2291 18 301 0 802980298029 7550 757074707490 7200 723071357135 7025 704769806987 7040 704069907010 7090 709070027025 7370 739573157327 7487 751074357452 7575 758074907530 6955 695569406940 *CASH !: Jun 03 Jul 03 Aug 03 Sep 03 Oct 03 Dec 03 Feb 04 Apr 04 Jun 04 „ A Previous Previous Open High Low Last C hge Vo|ume open , n , 0 0 817 3200 165 553 11 77 0 1 CASH' 1 0 105010501050-8750 Jul 03 9200 927091609185 -160 Aug 03 9050 908589058912 -225 Feb 04 7777 777777027702 -128 Mar 04 7825 782578257825 -50 Open 1396 1380 1390 1450 1480 Volume Qpen_lnt 1132 5734 the U.S. dairy industry. There does not appear to be solid recog nition for the fact that we are no longer in the bullish ’9os, and greater moderation in dairy ex pansions would be prudent. Cow numbers continue to climb from year-ago levels, and new cheese plants are opening their doors re questing even greater volumes of milk. But where will this milk and cheese be sold? At least for now, some is going to the U.S. government. NMPF’s plan involves reduc ing the milk supply via bred cow purchases and 12-month supply reduction contracts. In addition, funds would be used to dump surplus cheese and butter in al ready depressed international markets. That should make things very interesting as we ne gotiate a free trade agreement with our close ally, Australia. One cannot escape the irony in (Turn to Page A 29) +-104 -105 -107 -90 -97 -97 -88 -78 -85 -60 High 1676 1440 1406 1404 1450 1480 Low 1676 1394 1380 1390 1450 1480 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 3.16 bu., 5.27 cwt. Barley, N 0.3 2.13 bu., 4.55 cwt. Oats, N 0.2 2.07 bu., 6.47 cwt. Soybeans, No.l 5.95 bu., 9.93 cwt. Ear Com 90.34 ton, 4.52 cwt. Alfalfa Hay 157.50 ton, 7.88 cwt. Mixed Hay 155.00 ton, 7.75 cwt. Timothy Hay 147.50 ton, 7.38 cwt. Chge -34 +26 + 22 + 10 unch unch Last 1676 1430 1396 1400 1450 1480
Significant historical Pennsylvania newspapers