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