GRAIN, CATTLE, HOG, & MILK BFP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Closing Bids: Thursday, June 12, 2003 Com 06/11/03 06/12/03 06/12/03 06/12/03 06/12/03 06/12/03 06/12/03 06/12/03 06/12/03 06/12/03 *CASH* JUL 03 SEP 03 DEC 03 MAR 04 MAY 04 JUL 04 SEP 04 DEC 04 DEC 05 Total 06/11/03 Soybeans *CASH* JUL 03 AUG 03 SEP 03 NOV 03 JAN 04 MAR 04 MAY 04 JUL 04 NOV 04 06/11/03 06/12/03 06/12/03 06/12/03 06/12/03 06/12/03 06/12/03 06/12/03 06/12/03 06/12/03 Total 06/11/03 Soybean Meal 06/11/03 *CASH* 06/12/03 06/12/03 JUL AUG 06/12/03 06/12/03 06/12/03 06/12/03 06/12/03 06/12/03 06/12/03 06/12/03 06/12/03 06/12/03 06/12/03 Total 06/11/03 June 6,2003 CHEESE PRICES FIRMING • Block and barrel higher. • Butter holds steady. • Cheese, butter production drops. USDA reported this week that cheese offerings in much of the U.S. are below expectations. That Open 2440 2420 2432 2492 2530 2550 2444 2440 2380 Volume Open_lnt 96681 389999 High 6225 6334 6334 6104 5844 5870 5870 5800 5774 5440 Open 6320 6334 6084 5824 5860 5870 5800 5774 5440 Volume Qpen_lxit 85221 224349 Open High Low Last 19450 19450 19450 1946 1940 1900 1800 1790 1795 1796 1785 1795 1775 1773 1693 1705 1898 1800 1790 1792 1796 1783 1792 1775 1773 1693 1705 Volume Open_lnt 33467 153158 has lead to a slight firming in prices at the Chicago Mercantile Exchange. Block cheese prices rose from $1.1325 per pound dur ing the first half of the week to $1.16 per pound by week’s end. Barrel cheese prices rose from $1.1025 per pound to $1.13 per pound over the same period. prices The market may be reacting to the latest .USDA Dairy Products High 2540 2482 2454 2464 2520 2554 2566 2444 2440 2380 Low 2540 2436 2420 2430 2490 2526 2546 2444 2426 2380 Low 6225 6224 6224 6020 5764 5794 5810 5760 5774 5384 1913 1908 1950 1944 1874 1773 1758 1765 1782 1775 1786 1775 1773 1693 1693 Chge + 46 + 30 + 30 + 30 +26 +26 +24 + 12 + 6 unch Last 2540 2470 2450 2462 2516 2552 2564 2444 2436 2380 Chge -43 -50 -44 -32 -42 -30 -24 -24 -26 +4 Last 6225 6244 6250 6032 5774 5796 5824 5770 5774 5384 Chge -100 -22 -19 1919 1915 1882 1782 1768 1769 1784 1785 1794 1775 1773 1693 1693 Total 06/11/03 report that suggests cheese pro duction is slowing. Cumulative Cheddar cheese production through April of this year was down 3.6 percent relative to the same period a year ago, and total cheese production was down just 0.6 percent from the same period a year ago. Still, cheese continues to enter the Commodity Credit Corporation under the dairy price support program. Butter prices at the Chicago Mercantile Exchange actually weakened a quarter of a penny this week. But statistically speak ing, they held steady. Butter is still almost a full nickel a pound above the support price and sur plus cream is finding a home in ice cream production. And USDA’s Dairy Products report indicates that cumulative butter production through April of this year was actually 0.8 percent be hind a year ago. I don’t mean to sound skepti . cal, but if cumulative milk pro- Lean Hogs Date 06/11/03 *CASH* 0 652865286528 06/12/03 Jun 03 6625 6645 6615 6632 06/12/03 Jul 03 6635 6680 6590 6605 06/12/03 Aug 03 '6640 668766026630 06/12/03 Oct 03 5745 5810 5745 5790 06/12/03 Dec 03 5405 5480 5405 5472 06/12/03 Feb 04 5700 574056705735 06/12/03 Apr 04 5800 584557805845 06/12/03 May 04 6050 6065 6025 6065 06/12/03 Jun 04 6252 625262306245 Composite VolumeOpenjnt 06/11/03 10870 51310 Live Cattle Date 06/11/03 *CASH* 06/12/03 Jun 03 06/12/03 Jul 03 06/12/03 Aug 03 06/12/03 Sep 03 06/12/03 Oct 03 06/12/03 Dec 03 06/12/03 Feb 04 06/12/03 Apr 04 06/12/03 Jun 04 Composite Volume Open_lnt 06/11/03 18248 118320 Pork Bellies Previous Previous Date Open High Low Last Chge volime Open Int 06/11/03 *CASH* 0 900090009000 -500 0 06/12/03 Jul 03 8880 904588809007 ' 1622 06/12/03 Aug 03 8700 894087008825 +7B 243 06/12/03 Feb 04 7705 792077057860 +l6O 12 06/12/03 Mar 04 7710 771077107710 unch Composite Volume Open_lnt 06/11/03 1277 3302 Oats 06/11/03 06/12/03 06/12/03 06/12/03 06/12/03 06/12/03 *CASH* JUL 03 SEP 03 DEC 03 MAR 04 MAY 04 duction through April is more than one percent ahead of a year ago and cumulative butter and cheese production is behind, where is the extra milk going? That has to be resolved first be fore I believe cheese and butter processing is slowing down. In international news, the price of nonfat dry milk in Oceania during the first week in June was $0.77 per pound, just below our support price of $O.BO per pound. Butter at 82 percent milk fat was trading at $0.57 per pound, well below our support price of $1.05 per pound. Production trends in Europe appear to be strong. That is not the case in New Zealand and Australia, where the milk pro duction season has ended. The new lactation cycle will begin in August/September. New Zealand reported a 2 percent gain in milk production over last year, where as Australia experienced a 10 percent decline because of drought. ~ , t * Previous Previous Open High Low Last Chge Vo|ume ope „ 0 0 2310 4211 4517 15391 2878 16951 793 8621 304 4393 27 951 37 600 1 76 3 116 ~ Tl . . T . - Previous Previous Open High Low Last Chge ... ~ . . r & Volume Open_lnt 0 0 3957 10305 159 111 9664 59114 29 63 2688 22308 1269 18160 233 4724 137 2508 112 416 0 800080008000 +lOO 7380 7405 73307340 -72 6980 698069006935 -65 6770 680567256727 -98 6860 687068006820 -40 6890 693068556867 -43 7232 725071907217 -30 7375 738073377380 -2 7470 747074007445 -25 6865 688568506850 -20 High 1766 1550 1464 1444 1466 1510 Open 1522 1456 1436 1460 1510 Volume Open_lnt 1470 5441 +5 +25 -5 -25 Last 1766 1542 1454 1440 1466 1510 Low 1766 1504 1432 1422 1460 1510 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 ofyour crop. Com, No.2y 3.00 bu., 5.37 cwt. Wheat, N 0.2 3.17 bu., 5.29 cwt Barley, N 0.3 2.09 bu., 4.47 cwt. Oats, N 0.2 2.07 bu., 6.45 cwt. Soybeans, No.X 5.94 bu., 9.92 cwt. Ear Com 89.48 ton, 4.47 cwt. Alfalfa Hay —170.00 ton, 8.5 cwt. Mixed Hay 163.75 ton, 8.19 cwt. Timothy Hay 161.25 ton, 8.06 cwt. 0 2604 621 76 Chge + 50 + 14 + 6 + 6 + 12 + 14
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