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