Al6-Lancaster Farming, Saturday, July 26, 2003
GRAIN, CATTLE, HOG,
& MILK BFP
FUTURES MARKETS
Markets Courtesy of Chicago Board and Mercantile Exchange
Closing Bids: Thursday, July 24, 2003
Com
|||M[ 205[208 1/2 205 (205 1/2 (2053/4 [205 1/2f unch
211|214 3/4 210 1/2 211 1/2 211 3/4 211 1/2 Unch
IBM 220 [223 1/4 219 1/2 220 1/4 220 3/4 (220 1/2 +2
[#||j§ 225 l/4[225 1/2)226 3/4 226 1/2 |226 1/2 Unch
PH|B| 230 233 1/2 [ 2301 231 [230 3/4 [230 3/4P Unch
2331/2 2351231 1/2 231 1/2 , 231 1/21 *-4
(fcjpC 235 237 1/2' 235 235 |235 1/4 ,235 1/4, ' -2
aSfe 242 1/2 242 1/21241 1/4i241 1/4 241 1/4 -2'
—-i'm.j t-* - » r
iOjjlri | 246 n 246! Unch,
___ 238 n _ 238 Unch
HUB
Soybeans
Month OpettingHigti .* .■ pLo^.;
03Aug 556 1/2 559 547 1/2 547 1/2 548 547 3/4 i -90
530 535 1/2: 526 i 527 527 1/2 527 1/4[ -16
|l|||p 510U4 517 5091/2 j 510 511 5101/21 +2
liiir 514 5201/2 514 5151/2 516 5153/4 +lO
WMIf 520 [523 1/2 [5lBl/2 [ 520 518 1/2 [5191/41 +l6
iMr 520[523 1/2(518 1/2 P 520T519 1/2 [SI9 3/41 +2
HB 523 3/4 [5271/2 [S22 1/4 f 523 [522 1/4 522 3/4J Unch
(iMßij 527 T 27 5231/2 5231/2 [5231/2 -22
ISHI 526 528 525 528 528 +3O
Soybean Meal
Month Opening High Low Closing Settle ’Net dig
03 Aug 175.0 175.8 171.5 171.7 171.5 171.6 -29
03Sep 166.5 168.1 165.1 165.3 165.1 165.2 -9
03Oct 157.9 159.8 157.8 158.2 158.3 158.2 +6
03 Dec 156.8 158.7 156.5 157.0 157.3 157.1 +8
04Jan , 157.4 159.3 157.6 +s|
159.1 161.5 1 159.5 +7j
157.4 157.6 ,
159.1 159.3 b 1159.7 a
159.5.161.2 159.5 160.2
161.51163.2 f 161.5 162.0 j
162.0 163.0 161.8 161.8 b 162.0 a
162.0 162.01161.5 161.8 b 162.0 a
159.0 f 159.0 158.5 157.5 b 158.5 a
160.0 160.0 159.8 159.5 b 159.8 a
mmmm
04IViar:
,04MaXj
July 18,2003
MILK PRODUCTION
REPORT BULLISH
• June milk production down
0.1 percent
• June cheese inventories up 1
percent
• Why “Other Solids” price is
negative
.The June Milk Production -re- -»- Th» J wi&MUkProdHotkm.r«-'
port was released on Thursday port mdicated 'that milk p'roduc- '
.a*,,,,.:,, .^l.
(July 17) and has already con
tributed to higher milk prices.
Today’s Class 111 futures con
tracts in Chicago traded 9-11
cents per hundredweight higher
for August 2003 through Febru
ary 2004. Clearly the market re
acted bullishly to this USD A re
port.
+ 14
160.2
162.0
161.9
+lO
+9
16i.9[ +lO
158.51 +5
+ 10
159.8
tion for 20 select states was down
0.1 percent. Yield per cow was
even with a year ago at 1,587
pounds per cow, but cow num
bers dropped 11,000 head from
the month before. The revised
figures for May indicate that
milk production for 20 select
states was down 0.4 percent. And
milk production for the entire
U.S. during the quarter April
through June was down 0.3 per
cent.
This report is significant in
that it shows a continued decline
in the nation’s dairy herd. Cow
numbers continue to decline
month after month. Cow num
bers in California actually
dropped 1,000 head in June from
the month before. And June milk
per cow for California was down
from a year ago.
What this report does not tell
us is what will happen with milk
production for the rest of the
year. I expect cow numbers will
continue a very modest decline
throughout the remainder of the
Lean Hogs
Date
CASH*
Aug 03
Oct 03
Dec 03
Feb 04
Apr 04
May 04
Jun 04
Jul 04
Aug 04
07/23/03
07/24/03
07/24/03
07/24/03
07/24/03
07/24/03
07/24/03
07/24/03
07/24/03
07/24/03
Composite Volume Open_lnt
07/23/03 10081 40324
Live Cattle
Date
07/23/03 *CASH* 0 765176517651 +1
07/24/03 Jul 03 7750 783077357830 +l5O
07/24/03 Aug 03 7570 766775407610 +4O
07/24/03 Sep 03 7655 765575657570 -65
Oct 03 7642 769775857587 -55
Dec 03 7640 768576007610 -47
Feb 04 7730 7772 7695 7715 -27
Apr 04 7685 772776707700 unch
Jun 04 7105 713270857105 +lB
Aug 04 7090 709070907090 +5O
07/24/03
07/24/03
07/24/03
07/24/03
07/24/03
07/24/03
Composite Volume Openjnt
07/23/03 20910 113762
Pork Bellies Previous Previous
l>a,e Open High ' Last Chge y
0 0
187 251
687 1866
81 201
0 7
0 3
07/23/03 *CASH* 0 990099009900 unch
07/24/03 Jul 03 9350 973592009735 +3OO
07/24/03 Aug 03 8550 895084258880+155
07/24/03 Feb 04 7890 800077607975 +6O
07/24/03 Mar 04 7900 790077907900 -20
07/24/03 May 04 8025 8125 8025 8125 -200
Composite Volume Open_lnt
07/23/03
Oats
Month Opening High Low [ Closing
03Sep 132 3/4 133 130 1/2 131 1/2
ffljjpftc.'l 132 134 1/4 130 1/2 132 1/2
138 1/2 139 137 139 j
144 1441 1441 144
| 149
immmsmi
Warn
149 149 ! 149
&BmhMuaKsssasßn
year. But yield per cow could re
bound. We simply don’t know at
this stage.
The Cold Storage report came
out today. It indicates how much
butter and cheese are in cold stor
age warehouses. The report indi
cates that at the end of June
2003, butter inventories were 20
percent ahead of a year ago,
American cheese was one percent
ahead of a year ago, and Other
Natural Cheese was down 5 per
cent. Except for butter, this re
port is also bullish on milk prices.
I have received a lot of ques
tions about the negative price for
“other solids” that was reported
on producer milk checks for June
deliveries. This is only for those
producers who are in a federal
order and are priced on milk
components (butterfat, protein,
other solids). To the untrained
eye, a negative number looks like
a deduction from the milk check.
Unfortunately, to an economist,
this does make sense.
... . . . Previous Previous
Open High Low l.astChge Vo|ume open lnt
0 0
3987 12134
4529 17568
968 7183
402 1718
163 1034
5 231
20 324
0 126
7 6
0 584358435843 -103
5760 584256505825 +25
5200 5335 5170 5292 +5O
5105 523050855182 +62
5457 556554505545 +BB
5750 582057505790 +33
6030 609560106095 -2
6190 621061806190 unch
6040 605060376040 unch
5925 592559255925 +5
„ IT . . . T ,^ u Previous Previous
Open High Low Last Chge Vo|ume open , n ,
0 0
16 274
5432 28379
18 311
9156 48999
3263 19288
1494 10372
1365 4698
163 1438
3 3
2328
955
(Turn to Pagtf A 27)
Settle Net Chg
131 1/2
132 1/2 +l6
139 +3O
143
144!
144 Unchj
j 149 1 Unch’
msm\
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.
Corn, No.2y 2.83 bu., 5.07 cwt.
Wheat, N 0.2 3.02 bu., 5.04 cwt.
Barley, N 0.3 1.83 bu., 3.91 cwt.
Oats, N 0.2 1.94 bu., 6.05 cwt.
Soybeans, No.l 5.86 bu., 9.79 cwt.
Ear Com 88.04 ton, 4.40 cwt.
Alfalfa Hay 108.75 ton, 5.44 cwt.
Mixed Hay 103.75 ton, 5.19 cwt.
Timothy Hay 110.00 ton, 5.5 cwt. \
+ 10
+24
+2O j