Al6-Lancaster Farming, Saturday, August 23, 2003 GRAIN, CATTLE, HOG. & MILK BFP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Closing Bids: Thursday, August 21, 2003 Com Month Opening:High ;Low j Closing (Settle Net Chg: (MejT229 3/4 230 1/4 222 1/2 224 1/4 224 3/4 |224 1/2 -22 03Dec 238 3/4 239 1/4 230 1/2 232 1/4 232 3/4 |232 1/21” -36 foSSr 2451/2 246 2371/4 j 239 2391/2(2391/4: -40 i « »' ' _ * 249 249 1/4 240 3/4(242 1/2 242 (242 1/4 1 -46 P5uT 3/4 '' 250 (241 1/4 i 242 1/2 ” 243 [242 3/4) ’ -50 04&ep [ 244 244 237 ( 238 i 238 j -34 04Dec T 244 244 239 3/4 240 3/4 241 241 [ -20 |osMar [ ’ 247 n 247 ( -20 jOSJIII j ~ ' 252 n ’ 252 r _ _ -20 jOMec-.| 240 240 238 ( 238 | 238 L ’ -10 (Month (Opening [High [Low | Closing Settle (Net Chg Soybeans _ Month Opening [High [Low Closing io3§s ] 5861/2 591 5761/2 579 578 lo3Nov ' 5861/2 590 575 578 1/2 580 [o4Jan | 5881/2 592 578 582 1/2 583 lo4Mari 586 587 1/2 575 578 579 577 579 3/4 569 572 573 04May 578 104 Aug r~' 575, |o4Sep 04Nov Month [opening [High ! Low 558 Soyb an Meal |Month | Opening [High Low 189.0 192.0 : 187.2 183.5 185.8 180.5 183.5 185.8 179.8 {o3Sep [ 03Oct 03Dec | 04Jatt 184.0 185.3 180.3 04Mar | 183.5 184.8 180.2 04May [ 04jul 182.5 183.4 j 178.7 183.5 183.5 1 179.0 j 104 Aug 183.0 183.0 j 178.0 177.5 b 04Sep 04Oct 181.0 181.0 177.0 175.01175.01173.0 173.5 b lo4Dec 173.0 174.0 173.0 [Opening(High [Low ( [Month Aug. 15,2003 CALIFORNIA REPORTS ‘OVERBLOWN’ • July milk production up 0.6 percent. • California milk production down 0.6 percent. • 20-state yield per cow above a year ago. Speculative reports that Califor nia milk production was severely damaged by a heat wave may have been a bit “overblown.” 580 569 1/2 572 1/2 566! 566 568 575 555 n 558 551 189.5 182.8 182.0 181.5 182.0 180.0 180.0 177.0 173.5 The milk production report is sued today by USD A had milk pro duction for 20 select states up 0.6 percent relative to a year ago. In California, milk production was down just 18 million pounds from a year ago, or 0.6 percent. Cow numbers for the month grew 2,000 head. But no worries. If California needs more milk, they should give Wisconsin a ring. Milk production Settle 578 1/2 579 1/4 582 3/4 578 1/2 .572 1/2 5572 1/2 i 567 551 3/4 552 551 1/2 [Settle Closing Settle 189.6 Closing 189.8 183.0 182.2 183.3 182.5 181.7 181.6 182.0 180.0 180.0 178.0 178.0 a 177.0 173.6 173.6 a 173.5 Closing .Settle Date 08/20/03 *CASH* 08/21/03 Aug 03 08/21/03 Sep 03 08/21/03 Oct 03 08/21/03 Nov 03 08/21/03 Dec 03 08/21/03 Feb 04 08/21/03 Apr 04 08/21/03 Jun 04 08/21/03 Aug 04 Composite Volume Open_lnt 08/20/03 13357 116943 Live Cattle Date 08/20/03 *CASH* 0 530853085308 -71 08/21/03 Oct 03 5355 537052855292 -83 08/21/03 Dec 03 5160517551205165 -12 08/21/03 Feb 04 5440 546054005432 -23 08/21/03 Apr 04 5755 581057505802 -3 08/21/03 May 04 6065 608560656085 unch 08/21/03 Jun 04 6250 626062206250 -10 08/21/03 Jul 04 6020 602060106010 -25 08/21/03 Aug 04 5855 588558555885 -7 08/21/03 Oct 04 5250 526052405260 +lO |Net Chg, +2O +24 +3O + 12 Composite Volume Open_lnt 08/20/03 5108 35820 Pork Bellies +6 + 10 Date 555 -20 08/20/03 *CASH* 0 08/21/03 Aug 03 8320 08/21/03 Feb 04 8310 08/21/03 Mar 04 8055 08/21/03 May 04 8300 08/21/03 Jul 04 8325 -22 Net Chg [Net*. Chg +3l ' Composite Volume Open_lnt 08/20/03 407 1480 +22' + 14 1 Oats +9 Month Opening [High (Low Closing l4O 3/4 141 1/2 139 1/2 1 140 T ~ 144 145 ’ 1431143 1/2 143 149 1/4 150 148, 148 o%bill P§gg~r + 10 Unch -6 -10 i -4I -7; 04i>e£ (ppening (High iNet : £hg| in that state grew 54 million pounds, more than enough to cover any losses from California. And that wasn’t the only state to show production growth. Idaho milk production in July was up 8 per cent and New Mexico production was up 3.5 percent. Reports that milk production in the Golden State was drying up and cows were dropping appear to be incorrect. Of course the report ing could also be wrong. USDA has another month in which to change their mind and make corrections. So I could be eating my words next month (it’s not the first time). My sense is that the “market” overreacted to the news that Cali fornia was in trouble. After all, we have a modem multistate market where milk can travel thousands of miles if need be. So we should be able to shift milk around from one state to another, thus maintaining cheese production and back to school fluid needs. It is unclear how the markets will react to the Milk Production Lean Hogs Report. They could assume that the worse is yet to come. Some may look to the August report to get the full story. Others may think, as I did, that the market overreacted. That could bring down lofty futur es prices for September though De cember a quarter or more. Either way, those producers who locked in future milk prices will benefit by maintaining solid prices for the fall months. Prices remained firm this week at the Chicago Mercantile Ex change. Block cheese prices were fixed at $1.60 per pound, whereas barrel cheese prices lost a half a penny, dropping to $1.5750 per pound. Grade AA butter prices lost ground this week, falling from $1.1825 per pound on Monday, Aug. 11 to $1.16 per pound by Aug. 15. Dairy Market News reported this week that the heat wave in Eu rope is maintaining temperatures of 90-100 degrees Fahrenheit. However, the impact on the milk supply appears to be slight. In New „ . i , Previous Previous Open High Low Last Chge Vo|ume opcn Jnt 0 0 496 4209 55 555 3537 58689 2 7 0 807580758075 +lB7 8110 817281008172+150 8115 8175 80758175 +135 8035 810079958072 +92 7980 801579808015 +35 7980 801079357992 +l2 7930 795079027935 unch 7752 775277027722 -30 7265 727572307240 -25 7225 722572257225 -25 Previous Previous Open High Low Last Chge Vo|ume ope „ 0 0 3407 21792 1229 8882 322 2744 116 1403 0 294 23 463 5 190 0 49 5 3 Open High Low L aS l Chge Pre " OUS Prions 6 Volume Open_lnl 0 0 161 276 235 - 1147 0 31 5 11 5 15 800080008000 unch 859082558370 +55 835082428267 -5 805580558055 unch 830083008300 unch 832583258325 unch I Low Settle 1/4 143 1/4 ! 148 154 n 150 n 145 n 150 n Closing [Settle Zealand and Australia, the new milk production season is getting under way. New Zealand is proj ecting a 1-2 percent increase in milk production, whereas Australia is projecting a 0-1 percent increase. 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 2.68 bu., 4.79 cwt. Wheat, N 0.2 3.26 bu., 5.44 cwt. Barley, N 0.3 —1.86 bu., 3.98 cwt. Oats, N 0.2 1.88 bu., 5.87 cwt. Soybeans, No.l 5.19 bu., 8.66 cwt. Ear Cora 87.61 ton, 4.38 cwt. Alfalfa Hay 112.50 ton, 5.63 cwt. Mixed Hay 120.00 ton, 6.0 cwt. Timothy Hay 117.50 ton, 5.88 cwt. 25575 16947 8734 2154 73 4478 2460 2042 280 [Net Chg i +2 140 +2 154 Unch Unch, Unch 150 145 j Unch 150 [Net Chg
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