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