Al6-Lancaster Farming, Saturday, September 20, 2003 GRAIN, CATTLE, HOG, & MILK BFP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Closing Bids; Thursday, September IS. 2003 Com lonthj Opening (High Low Closing 'Settle Net Chg 03Dec~l 224 1/2 225|223 1/21 224 (223 3/4 j 223 3/41 Unch ‘ 4Mar| 232 232 3/4;231 1/4[ 231 1/4 j 231 1/2 231 1/21 Unch 04May 236 1/2 2371 235 3/4 j 235 3/4 j 236 235 3/41 Unch >4Jul [ 239 3/4 240 3/41239 1/2 j 239 1/2 j 239 1/21 +2 '34Sep P 238 3/4 T 238 3/4(237 3/4 [ ' 238 |” '~ ’ 238 [ +6 04Dec f 238 238 3/41237 1/4| 238 1/4 I (238 1/41 +lO ' 05Mar f 242 3/4 f ~ 244 (242 3/41 ' 244 | _244j J +6 OSMay | [ ( i i Unch OSJuT[ 'j " :250 3/4 n I ’ 2503/4' +6! 05Dec~ T ~I ' (2351/2nf ~ ~ Unch( vlonth Opening {High [Low | Closing (Settle [Net Chg Soybeans + __ , _ _ Month [Opening (High ;Low Closing Settle jNetChg 03Nov f 620T/2 629 1/2 619 627 3/4 626 1/2 f 627' +96 04Jan [ 624 1/2 6321/2 04Mar r 620 607 613 1/2 i 04May 04Jul 604 5905951/2 04Aug 04Sep 04Nov I 542 544 1/2 1 onth | Opening High I 5 oyb an Meal *onthj Opening i High Low 188.0 i 188.3 50ct 186.4 187.4 3Dec i 4Jan I 186.5 187.3 185.5 186.3 <s4Mar 183.8 184.7 4May i MJul j 183.0 184.0 '“4Aug [ 179.0 180.0 iSep | 173.51174.0 164.5 164.5 o-*Oct ' KDec I 162.0 162.7 05 Jan I 162.5 162.5 vionth j Opening jHlgh Sept. 13,2003 WHY IS MY PPD NEGATIVE? August milk check arriving week. Uniform blend higher. But PPD is negative. Dairy producers in federal ulk marketing orders will be re ing their August milk checks 622 16251/2 626 618 1/2 606 628, 603 609 590 573 n •544 1/2 543 1/2 541 iLow Closing (Settle (Net Chg 187.8 | 187.7 i 187.7 186.4 186.1 186.2 i 186.5 185.1 186.3 185.5 185.7 184.8 182.5 182.7 182.2 182.0 182.2 181.2 177.0 b 178.0 a. 177.5 172.0 171.5 163.0 162.5 162.2 162.5 i 162.31 162.5 i 162.5 Unch Closing (Settle ,Net Chg 161.2 162.5 Low in a few days. The good news is that the prices are more than a dollar a hundredweight more than last month’s milk prices. The bad news is that the produc er price differential (PPD) calcu lation will be negative in most federal orders. Let’s use the Northeast Federal Order t as an example. The sta- 630 1/4 631 629 1/2 625 3/4 612 1/2 613 612 607 607 i 592 592 iSettle Closing 186.3 185.7 182.6 182.1 177.5) 172.0, 163.01 09/17/03 *CASH* 09/18/03 Oct 03 09/18/03 Dec 03 09/18/03 Feb 04 09/18/03 Apr 04 09/18/03 May 04 09/18/03 Jun 04 09/18/03 Jul 04 09/18/03 Aug 04 09/18/03 Oct 04 Composite Volume Open_lnt 09/17/03 12329 51974 Live Cattle Date 09/17/03 *CASH* 0 898789878987 09/18/03 Sep 03 9050 912090009085 09/18/03 Oct 03 8565 8615 85258600 09/18/03 Nov 03 8350 837083408350 09/18/03 Dec 03 8345 8355 82908325 09/18/03 Feb 04 8130 813080608100 09/18/03 Apr 04 7850 785077657800 09/18/03 Jun 04 7255 7255 71827215 09/18/03 Aug 04 7080 717070507070 09/18/03 Oct 04 7305 737073007305 + 102 +94 Composite Volume Open_lnt 09/17/03 32256 128180 +B2 +6O Pork Bellies Date +5O 573 +4O +4O 09/17/03 *CASH* 0 870087008700 +5OO 09/18/03 Feb 04 8840 8865 86808767 -80 09/18/03 Mar 04 8725 8725 87258725 -85 09/18/03 May 04 8800 880088008800 unch 09/18/03 Jul 04 9140 914091409140 unch 544 |Net Chg Composite Volume Open_lnt 09/17/03 292 1966 +5 +6 +6 Oats +6 Month Opening 'High -15 -15 Unch +3 tistical uniform price for August is $13.72 per CWT (at standard component levels). This is a blend of all four federal order prices. It is up $1.26 per CWT from July. The August PPD at Boston is equal to the uniform price ($13.72) less the Class 111 price ($13.80). That is equal to -$O.OB per CWT. Zoned to say Lancas ter, Pa., that negative number grows to -$0.43 per CWT (as suming a -$0.35 per CWT loca tion adjustment). So why is the PPD negative? Because the Class 111 price rose very quickly relative to the other class prices. The Class 111 price is driven by cheese prices. Cheese prices rose very quickly, driving up the August protein price by $0.5958 per pound from the month before. The other class prices didn’t rise as much. Class I has a lot of lags in it, and Class II and IV prices are driven mainly bv die orice of nonfat drv milk. Lean Hogs Date 136 3/4! 03Dec 04Mar 144 j 145 1/4 142 i 144 3/4 b 149 f 149 1/2 r 147 147 3/4 b I 154 152 152 | 04May 04Jul 154 j 04Sep 04Dec Month I Opening I The overall farm gate price of milk would have risen a lot faster had butter and nonfat dry milk prices also gone up. But so far that has not happened. Thus pro ducers should simply focus on the bottom line: Class 111 is up, and so is the farm gate milk price. For more information on how your milk check is calculated, see the Penn State bulletin, “Under standing Your Milk Check.” You can find this online at http:// pubs.cas.psu.edu/FreePubs/pdfs/ ua34l.pdf. Or you can irder this publication by calling the Penn State Publications Distribution Center. The telephone number is (814) 865-6713. The fax number is (814) 863-5560. Ask for publi cation number UA34I. 1 wiO be traveling overseas. My next market report will be Oct. 3, 7003 ~ tt» i r , Previous Previous Open High Low Last Chge Vo|ume Qpenjnt 0 0 5552 16992 5723 24728 512 6122 308 2105 11 417 1 7 4 1022 31 373 13 155 5 58 0 588758875887 +33 5960 604059456030+115 5780 584057555792 +42 5870 599558605985 +ll3 5940 602559256017 +B7 6210 629062106290 +3O 6475 652064606507 +27 6147 616561406147 +22 5870 592058605920 +4B 5230 525052305250 +l3 Open High Low Last Chge Open High Low Last Chge | Low j Closing 1387 13S! 138 _ r _. ■ f High Low | Closing 15 14595 12 12358 3000 1584 688 291 Settle 138 144 3/4| 1147 3/4 1521 155 155 n ' j' 153 153 n 1 ; | Settle [Net Chg 1 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.2j 2.81 bu (13 ■w i Wheat, N 0.2 3.32 bu.. 5.54 cwt. Barley, N 0.3 1 87 bu„ 4.00 cwt. Oats, No l 80 ou., 5.61 cwt. Soybeans, No. j - -- ).(>4 bu., 4.42 „wi - 85.08 ion, -,.28 cwt Ear Corn Alfalfa Hay 115.50 ton, n. 78 cwt Mixed Hay 116.25 ton, 5.81 cwt. Timothy Hay 121.25 ton, 6.06 cwt. Previous Open_lnt 123 36756 102 47727 23250 14710 4815 633 64 Previous Open_lnt 1895 26 17 28 Net Chg + 12 + 10 +4 Unch Unch Unch
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