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