GRAIN, CATTLE, HOG, & MILK BFP FUTURES MARKETS Market* Courtesy of Chicago Board and Mercantile Exchange Closing Bids: Thursday. October 9, 2003 Com Month [Opening [High Low Closing [fettle Net Chg |o3Dec [ 221 1/412221/4' 221 [ 221 1/2 222 [221 3/41 +2 jo4Mar f~229 1/2 230 228 1/2 f _ 229 [229 1/4 [229 1/4 T _ _ -2j [o4May [ 234 1/4 234 3/4 233 [ 233 3/4 234 1/4 234 [ _ -4*J 104Jtil J’237*l/4; 238 2361 2363/4 [236 1/2 2363/41 -6 ;04Sep 238|238 1/4 1 237[ 237 1/2 P 1237 1/2 P Unch 04Dec 238 3/4|239 1/21 238[ 238 1/2 239 238 3/4*| Unch jOSMar 244 3/4; 2451 244; 244 1/2 j __ 244 1/21 _ -2 OSMay l '* | [2481/2 n; * ' 2481/2 [ [osJul 250; 2511 250 j 251 | _ _2sl[ Jnc_ 05Dec ! | | 238 n | !__ , Month Opening [High [Low [ Closing [Settle [Net Chg Soybeans Month!Opening 1 High , iLow Closing [Settle jNetChg 03Nov ; 680 1/2 696 680 1/2 693 692 [692 1/2 1 +l4O 04Jan 683 699 683 696 6941/2 6951/41 +132 04Mar| 680 694 679 1/2 689 1/2 691 [6901/4 +124 04May 658 668 658 663 1/2 665 [664 1/4 +76 |O4JuT 651 659 651 653 1/2 654 1/2! 654 1 +34 04Aug i 639 643 633 634 633 [633 1/21 -6 04Sep j 614 614 611, 611 [ 611] +4O 04Novi 574 577 1/2'568 1/2 569 570 f 569 1/2! -40 05Mar[ J 65 570 565 570 570, Unch Month [Opening iHigh Low Closing [Settle [Net Chg Soybean Meal I Month Opening pHigh Low [ Closing [Settle [Net Chgj !03OcT 201.8 206.2 201.1 i 205.5 205.8 205.6 +54 j 03Dec 202.5 208.0 202.2] 205.9 206.5 i 206.2 j +5O 04Jan 202.8 [207.8 202.31 206.2 206.2 +45 [ 04Mar 201.7 5205.7 201.1 j 204.2 I 204.3 j 204.21 +4l ; |o4May[ *196.5 f 199.6 196.0 [ 197.3 [ 197.5 197.4 +22 j Q4Jul 194.0 196.7 193.61 194.5 f 194.8 j 194.6 i +l5 04Aug 190.0 192.0 189.31 190.8 j 190.5 j 190.6 [ 04Sep r 182.5 (184.0[181.31 182.0 | 182.1 [182.01_ |o4Oct 174.01 172.7 169.0 [ 169.0 ' i 169.0 1169.5 169.01168.5 b 169.0 a 169.0 Opening [High Low j Closing [Settle 04Dec [ 172.0 169.5 j QsJan Month Oct. 4,2003 from the summer when Class 111 MARKETS REMAIN prices were stuck at $9 per CWT. ROBUST The futures market indicates the • Blocks holding. higher milk prices could hold • Butter firm through October and then decline _ ... in November. Still, these are pret • Processing slowing. ty good prices dajry farmers USDA announced a Septem- Let’s review the latest market ber Class 111 price of $14.30 per information. For the week ending CWT. up $0.50 from the previous Oct. 3, the block cheese price at .difference.. ihe^-thkagoi Mercantile 174.3 171.51 171.5 I Unch Unch! 238 j Unch +lBi +9 l [171.5 -19 l -19 Net Chg change held steady at $1.60 per pound and barrel cheese aver aged $1.5570 for the week. Grade AA butter averaged $1.1792 per pound. Western nonfat dry milk prices are still holding steady at $O.BO per CWT, as is the interna tional price. Butter prices will likely im prove. There are lots of sales tak ing place to position inventories for the upcoming holiday season. Cumulative butter production through August is down 6.6 per cent for the year. August butter - inventory in cold storage is only up 12 percent from a year ago. The only thing holding back but ter prices is a little inventory being offered to the market through the Commodity Credit Corporation. Again, I would ex pect butter prices to firm in the next few weeks. Cheese prices are still pretty firm. Cumulative cheese produc tion <s -*ven with a year ago, with Lean Hogs Date 10/08/03 *CASH* 10/09/03 Oct 03 10/09/03 Dec 03 10/09/03 Feb 04 10/09/03 Apr 04 10/09/03 May 04 10/09/03 Jun 04 10/09/03 Jul 04 10/09/03 Aug 04 10/09/03 Oct 04 Composite Volume Open_lnt 10/08/03 13405 47872 Live Cattle Date 10/08/03 *CASH* 10/09/03 Oct 03 10/09/03 Nov 03 10/09/03 Dec 03 10/09/03 Jan 04 10/09/03 Feb 04 10/09/03 Apr 04 10/09/03 Jun 04 10/09/03 Aug 04 10/09/03 Oct 04 Composite Volume Open_lnt 10/08/03 19149 135641 Pork Bellies Date 10/08/03 *CASH* 0 880088008800 -600 10/09/03 Feb 04 9040 906088158817 -180 10/09/03 Mar 04 9055 9055 88028812 -123 10/09/03 May 04 9100 910088208820 +2O 10/09/03 Jul 04 9285 928592859285 unch 10/09/03 Aug 04 9025 902590259025 unch Composite Volume Open_lnt 10/08/03 692 1836 Oats Opening High Month 143 3/4 j 145 03Dec 04Mar 147 3/4 04MS# 04Jul _ i ayr ""~t “ J Month Opening (High j American cheese slightly behind. Cheese inventories in August were behind year-ago levels (American cheese was S percent below year ago). Cheese prices are holding steady because the market perceives a shortage of milk components because of poor weather in some western states, mainly California. Forage condi tions in the Northeast aren’t par ticularly good and that is slowing milk production growth as well. So where are we? The dairy fu tures at the Chicago Mercantile Exchange indicates that the Class 111 price will be $14.04 per CWT for October, and then decline to $12.64 per CWT in November and $11,75 by December. Clearly the market is expecting the milk supply to show some recovery by December, and that will pressure prices sower U- Uf 1 Previous Previous Open High Low Last Chge Volulne ope n_lnt 0 0 1846 5155 7862 27867 2643 8988 643 3187 65 559 244 1345 43 473 22 191 35 107 0 520352035203 5575 559554905502 5950 595056755682 6200 620059655990 6130 616559755987 6275 632062406247 6670 669765356567 6385 638562056212 6050 613760206020 5395 539553205320 ~ u- u t w Previous Previous Open High Low Last Chge Vo|ume ope „ 0 0 2579 16116 57 910 5885 62906 15 24 3223 27194 4560 18441 2505 8196 266 1696 58 156 0 939093909390 +389 9582 958295829582 +l5O 9520 952094259497 +127 9222 922290009075 +3 9075 912088509000 +3O 8900 895086608682 -128 8485 8555 83308330 -150 7850 787076927692 -150 7700 770074507450 -150 7800 780076607660 -150 „ , . ¥ Previous Previous Open High Low Last Chge Vo|um( . ope „ 0 0 682 1746 10 34 0 25 0 29 0 1 Closing __ 143 1/41 143 3/4 f 144 i 143 3/4 Low 148 3/4 147 1/2 149 ~ f ISO bfls2 a[ ’ 151 ■ 153 1/4 b 155 a 1 154 Low Closing (Settle -23 -113 -122 -148 -138 -133 -148 -115 -140 (Settle 1148 3/4 155 n 151 n 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 record 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 Pennsylvania. Remember, these are averages, so you will need to adjust your figures up or down accord- ing to your location and the quality of your crop. Com, No.2y 2.68 bu., 4.79 cut. Wheat, N 0.2 3.34 bu , 5.57 cwt. Barley, N 0.3 1.89 bu., 4.05 cwt. Oats, N 0.2 1 79 bu., 5.59 cwt. Soybeans, No.l 6.05 bu, 10.10 cwt. Ear Cora 70.29 ton, 3 52 cwt. Alfalfa Hay 104.25 ton, 52 1 cwt Mixed Hay 117.50 ton, 5.88 cwt Timothy Hay 112 50 ton, 5.63 cwt. Net Chg: +lO, +l6; +Toi i +6 155 Unch I Unchj isi r [NetChg
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