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