, v, 1 r - ' j j + o ' , m r J 1 i * \w r j Al6-Lancaster Farming, Saturday, October 18, 2D03 GRAIN, CATTLE, HOG, & MILK BFP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Closing Bids: Thursday, October 16, 2003 Com __ Month Opening High [Low f Closing Settle Net Chg 03Dec 1 217 217 1/41214 1/4 [ 214 1/2 f 215 |214 3/4 [ -16 04Mar 224 224 1/2|221 m\ 222 |221 1/2 221 3/41 -20 04May 2281/2228 3/4 226 226 1/4 226 1/2 226 1/2 -16 ;04JuT| 232 232 229 1/4 229 1/2 229 3/4 229 3/4 -14 04Sep 233 1/2 233 1/2)231 3/41 231 3/4 | 231 3/41 -6 04Dec 2361/4 236 3/4 23 s[ 235 3/4 | 235 3/4j -4 OSMar 242 2421/4 241 241 1/4 241 1/4 -4 OSMay i 246 n 2461 -4 OSJuI 1 248 3/4 n r 248 3/4] -2 OSDec ] ” ~ |235 3/4 ni _ 235 3/4 L -2 1 Month [Opening [High [Low [ Closing • [Settle [Net Chg Soybeans !Month |Opening)High {Low | Closing [Settle Net Chg 03Nov 729 732 1/2 720 j 725 726 ;725\/2 -20 ;04jan 725 1/2 731 1/2 719 1/2 i 724 1/2 726 125 1/4 -2 04Mar 702 7121/2 : 698 704 705 704 1/2) +4O )04Mayj 659 669 658 661 663 662| +4O 04Jul 649 656 6481/2 650]651 6501/2[ +5O 04Aug 639 640 627) 627 629 r 628 +B2 04Sep 6051/2 6061 6051 605)606 605 1/2 f +4 j 04Nov ”J ” 552' 5581551 1/2[ 556 i 557 |556 1/2 ” +541 OSMar I [ 550 n | j 550 Unch j Month Opening [nigh Low j~ Closing [fettle Net Chg Soybean Meal Opening High Month 218.2 218.9 03Dec 04Jan 215 5 216.2 213.8 215.5 |o4Mar | 206.8 210.0 206.8 208.8 i ■o4May ;o4ju |o4Aug i 193.5 196.81193.51 195.8 ! 189.5 192.0 189.3 ; 190.7 183.7 185.5; 183.5 177.0 1 177.5 174.5 174.5 bj174.6 a| 04Sep 164.0 166.0 164.0 ;04Qct jo4Dec 162.0 163.5 161.5| 162.5 163.0 162.01 OSJan Month Opening High Oct 10,2003 MAKE PIANS FOR FIRST HALF OF 2004 • Butter prices strengthen. • Cheese remains stable. • CME offering prices. Nothing new came out of the Chicago Mercantile Exchange Low 216.0 164.0 b 164.2 a i 162.0 b; 162.2 a; 162.0 b 162.2 a 162.1; jLow this week. Block cheese prices are still $1.60 per pound and barrels averaged $1.5430. Butter prices strengthened slightly, rising from $1.17 per pound on Monday to $1.19 on Wednesday and Friday. Class 111 futures are expected to decline from $14.23 per CWT for October J|)o3 to $11.85 per “average” Closing Settle; 217.7 I 218.0 | 215.3 | 208.5 208.6! 195.7 184.0 I Closing [Settle [Net Chg < 217.9 215.4 1 -2 + 18 195.7 +l4 190.7 + 10 184.0 i +2 Unch 174.5 164.1 +6 +8 162.1 +8 CWT by December. Many dairy producers are focused on this last quarter, wondering why future milk prices are expected to de cline. But producers should in stead be focused on the first two quarters of 2004. The Chicago Mercantile Ex change is offering Class 111 futur es that are averaging $11.39 per CWT for January through June 2004. Dairy producers interested in hedging or protecting their fu ture milk supplies may want to consider these prices. Here’s why. The Class 111 price has averaged $11.46 during the first six months of 1998-2003. Thus the “market” or in this case the Chicago Mer cantile Exchange is offering a price very close to this 5-year av erage. Since we don’t know what will happeh during the first two qhar Lean Hogs Date 10/15/03 *CASH* 10/16/03 Dec 03 10/16/03 Feb 04 10/16/03 Apr 04 10/16/03 May 04 10/16/03 Jun 04 10/16/03 Jul 04 10/16/03 Aug 04 10/16/03 Oct 04 10/16/03 Dec 04 Composite Volume Open_lnt 10/15/03 8083 50461 Live Cattle Date 10/15/03 *C ASH* 0111431114311143 +305 10/16/03 Oct 031020010200 9992 9992 -300 10/16/03 Nov 03 9800 9820 9540 9572 -268 10/16/03 Dec 03 9100 9120 8875 8912 -250 10/16/03 Jan 04 9020 9020 8840 8840 -260 10/16/03 Feb 04 8570 8610 8350 8375 -275 10/16/03 Apr 04 8025 8035 7840 7905 -160 10/16/03 Jun 04 7410 7440 7330 7352 -113 10/16/03 Aug 04 7310 7320 7220 7270 -55 10/16/03 Oct 04 7400 7400 7260 7260 -197 Composite Volume Open_lnt 10/15/03 31264 123981 Pork Bellies Date 10/15/03 *CASH* 0 825082508250 unch 10/16/03 Feb 04 9090 909088578857 -300 10/16/03 Mar 04 8960 898087908802 -283 10/16/03 May 04 9100 910088208820 -300 10/16/03 Jul 04 9160 916091609160 -300 10/16/03 Aug 04 9250 925092509250 -120 Composite Volume Open_lnt 10/15/03 Oats Q^aftyn 136 3/4 144 04Mi»y! 147 1/4 147 1/4 f 144 1/2 [145 1/2 b , pyr, l - ' ' r l451/2 b[l4Bl/2 aj BSST wr SW|lqpM# ters of 2004, producers may want to consider some protection at these historically average prices. If prices get higher, consider locking in more milk. Dairy producers may want to start drawing up “budgets” or “marketing plans” for the up coming year. Those plans should include monthly estimates of milk production, expected prices, and associated costs. One should have already been tracking their monthly “basis” or relationship between the farm price and the Class 111 price during 2002 and 2003. These marketing plans should then be used to plan 2004 income and expenses, and budget labor and capital needs. It can also be used as a guide for for ward 1 pHcing milk. ~ r.. uw i Previous Previous Open High Low Last Chge Vo|ume ope „ 0 0 4268 29381 2516 10477 1107 4240 45 624 63 1537 39 527 28 210 6 109 7 7. 0518151815181 6050605059025902 6240 626561006100 6185621060606102 6295631061776227 6600 663065506585 6200 624061806200 6000 601560006012 5220 523051605172 5150 519051305190 „ . , _ . Previous Previous Open High Low Last Chge ... r , VolumeOpen_int 0 0 7489 7164 193 1048 15247 57320 77 123 4153 26631 2644 19157 1267 9397 181 2895 13 246 ~ ur ¥ Previous Previous Open High Low Last Chge Vo , ume ope „ 0 0 272 1986 8 48 1 36 4 32 0 3 2105 285 136 1/4 138 1/2 144 142 i 155 n [ J 151 n pLow [ Hiii +67 -200 -200 -133 -150 -75 -60 -85 -73 -80 §?-'■> -1 1371/4 1 1371/4 137 142 1/4 {142 1/4) 142 1511 Unchi Closing Average Farm Feed Costs for Handy 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 2.6! bu., 4.67 cwt Wheat, No 2 3.35 bu., S.S9 cwt Barley, N 0.3 —1.9 bu., 4.07 cwt Oats, N 0.2 1.8 bu., 5.62 cwt Soybeans, No.l 6.24 bu., 10.42 cwt Ear Com 66.98 ton, 3.35 cwt. Alfalfa Hav 118.75 ton, 5.94 cwt Mixed Hay 121.25 ton, 6.06 cwt. Timothy Hay —129.25 ton, 6.46 cwt. elChg -12 -20 f 145 1/2: -22 1 -50 147 i 155 r Unchi |Net;Chg: Settle Reference —J
Significant historical Pennsylvania newspapers