, 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