Al6-bancaster Farming, Saturday' October 1
GRAIN, CATTLE, HOG.
& MILK BFP
FUTURES MARKETS
Market* Courtesy of Chicago Board and Mercantile Exchange
Closing Bids: Thursday, October 23, 2003
tom
Month {Opening[High Low Closing
|o3Dec] 225 2381/2 225 i 236 1234]
|o4Mar| 230 1/2 244 230 1/2 241 1/2 240 ■
04May: '235,247 1/2, ' 2351 244 1/2 1245 [
04Jul | 238 250j237 1/2 { 2471/2 248
04Sep ! 2381/2 248 1/2 2381/2] 242 3/4
041>ec [ 239 3/4 249{239 3/4] 248 ;249
OSMarj 2481/2 2531/2 ' 248] 253 Hi] '
05May ’ 12561/2 n'
jpSJul [ 2521/2 ; 259|252 l/2{ ” 259 V “[
IOSPec 2412411~_’ 241j 241 I
MonthjOpening High Low f Closing |i
Soybeans
IMonth {Opening [High {Low Closing
;°3Noy I 761 7681/2 760 763 7641/2
04Jan 762 773 7621 766 768 I
;04Mar| 745 752 743, 749 750 \
04May[ 691 700 691 698 699 | 1
04Jul i 675 681 675 6771/2 680
651 6571/2 651 654 655 !
04Aug :
|o4Sep r
619 620 616 1/4 618 1/4
04Nov i
575 577 571 i5741/2
r~
05Jan
iOSMar,
Month {Opening High
Soybean Meal
Month | Opening} High Low i
03Dec , 237.1 242.5 236.51
04Jan
233.5 238.5 232.5
04Mar
226.0 231.0 225.0
210.5 214.51209.8;
04May
04Jul
201.5 207.0 201.5
194.0 198.01194.0
04Aug |
04Sep
184.5 188.5,184.1
174.5 175.5 173.0 173.0 b 173.5 a
O4oct
171.0 173.0 169.6; 170.5 b 171.0 a
04Dec
05 Jan
Month Opening High Low
Oct. 17,2003
SEPTEMBER MILK
PRODUCTION TIGHT
• Milk down 0.1 percent.
• Milk per cow even.
• Cow numbers still dropping.
The September milk production
report released today showed that
milk production was down slightly
from a year ago.
571 n
Low
Closing
Closing
239.2 238.9
235.5 235.1
228.0 228.2
211.5 211.7
204.2 204.5
196.0
186.3
! 170.0 b 171.0 a
Closing
Milk production in 20 major states
totaled 11.6 billion pounds. August
revised milk production was 12.1 bil
lion pounds, down 0.9 percent from a
year ago. September had no gain in
production and no new recovery in
productivity.
This report will be viewed as “neu
tral” by the market. It should neither
raise nor lower futures prices.
jSettle iNet Chg
235 +146
240 3/4
244 3/4
247 3/4
I __
242 3/4
248 1/2;
253 l/2 ! ”
2561/2;
259,
241 +3OI
Settie-|^Chg|
{Settle [Net Chg
'763 3/4! +l4O
767| +l5O
7491/2' +172
698 1/2
678 3/4 +l22 1
6541/2} +lOO
6181/4; +42
1574 3/4 1
575
Unch
I ‘5711*
•Settle Net Chg
[Settle iNet Chg
239.0
235.3
228.1
211.6
204.3
196.0
186.3
173,2
170.7
170.5
Settle Net Chg
This USD A report showed that
milk production in 20 select states
was basically even with September
2002. Cow numbers for 20 major
states dropped 7 million head from
the prior month’s cow numbers to
7.74 million head. This rate of de
cline was half that of last month, so it
suggests the recent decline in cow
numbers may be slowing.
Milk production per cow in Sep
tember was up 6 pounds from a year
ago. Again, it suggests we are basical
ly even with a year ago.
The real story is in the individual
states. California milk production in
September was even with a year ago.
This was something the industry had
already counted on. Cow numbers
rose from 1.658 million head in Sep
tember 2002 to 1.701 million head in
September 2003. But milk per cow in
California fell from 1,700 pounds in
September 2002 to 1,655 pounds in
2003.
Had milk productivity been even
with a year ago, California milk pro
duction would have risen 2.6 percent
relative to a year ago.
Lean Hogs
Date
10/22/03 *CASH*
10/23/03 Dec 03
10/23/03 Feb 04
10/23/03 Apr 04
10/23/03 May 04
10/23/03 Jun 04
10/23/03 Jul 04
10/23/03 Aug 04
10/23/03 Oct 04
10/23/03 Dec 04
+144,
+ 144!
+l44]
+B6 i
Composite Volume Open_lnt
10/22/03 9737 44252
Live Cattle
Date
+lO6
+lOO
+9O:
+9O
10/22/03 *CASH*
10/23/03 Oct 03
10/23/03 Nov 03
10/23/03 Dec 03
10/23/03 Jan 04
10/23/03 Feb 04
10/23/03 Apr 04
10/23/03 Jun 04
10/23/03 Aug 04
10/23/03 Oct 04
+l6Ol
Composite Volume Open_lnt
10/22/03 15024 114627
Pork Bellies „ u
r» * it- u i i Previous Previous
Date Open High Low Last Chge y o | uine Qp en j nt
0 0
589 1558
16 95
19 33
3 35
0 3
+52
10/22/03 *CASH* 0 785078507850
10/23/03 Feb 04 8430
10/23/03 Mar 04 8500 852083708440
10/23/03 May 04 8545 858085108580
10/23/03 Jul 04 8750 875087508750
10/23/03 Aug 04 8660 866086608660
+llO
+65
Composite Volume Open_lnt
10/22/03 627 1724
Oats
+66
+6l
IMonth iOpening High Low | Closing
io3Dec i 146 1481/2 145 374 147 3/4;
+5l
+47
|o4Mar' 147 3/4 149 1/2 147 3/4 148 3/4 b'
+45
04May
+42
04Jul
+ 11
04Sep !
+ll
04Dec
Month Opening High [Low I Closing Settle |NetChg
+ 10
~ ¥¥ . . i ¥ Previous Previous
Open High Low Last Chge Vo|ume ()pen Int
0 0
5349 25906
3241 10380
872 4765
81 715
108 1558
25 564
47 222
9 132
5 10
0481748174817
5180 532551675275
5600 572554905690
5745 583057025805
5975 606759306052
6325 641062676405
6000 605059856027
5810 588058005880
5030 514050305125
5040 514050405140
~ ¥¥ . . ¥ ¥ Previous Previous
Open High Low Last Chge Vo|ume openlm
0 0
1056 2885
108 989
8132 52678
28 272
2731 27141
1392 17782
1062 9736
511 2890
4 252
0991899189918
9600 976595509765
9280 947292609472
8660 884786428847
8660 881286408812
8290 843082608430
7900 803578708035
7400 751773707507
7350 748073507470
7410 750074007480
151 147 1/2 148 3/4 b'
150
152 152 151 1/2 151 1/2 a ; |l5ll/2
’ 150 V 1
September milk production was
down in other states besides Califor
nia. Florida milk production was
down 8.4 percent, Kentucky was
down 10.1 percent, Virginia was
down 11.6 percent, and Pennsylvania
was down 6.5 percent.
In fact, Pennsylvania lost both
cows and productivity. There were a
few states that offset this decline.
Idaho milk production was up 8.7
percent, New Mexico was up 4.4 per
cent, and Texas was up 7.5 percent.
Milk production in the Badger
State, Wisconsin, was up 22 million
pounds. This more than offset the 4
million pound decline in California.
The market, however, does not seem
to notice that Wisconsin can pick up
the losses in cheese production cre
ated by California. That said, the
market is looking into the remainder
of the year.
Will there be enough milk and
cheese? Will there be a recovery?
And, will that recovery depress mUk
prices?
-485
4-150
4-150
4-150
f 150
4-150
4-150
4-122
4-110
+6O
unch
+95
+55
+75
+lOO
unch
Settle jNetChg
'147 3/4] +4O
148 3/4!
148 3/4
150 i Unch
151'
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 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.
Com, No.2y 2.61 bu., 4.67 cwt.
Wheat, N 0.2 3.35 bu., 5.59 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 Hay 118.75 ton, 5.94 cwt.
Mixed Hay —121.25 ton, 6.06 cwt.
Timothy Hay —129.25 ton, 6.46 cwt.
+ 16
+l4
Unch