Al6-Lancaster Farming,Saturday, 'Ndvefriber 1 £>,'2C(o3 1
GRAIN, CATTLE, HOG,
& MILK BFP
FUTURES MARKETS
Markets Courtesy of Chicago Board and Mercantile Exchange
Com
iMonth OpeningjHigh jLow |
;03Dec I
04Mar
242 1/2 244 1/4
249 1/2 250 1/4 245 1/2,
252 253 3/4 2491/2i
Oft May
04jul " 255 1/2:256 1/2 252 1/4
04Sep [
249
247 1/4 248 1/2 246 3/4'
252,252 1/21251 1/21
04Dec
IqsMar
OSMfry
OSJuI [
OSDec |
257 257 257 i
Month [Opening |High
Soybeans
Month Opening High
03Nov 771 775
04Jan 776 779
768
04Mar
04May 734 740 731 736 738
04Jui
718 721 1/2
696 697
04Aug
04Sep ,
04Nov
641 646 1/2
578 1/2 583 577 1/2 580 1/2
580
05 Jan
05Mar
Month i Opening'High
Soybean Meal
Month |Opening [High {Low i
' I ’ 245.7 247.0 t 241.8|
243.3|244.9 239.7'
04Jan
04Mar j
240.3 242.2 237.3
04May,
229.0 ,231.5 228.5
223.3 225.51222.5
04Jul i
04Aug |
215.5 216.5 213.7
;d4Spp"|
04Oct
204.01204.51202.21
177.3 177.3 i 176.0 \ 176.5 b 176.6 a
173.81173^81171.5
iosJ«ir! , ; 1171.5 b 172.0 a
05Mar ‘i ; 1 171.5 b! 172.0 a
i Month I Opening |Hlgh [ Low i
04Dejc
Nov. 7,2003
DAIRY PRODUCTS
REPORT RELEASED
• Dairy components allocated
to cheese.
• Butter production down.
• Cash cheese prices weaken.
USDA released the Dairy
Products report this week. It
shows how milk components
were allocated to the production
Closing Bids: Thursday. November 13, 2003
239|
247 1/2 1246 3/4
251 1/2 |250 1/2
253 1/4 |
248 3/4 |
2511 248 j
248 1/4 ‘247 1/2 ;247 3/4
252 ;
;254 1/2 nT
;245 3/4 n
[Low
Low
762
766
760 768 1/2 7701/2
772
714 718 719
691 693
640 641 1/4
580 580
iLow
244.5 244.8
242.5 242.3
240.2 240.0
231.2
225.5 i
216.0 216.5
204.0 204.5
of dairy products for the month
of September 2003. Overall it
shows more components were al
located to cheese production and
less to butter and nonfat dry
milk. If this trend continues, ex
pect lower stocks of butter in
early 2004 and more of cheese.
One would expect overall dairy
processing to be down relative to
a year ago since milk production
Settle
Closing
241 1240 1/2 240 3/4
247
254 253 1/2;
248 3/41
254 1/2
1 ' 257
257 ,
245 3/4
Closing
[Settle
[Settle
Closing
770 772
775 777
769 1/2
718 1/2
694
693 1/2
641 1/4
581 1/4
580
582
580
582 n
Settle
Closing
Settle
244.7
Closing
242.4
240.1
231.2
225.5
216.2
204.2
176.5
173.6
171.7
171.7
Closing | Settle
Lean Hogs
Date
11/12/03 *CASH*
11/13/03 Dec 03
11/13/03 Feb 04
11/13/03 Apr 04
11/13/03 May 04
11/13/03 Jun 04
11/13/03 Jul 04
11/13/03 Aug 04
11/13/03 Oct 04
11/13/03 Dec 04
(Net Chg
+4
+2
251
+4
; Unch
+ 16
Composite Volume Open_lnt
11/12/03 14440 42742
+24
+2Ol
252
Live Cattle
+2O
+2
Date
+6
1 1/12/03*CASH* 0104271042710427 -4
11/13/03 Nov 0310075101901002010030 -90
11/13/03 Dec 03 9440 9600 9410 9482 -50
11/13/03 Jan 04 9330 9415 9275 9380 +5
11/13/03 Feb 04 8995 9140 8980 9105 +43
11/13/03 Apr 04 8160 8290 8147 8287 + 102
11/13/03 Jun 04 7440 7550 7440 7522 +72
11/13/03 Aug 04 7295 7385 7282 7352 +7O
11/13/03 Oct 04 7540 7590 7520 7542 +67
11/13/03 Dec 04 7675 7695 7675 7695 +45
[Net Chg
Net Chg
+2O
771
776
+6O
+66
737
+64
Composite Volume Open_lnt
11/12/03 16206 113973
+52
+34
Pork Bellies
Date
+46
+36
11/12/03 *CASH* 0780078007800
11/13/03 Feb 04 8600 880585758745
11/13/03 Mar 04 8560 875085608630
11/13/03 May 04 8800 880088008800
11/13/03 Jul 04 8900 890088708900
11/13/03 Aug 04 8850 885088508850
-20
582
-30
'Net Chg
[NetChgi
Composite Volume Open_lnt
11/12/03 375 1991
1 Unch;
+4
Oats
+25
[Month i Opening [High
+27
|o3to#,! 145 J /2 i 1453/4 l
[o4j|f|ri 148 1/4! ’ 1491
[6||sy[ 150 1/2 150 1/2
+ 19
+ 17
+s'
[o4|iA [
+7
W I
|o4]Dec
id > J r ■*
+7
+7
Mouth [Opening {High
;Net Chg,
is lower. For the month of Sep
tember, USDA estimated U.S.
milk production was 13.4 billion
pounds. On a daily average basis,
the September U.S. milk supply
fell 0.5 percent relative to a year
ago.
According to my calculations
for the month of September, the
Dairy Products report shows a
one percent growth in the
amount of protein and other
dairy solids components going
into manufactured dairy prod
ucts, and a 4.2 percent drop in
butterfat use.
Butter and nonfat dry milk for
September 2003 fell 21.6 and 8.9
percent, respectively, from a year
ago. This is the second month of
significant declines in butter and
nonfat dry milk production. For
the period January through Sep
tember, cumulative butter and
nonfat dry milk production fell
7.9 and 6.3 percent, respectively.
On the other hand, total cheese
production in September grew
3.3 percent relative to a year ago.
Cumulative total cheese produc-
~ U* UI ¥ Previous Previous
Open High Low Last Chge Vo , ume ope „
0 0
6204 16117
7033 16853
846 5687
27 830
175 1871
67 623
72 415
16 275
0 69
0 475047504750
5020 507549855005
5620 573056055662
5925603059226002
6130618061156180
6380 648063806465
6200 626562006240
5945 602059456020
5350 535553305330
5295 529752755295
„ ..... . Previous Previous
Open H.gh Low Last Chge V olumeOpen_ln(
0 0
85 394
7530 39616
31 1241
4928 38955
2511 18083
736 11054
283 4008
87 594
15 28
~ u- u. i Previous Previous
Open High Low Last Chge Vo|ume ope „
0 0
369 1690
2 139
104
48
Low
I
142 1/2 i 145 1/4 145
146 1/21148 3/4 |149
148 3/4!
1511153 1/2!
[Low
tion through September 2003
grew 0.4 percent. In the cheese
category, growth is mainly com
ing from the production of Ital
ian cheeses, which was up 4.7
percent in September. Cumula
tive Italian cheese production
grew 2.1 percent.
It does not take a rocket scien
tist to figure out what’s going on
here. Milk used for Class IV pur
poses has fetched a butter and
nonfat dry milk price of just
$l.lB and $O.BO per pound, re
spectively. On the other hand,
milk used for Class 111 purposes
got a cheese price of $1.60 per
pound for blocks and slightly
lower for barrels. That has moved
milk from butter/powder produc
tion into the more lucrative
cheese production. Since market
prices will respond, this could
have the effect of “equalizing”
cheese and butter/powder prices.
Cheese prices at the Chicago
Mercantile Exchange continued
to fall this week. Block cheese
prices fell a nickel per pound this
week from $1.48 per pound on
-163
-200
+-183
f 138
fl6o
+■l2s
+-100
Closing
150 b
15111531/2
150 n |
151 n!
I
i
I
' Closing
Monday to $1.43 per pound by
week’s end. Barrel cheese prices
fell from $1.4550 on Monday to
$1.3950 per pound by Friday.
Grade AA butter prices strength
ened slightly from $1.1850 per
pound on Monday to $1.20 per
pound by Friday. These price di
rections made sense, given the
Dairy Products report.
Average Farm Feed
Costs for Handy
Reference
To help {aimers 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 2.67 bu., 4.78 cwt.
Wheat, N 0.2 3.31 bu., 5.53 cwt.
Barley, N 0.3 1.98 bu., 4.23 cwt.
Oats, N 0.2 —1.83 bu„ 5.70 cwt.
Soybeans, No 1 7.32 bu., 12.22 cwt.
Ear Com 65.38 ton, 3.27 cwt.
Alfalfa Hay 121.75 ton, 6.09 cwt
Mixed Hay —129.25 ton, 6 46 cwt.
Timothy Hay 128.00 ton, 6.4 cwt
| Settle [Net Chg
+2
; _ i 45!
; 148 3/41
+2
150 T
+4
153 1/2
1501
151
+24
Unch
Unch
jSettle. Net Chg