Al6-Lancaster Farming, Saturday, December 13, 2003 GRAIN, CATTLE, HOG, & MILK BFP FUTURES MARKETS Markets Courtesy of Chicago Board and Mercantile Exchange Closing Bids: Thursday, December 11, 2003 Com Opening High Low 2501/2 253 247 Month 03Dec 249 3/4 253 245 3/4 04Mar 251 3/4 253 1/4 248 1/2 04May 04JuI 254 1/2 255 250 1/2 04Sep 250 1/4 250 1/4 248 1/4 04Dec 248 3/4 249 247 05Mar 252 1/2 252 1/2 252 05May 05Jul 05Dec Opening High Low Month Soybeans Month Opening High Low Closing 04Jan 782 782 763 765 1/2 768 04Mar 783 783 766 768 1/2 771 04May j 768 770 754 755 1/2 759 755 757 1/2 742 744 745 1/2 04JuI ; 04Aug I 729 731 1/2 720 720 678 679 665 668 04Sep | 04Nov ' 616 619 608 608 1/2 610 613 615 612 610 b! 612 a 612 05Mar| 611 611 608 608 ! 608 M.ontli Opening jHlgh (Low[ Closing (Settle Net Chg 05 Jan Soybean Meal isJSH Opening ___ . __ _ ’ 230.8 232.3 '227.2 f 231.8 233.8 [228.2 ( 232.3 i 235.0 {229.2 j [<HdfaiT M 230.2 232.2(227.2 226.81228.2 f "217.5 (219.5 j mem loassri !04Sct1 206.0;206.51 185.01185.5 ! 182.5 183.01 04Dec | 05Jan j |Q§Mar I | j iogS J | _ I QSQct | I _ i ( [Month Opening | High |Low [ Dec. 5,2003 BAILEY TO TESTIFY AT ITC HEARING Next week I’ll be testifying at a hearing at the U.S. International Trade Commission in Washing ton, D.C. The subject will be dairy protein imports. Rather than wait until the usual letters to the editors come out in the pa pers, I’ve decided to be proactive 251 1/2 253 1/4 253 3/4 255 250 1/4 248 1/2 249 252 1/2 245 3/4 n frrlgjfeflttfe (Settlefesfet Cbg: 228.0 (“228.2 ! 228.1 \ -34 [HigH [l2oW ; i 228.8 { 230-2 , 228.0 | 228.2 223.2 223.5 j 223.8 215.3 [_215.5 1 "215.3 \ 203.6 204.0 j 183.2 183.0 b 1183.2 a 180.5 181.0 180.8 b 1181.0 a 181.0 b 181.5 a 181.5 b 1182,5 a 179.5 bj 180.5 a Closing Chg | »m mm mM Ken Bailey Professor of Agricultural Economics, Dairy Marketing and Policy Penn State and tell you why I’m going to tes tify, what I found in my research, and what it means to your bot tom line. You can find the entire report on my Website. First, the hearing has nothing to do with any tariff legislation not directly, at least. It is a fact finding hearing. I’m going be cause the chairman of the com mission invited me Settle Net Chg 252 +22 Closing 251 253 249 253 252 1/4 Unch 254 1/4 250 1/4 248 3/4 252 1/2 255 n ( 257 n 245 3/4 Settle Net Chg Closing Settle Net Chg -182 766 3/4 769 757 744 670 609 1/4 229.0 229.1 230.0 ' 229.8 , 228.1 223.7 ! 215.4 j 204.0 [ 183.2 [ 181.0 180.91 181.3 [ 182.01 180.0 251 +l2 255 257 3/4 -156 1/4 -136 3/4 -122 720 -110 669 -94 -74 -50 -60 -34 -30 -29 j -26; -31 ' -21 | -22 -23 -19 -20; -53! I have been doing a lot of work over the past year on imports, ex ports, and component account ing. I’m doing this because Penn sylvania dairy farmers asked me to. Second, as a professor at Penn State University, I will not be taking any sides on the issue of MPC imports, trade, or tariff leg islation. That simply isn’t what we do at Penn State. Third, all the work I will be presenting is transparent and will be published in academic journals. I have a forthcoming article in the Jour nal of Dairy Science. Fourth, my research is funded by both Penn State and USDA grants. Over the past few years I have been unsettled by two things. First, we don’t have any idea what impact trade is having on the U.S. dairy industry. Dairy farmers have been asking very good questions and getting very few answers. Second, nobody, not even the “experts” or trained economists like me really under . , stand the fundamental supply Lean Hogs 12/11/03 12/10/03 12/09/03 12/08/03 12/05/03 5 Day 20 Day 65 Day 100 Day 260 Day Year to Date f 1 id 4 time(s) 5 days 1 time(s) 20 days 5 time(s) 15 time(s) b 5 days 100 days 28 time(s) 260 days 24 time(s) Year to Date Live Cattle ( i 12/11/03 12/10/03 12/00/03 12/08/03 12/05/03 S Day 20 Day 65 Day 100 Day ■?bO Day Year to Date I i Tin I i i r 1 dr 5 days i time(s) 20 days 7 time(s) 1 9 time(s) 65 days 33 time(s) 100 days 45 time(s) 260 days 45 tirne(s) Year to Date Pork Bellies 12/11/03 12/10/03 12/09/03 12/08/03 12/05/03 5 Day 20 Day 65 Day 100 Day 260 Day MrfCU Nf w Hlyll S days 20 days 3 time(s) ■4 tlme(s) 6 t(me(s) 65 days 12 tlme(s) 100 days 18 tlme(s) 18 tlme(s) 260 days Oats "' : r ! j" ''* -2 j 150 1/4 [ 145 1/2 {jjKß&l 150 5 /4 i 151’ 1/4! 150 [ 150 1/4 1 l5O 3/41151 1/4 1 150 1/4 [lso 3/4 j IQffißuS 152 1/4 152 1/2 f 152 1/4 f 152’ 1/2 * . - ' 144 n PPiapng [High and demand factors that drive milk prices higher or lower. We have relied instead on the data we get from USD A. MPC imports have gone up over the past few years. So have imports of butter blends, butter substitutes, cheeses, and choco late block. But what does that mean? Does it represent a lot of trade or a little? No one knows the answer to that because you need to break it all down into fundamental components. USDA does not even reflect most of these items in their own trade and supply and demand numbers. So I set about develop ing my own system of accounting for trade and domestic supply and demand. I will be presenting this re search at the ITC hearing. Ba sically my approach looks at all trade, groups them into catego ries, and then computes the crude protein, butterfat, and other t*..» # . > i i so ?0 50 05 49 80 49 40 49 95 49 90 49 77 49 60 49 60 49 50 H |0 50 20 on 12/11/03 51 25 on 12/01/03 61 02 on 10/15/03 61 02 on 30/ 15/03 01 02 10/15/03 61 02 10/15/0* r 1.1 < t it pi oi 0 50 I'll' 18 14 I<J 4 ' I'll 94 35 94 00 94 80 94 02 97 15 97 17 96 90 97 20 97 07 9 7 40 9/40 on 1 2 'O5/03 Q 9 92 on 12/03'03 99 92 on 12/0 VO 3 09 92 on 1 2/03/03 99 92 on 12/0 VO 3 99 9? on 12/0 i/UJ 1 . r nt Fk in Hi M 9 3 6 3C 6 30 ' 6 36 6 6 30 v 6 36V. »n 12/09/03 >n 12/01/03 tn 10/1-4/03 >n 10/14/03 >n 10/1-4/03 >n 10/14/03 3 1 1 <Vb 4 22% 8 22% 8 22°/ 1451 146 1/2 [' | 154 n | i Low , [ Closing [Settle (Tum to Page A 26) 49 OS 49 30 48 95 49 20 49 00 48 95 on 12/09/03 48 40 on 11/26/03 48 40 on 11/26/03 48 40 on 11/26/03 48 40 on 1 1/26/03 48 40 on 11/26/03 M i I n. l. w 2 time(s) 3 time(s) 14 time(s) 8 time(s) 12 time(s) 12 time(s) 93 45 94 02 95 5 > 95 95 9b 35 93 45 on 12/11/03 93 05 on 11/20/03 82 00 on 09/19/0 i 75 70 on 07/25/03 'O on 03/11/03 on 03/11/0 3 M i J< Ni w 5 time(s) 3 time(s) 3 time(s) 1 time(s) 9 time(s) 9 time(s) 85 OS on 12/10/03 84 35 on 11/25/03 82 52 on 10/22/03 76 40 on 08/05/03 76 40 on 08/05/03 76 40 on 08/05/03 4 ttme(s) 5 tlme(s) 9 tlmo(s) 6 tlme(s) S tlme(s) S tlme(s) 14: 150 3/41 152 1/21 | 150 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 live stock feed cost data, here's last week’s av- erage costs of various ingredients as com piled from regional reports across the state of Pennsylvania. 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 2.63 bu., 4.71 cwt. Wheat, N 0.2 3.44 bu., 5.75 cwt. Barley, N 0.3 1.91 bu., 4.09 cwt. Oats, N 0.2 1.88 bu., 5.86 cwt. Soybeans, No.l 7.10 bu., 11.86 cwt. Ear Com 68.97 ton, 3.45 cwt. Alfalfa Hay 121.25 ton, 6.06 cwt. Mixed Hay 120.00 ton, 6.0 cwt. Timothy Hay 126.75 ton, 6.34 cwt. *« < t 49 95 49 72 49 20 ■MM2 49 67 0 O / 49 05 p I < 111 I t > 04 , 4 20 •* i 2' + > 2o C h n O 15 93 57 i 50 94 02 1 50 95 52 + 0 45 97 02 0 4S 96 57 P. r nl F i + 013 + 0 btv o +l4 11 % + 23 fol 1 t 35 22% + 35 22% -f-4 1 +4' 144 [ Unch 150; 154 Unch Unch [Net Chg!
Significant historical Pennsylvania newspapers