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!