CME Cheese Prices Continue to Increase
Wed, 21 May 2008 11:58:00 GMT
For the 12th consecutive trading day, the CME spot block price increased yesterday closing at $2.13, an increase of $0.0125. The barrel price increased $0.0450 to $2.0900.
Plantings Increasing at a Slow Pace
Wed, 21 May 2008 11:50:00 GMT
According to USDA, for the week of May 18, 73% of this year’s corn crop was planted, up from 51% the prior week. This is still below the 5-year average of 88% for this date. Only about 26% of the corn has emerged so far, vs. a 5-year average of 56%. For soybeans, 27% have been planted, compared with a 5-year average of 47%.
April 23-State Milk Proudction Increases 2.5% Over April '07
Tue, 20 May 2008 20:08:00 GMT
The 23-state
April milk production was 14.8 bil. lbs, up 2.5% from April ‘07.
Production/cow averaged 1,757 pounds, 12 lbs above April ‘07. The number of
milk cows on farms was 8.44 mil. head, 152,000 head more than April ‘07, and 8,000 head more than March ‘08.
A New Data Series Showing State-Specific Revenue Net of Feed Costs is Created
Mon, 19 May 2008 21:59:00 GMT
Using monthly feed cost estimates for the 23-major producing states published by the Economic Research Service of USDA we calculate the net return over total feed costs. The state-specific All-Milk price is used as a measure of gross revenue.
Summary of Farm Bill Components Directly Effecting the Dairy Sector
Mon, 19 May 2008 15:49:00 GMT
The National Milk Producers Federation has put together a summary of the dairy-related provisions of the Farm Bill that was approved by both the Senate and House last week. To obtain this summary, click here.
Spreadsheet Model Created for the MILC Feed Cost Adjuster
Fri, 16 May 2008 21:46:00 GMT
A spreadsheet model is available that shows how changes in feed costs impact the MILC target price. This can be obtained by clicking here.
CME Spot Butter Traded for$1.50
Fri, 16 May 2008 11:38:00 GMT
Butter traded at $1.50 on Thursday for the first time since last August.
Change in Hours of Spot Trading at the CME
Fri, 16 May 2008 11:27:00 GMT
Starting Monday, May 19, spot dairy trading will go from board trading to open outcry. Trading for cheese will take place at 10:45am-10:55am (CDT), spot trading for NDM will take place at 10:55am-11:00am (CDT) and spot trading for butter will take place at 11:05am-11:15am (CDT).
Senate Passes the Farm Bill
Thu, 15 May 2008 22:27:00 GMT
The Senate today approved the Farm Bill by an 81-15 margin. The bill now goes to the President for his signature. The question remains as to whether he vetoes it and if he does whether an override will occur.
U.S House of Representatives Passes the 2008 Farm Bill Via a Veto-Proof Margin
Wed, 14 May 2008 21:33:00 GMT
The U.S. House of Representatives voted on the Conference Report on the 2008 Farm Bill. It passed by a vote of 318 to 106. The President has pledged to veto the bill. If the President does veto the bill, the bill will need to come back to Congress for a veto override vote, which requires a 2/3 margin of both the House and Senate. (290 in the House and 67 in the Senate). With the strong vote in the House, and the expected strong vote in the Senate, it looks like the President’s veto would be overridden. However, it will depend in part on how much pressure the White House puts on House Republicans to stand with him against the veto override.
