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August 2012 Archive for Hedging Corn and Soybeans

RSS By: Howard Tyllas, AgWeb.com

Howard Tyllas is currently a member of the Chicago Board of Trade and registered with the Commodity Futures Trading Commission as a floor broker and as a Commodity Trading Advisor.

December Corn Daily Numbers & trade Ideas for 8/13/12

Aug 14, 2012

 

This report was sent to subscribers on 8/11/12 7:10 p.m. Chicago time to be used for trading on 8/13/12.

 

December Corn

 

After the close recap on 8/13/12: My pivot acted as resistance and was 8.12 1/2, .01 1/4 from the actual high, and my support was 7.81 1/4, .04 3/4 from the actual low.

 

All charts and numbers for 8/13/12 have already been sent to subscribers at 3:30 pm.

 

December Corn

 


8.49 new All Time High
8.29 ¾
-----------8.12 ½ Pivot
7.95 ¼
7.81 ¼

5 day chart.... Up from last week same day
Daily chart ... Up
Weekly chart ... Up
Monthly chart .... Up 5.88 is the 200 DMA
ATR 26 Balanced 41%

 

 

For 8/13/12: Good support at 7.71, daily numbers resist.

 

New all time high and closed lower bodes well for another down day to follow on Monday.

 

In my daily December corn numbers on Friday my resistance was .01 (notice the pivot was the EXACT high in open outcry later in the session) from the actual high; my support was .02 from the actual low.

 

8/13/12:

 

Grains: I made it clear I was bearish and said the reasons why, and I cautioned you about the "blow off top" we witnessed on Friday with the report sparking a rally to $.01 from my resistance number, and then producing a more than a limit move from there closing sharply lower. This bodes well for another down day to follow on Monday.

 

You had the bulls reacting strongly to the report, and then profit taking and bear selling fed on it. The bulls look around and said the report was bullish, but they should know what we know and that is you do not make money from guessing the report right, you make money by participating in the market correctly. When emotions run high we are calm as we watch to see if the market can get close enough to the resistance number to get filled on our working order, and then wait and see if we do not get stopped out. The people who make predictions about the report mostly could not trade their way out of a paper bag, and like 99 out of 100 people who try to trade successfully, do not. When they blame anything but themselves for the outcome of their trades, they have no chance to be successful.

 

So what changed 15 minutes after the report? Nothing, only the price!

 

New subscribers can now see why I always say "I do not care about the report itself; I care how the market reacts to it". I am a trader and I keep my eye on price only, the fundamentalist keeps more of an eye on the fundamentals. Producers should also keep their eye on price and relate that to income, and the job of a farm manager who hedges for the farm should always be on income, and does not risk too much on their idea that grains will go higher. Having our strategy allows as much upside as you want and the gamble, but after the market rallies beyond your call spreads and put spreads, your task is to lock in as much as you can no matter if the market comes down or goes up afterward.

 

I look at the carryout, because that is what is left from all the supply and demand, and on Friday they took away both corn production and more of the usage that increased the carryover by 76 million bushels (MB). There is good support in December corn at $7.71, but the normal $.95 correction will bring it near the gap of $7.40 ¼. I would want to be a buyer if we get down there, the market should have until harvest for prices to remain firm. I prefer to continue to sell rallies rather than buy breaks up at these price levels.

 

Put options are still cheap but will get expensive. Call options are still expensive and will get cheap unless we continue higher. Unchanged on Monday will equate to lower call option values. I told you as I do every report, the option winner will not win and the loser gets killed, all you need to do is look at option settlements and you will see that was exactly true once again. Only a near limit move will alter that statement.

 

It is not too late to ... Subscribe Now!

 

Weather will affect soybeans, but will do little for corn now. Soybeans can hurt or help corn prices this week. I would look and trade them independently though. I would trade corn with a bearish bias today and only take the sell signals and use the supports for places to take profits only and risk $.06 in corn, and trade soybeans without bias and risk $.08 in using a stop to protect any idea.

 

8/10/12:

 

Grains: All numbers except August soybean resistance were spot on. It is certainly a surprise that soybeans and corn closed so high a price going into a report that has a good chance to trade limit up or down. We started the week wetter and cooler and soybeans lost value, but by Thursday it clawed its way back to fill the gap left from Friday. September corn could not take out the high made on July 20th which is bearish although December keeps making a new high due to the spread between the two months.

 

Many producers were taking profits this week knowing the report could take away profits on a limit move in minutes. All kept some upside open, some more than others, but knowing they are getting a crop and the desire to take some income off the table and into their pocket is also the prudent thing to do, and by doing so they also get more courage to seek higher prices.

 

I care more on how the markets react to a report rather than the report itself. I know you have a plan what you will do next no matter if we go higher or lower to improve your position, and by knowing what you are doing is an advantage in itself. When people think they know what the market will do is one thing, but not knowing how to trade is the big problem, not knowing what they are doing. They know what the market will do, but they could not trade successfully. I never know what the market will do, but I always know what I am doing and why. Yes, on many a chart setup I know what the odds that favor what the market will do next, but more important is how I participate risking little and wait for the right setup that matches my trade ideas. Have you ever heard someone say "I was right the market but lost money because..." I like to say I made money for all the wrong reasons when my thoughts were wrong but my trade idea and strategy was right.

 

The market opens at 7:20am Chicago time, and the report comes out at 7:30am. I will be at my desk at 7am. I will send my take on the report as soon as possible. I want to day trade the market and prefer to trade at the extremes without bias risking $.06 in corn and $.08 in soybeans using a stop to protect any idea.

 


8/9/12:

 

Grains: Spot on grain numbers except November soybeans were only accurate. Today is the last day before the report to adjust your position to reflect your thoughts. This report can produce an extreme movement, but once the market stabilizes in a day or two, all eyes should be back to the weather for soybeans the next 3 weeks. Corn yields is done now whatever it may be, but soybean yields are still being made, and with hot dry they go higher, wet cool will see much lower prices.

 

Guesses for corn are 1.8 billion bushels apart, impossible for me to be sucked into guessing because I do not bet money without getting some sort of "odds", so I just wait for a chart level and number I want to risk some money betting that it will hold, and the reward should be greater than the risk. My producers all have at least 20 BPA or more guesstimate on their own farms, how is even the USDA know what is on 95 million acres right now?

 

As far as options go, outright calls and puts are a bad bet, "the winner will not win and the loser will get killed" on report day. The market will need to move in your favor just to retain its value, a big move to make something. Spreads are the best ways to trade a report, because you are selling a wasting asset against the one you buy which takes care of some of the premium decay.

 

Bulls look to be posturing before the report but December corn is unable to make a new 2012 high tonight so far, so close but yet so far. Even if it gets through $8.20 ½, September corn 2012 and all time high is $8.28 ¾ and unless it makes a new high the market is a sell. I look at the spot month, not the more speculative December contract that is benefitting from the "spreads". It is hard to believe the corn bulls are going into this report near contract highs, the risk seems too great. Maybe they will cause panic to the sellers and they will "panic" before or after the report and cause a "blow off top", this is a perfect setup for that at record prices.

 

My bias is bearish for one reason only, the price is historically high and the risk is more to the downside. Yields have probably been "baked" into the price equation, and if realized might be considered bearish because what could take it higher next?

 

I prefer to day trade this market and not have a position, and if I did have an overnight position it would only be a known risk strategy. I continue to prefer the sell signals at resistance, but day trade the market without bias risking $.06 in corn and $.08 in soybeans using a stop to protect any idea.

 

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1-312-823-9189

 

Disclaimer: No guarantee of any kind is implied or possible where projections of future conditions are tempted. Futures trading involve risk.In no event should the content of this be construed as an express or implied romise, guarantee or implication by or from Howard Tyllas, that you will profit or that losses can or will be limited in any manner whatsoever. No such promises, guarantees or implications are given. Past results are no indication of future performance.

WASDE Report 8/10/12

Aug 10, 2012

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WASDE Report 8/10/12

 

OILSEEDS: U.S. oilseed production for 2012/13 is projected at 83.4 million tons, down 9.4 million
from last month, as a lower soybean production estimate is only partly offset by higher crops of
peanuts and cottonseed. Soybean production for 2012/13 is projected at 2.7 billion bushels, down
358 million due to lower harvested area and yields. Harvested area is projected at 74.6 million
acres, down 0.7 million from the July projection. The first survey-based soybean yield forecast of
36.1 bushels per acre is 4.4 bushels below last month's projection and 5.4 bushels below last
year's yield. Soybean supplies for 2012/13 are projected 12 percent below last month to a 9-year
low on lower production and reduced beginning stocks. Soybean exports are reduced 260 million
bushels to 1.11 billion bushels. Soybean crush is also reduced as higher prices reduce domestic
use and prospective exports for both soybean meal and oil. Soybean ending stocks are projected
at 115 million bushels, down 15 million.


U.S. changes for 2011/12 include increased soybean crush and exports and reduced ending
stocks. Crush is increased 15 million bushels to 1.69 billion reflecting increased exports and
domestic use of soybean meal. Soybean exports are increased 10 million to 1.35 billion bushelsreflecting strong shipments in recent weeks. Soybean ending stocks are projected at 145 million
bushels, down 25 million.


Soybean and product prices for 2012/13 are all raised to record levels this month, reflecting the
impact of sharply reduced soybean and corn production. The U.S. season-average soybean price
is projected at $15.00 to $17.00 per bushel, up $2.00 on both ends. Soybean meal prices are
projected at $460 to $490 per short ton compared with $365 to $395 last month. Soybean oil prices
are projected at 53 to 57 cents per pound, up 0.5 cents on both ends.


Global oilseed production for 2012/13 is projected at 457.3 million tons, down 8.5 million tons from
last month. Reductions for soybeans, sunflowerseed, peanuts, and cottonseed are only partly
offset by increased rapeseed production. Lower soybean production is projected for the United
States, Canada, and EU-27 due to lower yields resulting from hot, dry weather. Soybean
production is raised for Brazil and Paraguay as producers are expected to respond to sharply
higher prices with increased plantings. Brazil's soybean production is projected up 3 million tons at
a record 81 million. Sunflowerseed production is reduced for EU-27, Ukraine, and Moldova due to
the effects of hot, dry weather during the reproductive stage of the crops. Other changes include
higher rapeseed production for EU-27 and Ukraine, lower rapeseed production for China and
Australia, lower peanut production for India and Indonesia, and lower cottonseed production for
India.

Global oilseed and meal production, trade, and consumption for 2012/13 are all reduced this month
reflecting the impact of reduced oilseed supplies and higher prices. Projected soybean imports for
China are reduced 1.5 million tons to 59.5 million as domestic soybean stocks contribute a larger
component of soybean meal consumption. Soybean exports for Brazil and Argentina are forecast
higher but only partly offset a reduction for the United States.

WHEAT: U.S. wheat supplies for 2012/13 are raised 54 million bushels with higher forecast
production and an increase in projected imports. Production is forecast 44 million bushels higher
with increased yields for winter wheat, durum, and other spring wheat. Feed and residual use is
projected 20 million bushels higher, reflecting the tighter supply situation for corn. Ending stocks
for 2012/13 are projected 34 million bushels higher. The projected range for the 2012/13 seasonaverage
farm price is raised substantially to $7.60 to $9.00 per bushel, compared with $6.20 to
$7.40 per bushel last month, as tighter foreign wheat supplies and sharply higher corn prices raise
price prospects for the remainder of the marketing year.


Global wheat supplies for 2012/13 are projected 2.1 million tons lower mostly reflecting a 3.7-
million-ton reduction in foreign production. A small increase in 2012/13 world beginning stocks is
partly offsetting with 2011/12 updates to trade and use for a number of countries. Lower expected
production in the FSU-12 accounts for most of this month's decline in world output. Production is
lowered 6.0 million tons for Russia on reduced area and yield prospects due to July heat and
dryness across most of the spring wheat growing areas. Spring wheat in adjoining areas of
Kazakhstan was also affected by the same adverse weather reducing production prospects 2.0
million tons. Other reductions this month include a 0.8-million-ton reduction for Turkey based on
lower reported yields, a 0.5-million-ton reduction for Argentina reflecting lower expected area, a 0.3-
million-ton reduction for Syria, and a 0.2-million-ton reduction for EU-27. Production is raised 2.9
million tons for India, 2.0 million tons for Ukraine, and 0.4 million tons each for Canada and
Uzbekistan.


Global wheat consumption for 2012/13 is raised 3.2 million tons as a number of countries are
expected to shift some of their livestock and poultry feeding from corn to wheat. Wheat feeding is
raised 1.0 million tons each for EU-27 and Ukraine, 0.5 million tons each for South Korea and
Vietnam, 0.3 million tons for Israel, and 0.2 million tons each for India and Thailand. Partly
offsetting is a 0.5-million-ton reduction for Russia with lower expected production.
Global wheat imports for 2012/13 are raised with increases for several countries, in part, to support
higher wheat feeding. Imports are raised 0.5 million tons each for EU-27, South Korea, and
Vietnam, and raised 0.3 million tons for Israel. Imports are also raised 0.3 million tons for Brazil.
Global 2012/13 exports are raised, but much of the shift among countries also reflects reduced
export prospects for Russia, which is lowered 4.0 million tons. Exports are raised 2.0 million tons
for Ukraine, 1.0 million tons each for Canada and EU-27, 0.5 million tons each for Australia, Brazil,
and Pakistan. Exports are lowered 0.7 million tons for Argentina, 0.5 million tons for Turkey, and
0.2 million tons for Uruguay. World ending stocks for 2012/13 are projected 5.3 million tons lower
at 177.2 million.


COARSE GRAINS: U.S. feed grain supplies for 2012/13 are projected sharply lower again this
month with corn production forecast 2.2 billion bushels lower and sorghum production forecast 92
million bushels lower. The forecast U.S. corn yield is reduced 22.6 bushels per acre to 123.4
bushels as extreme heat and dryness continued, and in many areas worsened, during July across
the Plains and Corn Belt. As forecast, the 2012/13 corn yield would be the lowest since 1995/96.

Corn area harvested for grain is also lowered, down 1.5 million acres from the last month's forecast


that was based on the June Acreage report. The U.S. sorghum yield is forecast 16.3 bushels per
acre lower at 48.6 bushels as drought stressed sorghum from the Central Plains to the Corn Belt.
Sorghum harvested area is also lowered slightly.
U.S. corn production for 2012/13 is forecast at 10.8 billion bushels, the lowest since 2006/07.
Relatively small increases in carryin and imports only partly offset this month's substantial reduction
in crop size. Ending stocks for 2011/12 are projected 118 million bushels higher with lower
expected exports, reduced corn use for ethanol, and a small increase in imports. Imports for
2012/13 are also raised, up 45 million bushels to 75 million, reflecting strong domestic corn prices
and competitively priced foreign supplies. Total U.S. corn supplies for 2012/13 are projected down
2.0 billion bushels and at a 9-year low.


This month's large reduction in U.S. corn supplies and the sharply higher price outlook are
expected to further reduce 2012/13 corn usage. Total use is projected 1.5 billion bushels lower and
at 11.2 billion would be a 6-year low. The biggest reduction again this month is for feed and
residual disappearance, projected down 725 million bushels. Food, seed, and industrial (FSI) use
is also projected lower, down 470 million bushels, mostly reflecting a 400-million-bushel reduction
in corn used to produce ethanol. Reductions in other food and industrial uses account for the
remainder of the FSI decline. Ending stocks for 2012/13 are projected at 650 million bushels, 533
million lower and the smallest carryout since 1995/96. The 2012/13 season-average farm price for
corn is projected at a record $7.50 to $8.90 per bushel, up sharply from the $5.40 to $6.40 per
bushel projected in July. Projected farm prices for the other feed grains are also raised.


Global coarse grain supplies for 2012/13 are reduced 56.5 million tons mostly reflecting the
forecast 55.7-million-ton reduction in the U.S. corn crop. Larger 2012/13 corn beginning stocks in
the United States and Brazil partly offset lower U.S. and foreign coarse grain production. Brazil
corn beginning stocks are raised 2.8 million tons based on higher reported production for 2011/12.
Foreign corn production for 2012/13 is mostly unchanged with increases for China, Argentina,
Brazil, Mexico, and South Africa mostly offset by reductions for EU-27, Ukraine, India, Serbia,
Russia, Croatia, Moldova, and Canada. Foreign sorghum production is lowered 0.3 million tons
with a reduction for India. Reductions in barley production in FSU-12, EU-27, and Turkey lower
global barley production 1.1 million tons. A 2.5-million-ton reduction in India millet output also
lowers world coarse grain supplies.

Global 2012/13 corn trade is projected sharply lower this month in response to tighter U.S. supplies
and higher prices. Corn imports are lowered for China, EU-27, Indonesia, Japan, South Korea,
Mexico, Vietnam, Israel, Colombia, Peru, and Syria. In addition to the United States, corn exports
are reduced for Ukraine, EU-27, and Serbia. Partly offsetting are export increases for Argentina,
Brazil, South Africa, and Canada. Global corn consumption is projected 38.9 million tons lower with the United States accounting for more than three-fourths of the reduction. Foreign corn feeding drops 8.8 million tons with only part of the decline offset by higher wheat feeding. Corn feeding is lowered for EU-27, India, Canada, Japan, South Korea, Russia, Ukraine, Vietnam, Israel, and Indonesia. Global corn ending stocks are projected 10.8 million tons lower with increases for
China, Brazil, and Argentina only partly making up for the large reduction in the United States and
smaller reductions in a number of other countries.


SUGAR: Projected U.S. sugar supply for fiscal year 2012/13 is decreased 251,000 short tons, raw
value, compared with last month. Carry-in stocks are reduced mainly due to data revisions in
Sweetener Market Data, which lower 2011/12 ending stocks. Imports from Mexico are decreased
due to higher sugar consumption and carryout stocks in Mexico. Total use is unchanged.
LIVESTOCK, POULTRY, AND DAIRY: The forecast for 2012 total red meat and poultry


production is raised from last month but the forecast for 2013 is reduced as higher feed prices are
expected to pressure producer returns. Beef production is raised from last month for both 2012
and 2013 due to higher expected placements in feedlots and increased dairy cow slaughter in late
2012 and during 2013. Carcass weights are forecast higher based on recent weight trends, but
higher feed prices are expected to temper the increase and carcass weights are expected to be
lower in 2013 compared to 2012. Pork production is reduced from last month for both 2012 and
2013.

The reduction for 2012 reflects lower slaughter in the third quarter and lighter expected
carcass weights through the year. As a result of high feed prices and recent hot weather, forecast
pig crops are lowered in the second half of 2012 with declines continuing into 2013. Pork
production is forecast lower in 2013 due to a combination of smaller hog supplies and lower
expected carcass weights. Broiler production is raised in 2012 as production in the second quarter
was higher than forecast last month and hatchery data points to higher than previously forecast
levels of production in the third quarter. However, high feed costs are expected to result in lower
broiler production in 2013. Turkey production is forecast lower in 2012 on lower second-quarter
production. The production forecast for 2013 is reduced as feed prices squeeze producer returns.
The egg production forecast is lowered for both 2012 and 2013.


Beef imports are reduced for 2012 based in part on weaker second-quarter data but are unchanged for 2013. Beef exports are reduced for both 2012 and 2013 as exports have slowed and tight supplies of pork and poultry are expected to support domestic beef demand. Pork and poultry exports are reduced for both 2012 and 2013.


Cattle prices are reduced from last month with the expectation of larger fed cattle marketings in
both 2012 and 2013. However, prices are likely to remain strong in 2013 as total meat supplies are
tight. Hog prices are raised in both years due to smaller hog supplies. Broiler prices are reduced in
2012 due to larger expected supplies and somewhat weaker demand, but for 2013, tighter supplies
are expected to help support higher prices. Turkey and egg price forecasts are raised on lower
production.

Milk production forecasts for 2012 and 2013 are reduced from last month as higher forecast feed
prices are expected to pressure producer returns and encourage a more rapid decline in the cow
herd. Milk per cow is also reduced due to tighter feed supplies. Imports for 2012 are raised on
both a fat and skim-solids basis and are raised on a fat basis for 2013. Exports are raised for 2012
but exports for 2013 are reduced from last month on tighter supplies. Ending stocks are reduced.
Product prices are forecast higher for 2012 and 2013 as tighter supplies support prices. With
higher product prices, both Class III and Class IV price forecasts are raised. The all milk price is
forecast at $17.55 to $17.75 per cwt for 2012 and $17.80 to $18.80 per cwt for 2013.


COTTON: The U.S. 2012/13 cotton supply and demand estimates include larger production and
ending stocks compared with last month. Production is raised 651,000 bales to 17.7 million, up
nearly 4 percent, based on USDA's first crop survey. Domestic mill use is unchanged. Exports
remain forecast at 12.1 million bales, despite the larger supply, due to reduced import demand by
China. Ending stocks are now forecast at 5.5 million bales, equal to 35 percent of total use. The
range for the marketing year average price received by producers is narrowed 1 cent on each end
to 61 to 79 cents per pound.


This month's world 2012/13 cotton estimates also show larger supplies and ending stocks.
Beginning stocks are raised nearly 2.0 million bales in China as a result of adjustments to 2011/12
which both increase imports and reduce consumption. The higher China stocks are partially offset
by lower beginning stocks in Australia, Malaysia, Pakistan, and others, resulting in a net global
increase of 1.1 million bales. World production is raised 300,000 bales, as increases for the United
States, China, Burkina Faso, and Mali are partially offset by lower production for India, Brazil,
Argentina, and others. World consumption is reduced 820,000 bales, due mainly to reductions for
China and Pakistan.

World trade is reduced slightly, as lower imports by China are partially offset
by small increases for several countries. World stocks are raised to 74.7 million bales, including an
increase of nearly 2.4 million bales in stocks held by China; lesser increases for the United States,
Pakistan, and Uzbekistan are about offset by decreases for India, Australia, and Brazil. Projected
China stocks of 34.2 million bales account for 46 percent of the world stocks forecast, and assume
a net increase in China's national cotton reserve of about 20 percent during 2012/13.

RICE: U.S. total rice supplies for 2012/13 are projected at 244.4 million cwt, down 2.5 million from
last month. Projected beginning stocks, imports, and production are each lowered from a month
ago. USDA's first survey-based forecast of the 2012/13 U.S. rice crop is 190.0 million cwt, down
1.0 million from last month's projection, but up nearly 3 percent from the previous year. Average all
rice yield is forecast at 7,196 pounds per acre, down 39 pounds per acre from last month's

 

projection, but up nearly 2 percent from last year. Long-grain production is forecast at 132.1 million
cwt, down 1 percent from last month, while combined medium- and short-grain production is
forecast at 57.9 million, up less than 1 percent from a month ago. The all rice import projection is
lowered 0.5 million cwt to 21.0 million due in part to an expected slower pace of long-grain imports
from South and Southeast Asia, a continuation of the trend observed in 2011/12. All rice beginning
stocks for 2012/13 are lowered 1.0 million cwt to 33.5 million because of an increase in the 2011/12
export estimate to 102.0 million.


U.S. total rice use for 2012/13 is projected at 216.0 million cwt, down 2.0 million cwt from last
month. All rice domestic and residual use is lowered 2.0 million cwt to 124.0 million, all in longgrain.
The all rice export projection is unchanged at 92.0 million cwt, however, the rough rice
component is raised 1.0 million and offset by a 1.0 million reduction in combined milled- and brownexports
(rough-equivalent basis). The long-grain and combined medium- and short-grain export
projections are unchanged at 60.0 million cwt and 32.0 million, respectively. U.S. all rice ending
stocks for 2012/13 are projected at 28.4 million cwt, down 0.5 million from last month, and 15
percent below the previous year.


The 2012/13 long-grain U.S. season-average farm price is projected at $13.50 to $14.50 per cwt,
up 50 cents per cwt on each end of the range. The combined medium- and short-grain price is
projected at $15.50 to $16.50 per cwt, unchanged from a month ago. The 2012/13 all rice price is
projected at $14.10 to $15.10 per cwt, up 30 cents per cwt on each end of the range. A smaller
crop and tighter supplies, particularly for long-grain rice, are expected to support prices. The all
rice stocks-to-use ratio at 13.2 percent in 2012/13 is the lowest since 2007/08, and the long-grain
rice stocks-to-use ratio at 10.6 percent is the lowest since 2003/04.


Lower projected global 2012/13 total supply more than offsets a slight decrease in total use
resulting in an expected decrease in ending stocks. Global production is lowered 1.9 million tons to
463.2 million, due primarily to forecast reductions for India, Brazil, and North Korea, which are
partially offset by increases for China and South Korea. Beginning stocks are increased 0.8 million
tons due to a 1.0-million-ton increase for India, which is partially offset by reductions for Brazil and
Indonesia. World consumption is reduced 0.4 million tons. A 1.0-million-ton increase in China
offsets an identical reduction for India. Consumption forecasts are also lowered for Brazil, North
Korea, and the United States, partially offset by an increase for Indonesia. Global trade is changed
little from a month ago. Global ending stocks for 2012/13 are projected at 101.8 million tons, down
0.7 million from last month, and a decrease of 3.2 million from the previous year. The largest
stocks reductions for 2012/13 are for Brazil and Indonesia, each just over 0.3 million tons.

 

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Put yourself in a position to make money, use the daily numbers service!

 

Email: dailynumbers@futuresflight.com
http://www.futuresflight.com/

 

Tel.1-312-573-2699, 1-312-823-9189

 

Disclaimer: No guarantee of any kind is implied or possible where projections of future conditions are tempted. Futures trading involve risk.In no event should the content of this be construed as an express or implied romise, guarantee or implication by or from Howard Tyllas, that you will profit or that losses can or will be limited in any manner whatsoever. No such promises, guarantees or implications are given. Past results are no indication of future performance.

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