Sep 2, 2014
Home| Tools| Events| Blogs| Discussions| Sign UpLogin


November 2009 Archive for Market Watch

RSS By: Alan Brugler, AgWeb.com

Alan Brugler is the President of Brugler Marketing & Management, and the primary analyst and advisor.

Dubai-ous Price Movement

Nov 27, 2009

 

Market Watch with Alan Brugler

November 27, 2009

 

Dubai-ous Price Movement

 

The US dollar index traded at the lowest level since August of 2008, but avoided the “bad trade” of a weekly close below the 78.6% Fibonacci retracement by virtue of a rally on Friday. The dollar rally came because of a problem with the Dubai World projects and a request to restructure payments and delay payments for 6 months. For a change, the dollar was a safe haven against such a default risk. The stock market used it as an excuse to take profits on a large number of stocks around the world, even as most analysts were expecting that the deep pockets in Abu Dhabi and the rest of the region would eventually forge a deal with Dubai to prevent an actual default. Crude oil was lower on the firmer dollar, and on ideas that perhaps additional oil would have to be pumped to generate cash to fix the problems. This all happened in a thin holiday market, and action this coming week will likely be more indicative of true market sentiment.

 

Corn managed to extend its rally for a fourth consecutive week, gaining 1.6%. It shook off the dollar rally (typically a bearish influence over the past month) on Friday morning, with early price weakness in corn futures shown to be a bear trap. USDA reported strong weekly export sales on Friday morning, which helped support the market. Net sales were 1.223 million metric tonnes, with an additional 402,900 MT booked for 2010 crop. This was the largest weekly export sales total for the marketing year which began on September 1. Mexico was the lead buyer for both, as their production has been impaired by poor weather and other issues. End users appear to have accepted the idea that the fall low is in place, and are now buying dips.

 

The soybean complex was higher in all three legs. Meal led the % gains at 3%, despite much larger than expected Census meal stocks released on Thursday. The higher corn price for the week proved supportive. Weekly soybean export sales were down from the previous week, but still a robust 1.135 MMT. Export shipments for the week ending November 19 were the largest of the year at 2.434 MMT. That’s 89.43 million bushels in one week, or well over 6% of the expected shipments for the entire year. The third largest monthly Census crush on record was supportive to soybeans, and emphasizes the competition between exporters and crushers for beans in the country. Both industries need the bushels sooner rather than later. Soy oil stocks were not as large as the crush might have indicated, since soy oil yield dropped below 11.2 pounds per bushel. This had been telegraphed to a degree by the NOPA report a week earlier, but is definitely supportive to the BO.

 

Wheat futures were down on all three exchanges, never fully recovering from the selling on Monday and Tuesday. The US is still not competitive in the world export market, at least not for “commodity” type sales going to the cheapest bidder. Egypt bought 300,000 MT of EU and Russian wheat for January delivery. It had a freight cost advantage that US offerings were unable to overcome despite the weak US cash wheat basis. The US did score sales of 351,200 MT of old crop and 42,400 MT of 2010 production in the week ending November 19. The largest old crop buyers were the Philippines, Japan and Mexico.

 

Below is our table showing the net weekly changes and 4 week history of selected agricultural futures Friday closing prices:

 

Market Watch

 

 

 

 

Weekly

Weekly

 

11/06/09

11/13/09

11/20/09

11/27/09

Change

% Change

December Corn

$3.67

$3.91

$3.91

$3.97

0.063

1.60%

December CBOT Wheat

$4.97

$5.39

$5.60

$5.49

-0.110

-1.97%

December KCBT Wheat

$5.01

$5.41

$5.57

$5.43

-0.140

-2.51%

December MGEX Wheat

$5.18

$5.56

$5.64

$5.54

-0.103

-1.82%

January Soybeans

$9.55

$9.87

$10.46

$10.53

0.070

0.67%

December Soy Meal

$288.80

$301.10

$317.10

$326.50

9.400

2.96%

December Soy Oil

$36.77

$38.61

$39.71

$40.10

0.390

0.98%

December Live Cattle

$85.00

$83.32

$83.95

$83.20

-0.750

-0.89%

January Feeder Cattle

$91.73

$91.83

$92.68

$92.50

-0.175

-0.19%

December Lean Hogs

$55.70

$55.00

$57.60

$59.02

1.420

2.47%

December Cotton

$66.54

$67.10

$70.41

$69.74

-0.670

-0.95%

December Oats

$2.54

$2.27

$2.58

$2.55

-0.030

-1.16%

January Rice

$15.16

$14.86

$15.17

$15.40

0.230

1.52%

 

Cotton futures were down .95% for the week, interrupting a string of up weeks. Seasonally adjusted mill use for October was better than the abysmal September number, but US mills are clearly still struggling with both weak consumer buying of textile and import competition. After a couple stronger than expected export sales weeks, the higher prices finally began to hurt. Weekly export sales dipped to 163,300 RB of upland and 21,100 RB of pima cotton. Turkey was the biggest buyer, with China dropping back to only 29,200 MT.

 

Cattle futures were down 75 cents for the week, reacting to the Cattle on Feed report the previous week, as well as to the volatility of the outside markets and pending expiration of the December options. Wholesale prices rallied, anticipating a rebound in beef demand in the post-Thanksgiving period and ahead of the Christmas pipeline filling period. Cash cattle prices were also firmer, with Texas trade at $85. A sharp drop in cattle weights helped support the market. Weekly beef export sales were a ho-hum 8,300 MT. There were some 3,200 MT sold for 2010/11 shipment, however, perhaps implying nervousness about higher prices down the road on the part of the buyers.

 

Hogs were up 2.47% for the week, adding to a 4.73% from the week before. Pork cutout values rallied back above $61, allowing packers to boost what they were paying for hogs out in the country. Ham prices were notably firm. Pork production for the year to date is 1.7% below year ago. Estimated production for this past week was down 11.7% from the prior week because of the holiday, but up 0.5% from the same week in 2008.

 

Market Watch:  Monday will be the first day for delivery notices vs. the December grain contracts, as well as gold and other financials.  USDA will also release the weekly crop progress report, with corn harvest expected to be in the 75-80% range.  Census will release the monthly Fats & Oils report on Thursday morning, December 3. This report adjusts the stocks numbers released in the Crush report, and also contains monthly data on DDGs and biodiesel. The regular USDA Export Sales report will also be out on Thursday, with trade expectations lower because it will cover the holiday week. Friday will be the last trading day for December live cattle futures options, as well as most currency futures.

 

 

 

There is a risk of loss in futures and options trading.  Past performance is not necessarily indicative of future results.  Reproduction or rebroadcast of any portion of this article without written consent of Brugler Marketing & Management LLC is strictly prohibited.  Call 402-697-3623 for information on our more extensive paid content, or visit the web site @ www.bruglermktg.com.

 

© 2009 Brugler Marketing & Management, LLC

Everybody Up!

Nov 20, 2009

www.agmarketpro.com

 

Market Watch with Alan Brugler

November 20, 2009

 

Everybody Up!

 

It was close, but every ag commodity we follow closed higher this week. The dollar closed higher after two down weeks, but ag prices were able to get at least a little separation (it’s football season) from the defender and head up field. Gold has also been up 14 of the past 15 trading days and is up 10% during that period. Energy futures were lower on Friday, which didn’t do ethanol any favors. They were up for the week, however. Consumer demand continues to be suspect, but there are signs that the 90% of the population that is still working might be loosening up their checkbooks at least a little bit. Increased demand for a fairly fixed supply of goods is a key piece of the commodity asset bull argument , and they are still buying.

 

Corn was up only ½ cent for the week, as poor export sales weighed on the market and rapid harvesting also created a fair amount of hedge pressure. There was a record or near record open interest in Dec corn options heading into Friday’s expiration period. That drove a battle to “pin” one group of options holders at expiration. There was a large number of $4 calls open, but after trading in-the-money on Globex they expired worthless. The Dec 390 puts were also in-the-money on the lows of the day, but they also expired worthless. Chalk those up as wins for the options writers (sellers).

 

Wheat futures were up 3.8% in CHI, up 3% in KC and up 1% in MPLS. CHI settled at a 3 cent premium to the higher protein KC contract, which is unusual. It appears to be tied to more speculative interest in the CHI futures, and to the likelihood of a sharp drop in SRW ending stocks next year due to reduced plantings. US wheat export sales continue to be weak, with prices an estimated $20/MT too high to be competitive in the Egyptian tender.

 

Soybeans jumped nearly 6% for the week. NOPA showed stronger than expected October crush activity, and low soy oil yields compared to last year. That prevented a buildup of soy oil stocks despite the large crush activity. Weekly export sales were huge again, and exports are now geared up as well. China still has an estimated 375 million bushels of US beans to ship, with purchases rapidly closing in on 600 million bushels for the marketing year. Soy oil got a boost from biodiesel demand, with Brazil rumored to be looking to import some biodiesel to meet new usage mandates. Argentine estimates of a 47 MMT crop also boosted old crop US prices, raising doubts about the big world stocks buildup next spring. USDA’s estimate is at 53 MMT, 220 million bushels larger.

 


Below is our table showing the net weekly changes and 4 week history of selected agricultural futures Friday closing prices:

             

Market Watch

 

 

 

 

Weekly

Weekly

 

10/30/09

11/06/09

11/13/09

11/20/09

Change

% Change

December Corn

$3.66

$3.67

$3.91

$3.91

0.005

0.13%

December CBOT Wheat

$4.94

$4.97

$5.39

$5.60

0.21

3.85%

December KCBT Wheat

$4.99

$5.01

$5.41

$5.57

0.16

3.01%

December MGEX Wheat

$5.13

$5.18

$5.56

$5.64

0.08

1.48%

January Soybeans

$9.77

$9.55

$9.87

$10.46

0.59

5.98%

December Soy Meal

$297.00

$288.80

$301.10

$317.10

16.00

5.31%

December Soy Oil

$36.40

$36.77

$38.61

$39.71

1.10

2.85%

December Live Cattle

$85.68

$85.00

$83.32

$83.95

0.63

0.76%

January Feeder Cattle

$92.78

$91.73

$91.83

$92.68

0.85

0.93%

December Lean Hogs

$56.70

$55.70

$55.00

$57.60

2.60

4.73%

December Cotton

$67.64

$66.54

$67.10

$70.41

3.31

4.93%

December Oats

$2.55

$2.54

$2.27

$2.58

0.32

13.91%

January Rice

$14.69

$15.16

$14.86

$15.17

0.31

2.09%

 

Cotton futures were up nearly 5% for the week, and finally escaped the 67 cent range. Weekly export sales were again on the upper end of the published estimates prior to the report, and China appears to be a more active participant. China did release 500,000 MT of reserve stocks to the market, but availability appears to be piecemeal. USDA shows that world prices are high enough for another zero LDP week.

 

Cattle futures were up 63 cents for the week.  Wholesale prices were a little weak, due to “moderate to heavy” packer offerings. Going home on Friday, the Select cutout was back below $132. USDA issued a Cattle on Feed report on Friday afternoon. Placements were a little lighter than expected at 101.5% of year ago, but marketings were also light at 96.75% vs. the trade guess of 97.4%. An Ag Marketing Professional comparison of marketings vs. ready numbers shows that even with the 96.75% figure we were pulling cattle ahead pretty aggressively.  Estimated carcass weights for the week were down 8 pounds from the estimate for the prior week, and within 1 pound of the actual figure for Nov 22, 2008.

 

Hogs were up 4.73% for the week, with $1.62 of the $2.60 gain for the week coming on Friday ahead of the Cold Storage report. In that report, total frozen pork supplies were down 2% from September and 1% below 2008. Pork belly stocks were down 4% for the month, but still up 71% from last year. Keep in mind that “old crop” bellies are not deliverable against February futures. The inventory needs to be rotated, but doesn’t actually drop to zero.

 

 

Market Watch:  December grain market options expired on the 20th.   We’ll start the week with traders adjusting to any surprising exercises or lack thereof.  This will be a short week from a futures perspective. All the US markets are closed on Thursday for Thanksgiving, and several of them will close early on Wednesday and Friday. Trader participation will be down, with many taking off Tuesday night or early on Wednesday and doing only cell phone and laptop checkins for the rest of the week. USDA will release the usual Export Inspections and Crop Progress reports on Monday, with soybean harvest expected to be 96-97% done and corn in the 70’s.  The Census Crush and Cotton Consumption reports are now scheduled for Wednesday morning.

 

 

 

There is a risk of loss in futures and options trading.  Past performance is not necessarily indicative of future results.  Reproduction or rebroadcast of any portion of this article without written consent of Brugler Marketing & Management LLC is strictly prohibited.  Call 402-697-3623 for information on our more extensive paid content, or visit the web site @ www.bruglermktg.com.

 

© 2009 Brugler Marketing & Management, LLC

Two Steps Forward

Nov 18, 2009

 

Market Watch and January Soybean Tech Talk with Alan Brugler

November 13, 2009

 

Two Steps Forward

 

Two weeks ago, corn took two steps forward and then two steps back. A big early week rally died on Wednesday morning, and by Friday night the trade had given back all but one cent of the entire 30 cent rally. This past week, the plot was the same, but the outcome was different. Futures rallied sharply on Monday and Tuesday, just as they had the previous week. They again closed “low range” on Wednesday. Unlike the prior week, buying came in at the 18-day moving average on Thursday and limited the loss. Friday action was down, but totally within Thursday’s trading range. Thus, we had two steps forward and only 1 step back, resulting in a net gain of 24 cents for the week. There was one big piece of bullish news during the week, as USDA cut projected national average yield and production. Ending stocks are now seen declining year over year although still adequate. Said another way, current projections have us completely using up the second largest corn crop in history, and needing to dig into the leftovers from the previous year in order to make it to the 2010 harvest.

 

Wheat fundamental news may seem bearish, but the price action is not. Futures were up 7.2 to 8.4% for the week at the three exchanges, outstripping the corn gain. This came about despite a USDA hike in projected US ending stocks to 885 million bushels. That’s enough extra wheat that we could leave almost 40% of the 2100 seed in the bag without running out of wheat. Or see average yield at 60% of normal. OK, we’d need to have a little pipeline supply on top of that, but you get the picture.  The key to understanding wheat here is the old trade axiom “the bear market’s over when bad news fails to make it move down”.  Thank the index funds, thank the loose monetary policy or whoever, prices wanted to move higher.

 

Soybean futures also got to play the bullish tune. It was a little quieter, because they are facing serious competition on the other side of New Year’s, or on the other side of the Equator if you prefer. There is a big slug of South American beans coming if the weather is anything more than adequate. USDA projects 63 MMT out of Brazil and 53 MMT out of Argentina, with harvest on some of the early fields by the end of January. If you are keeping track, that’s a record production estimate of 4.26 billion bushels, as compared to the US record large crop at 3.32 billion bushels.  Stout world export demand is keeping the boat afloat for now, with USDA reporting weekly sales of 1.273 MMT on Friday. Actual weekly exports were the largest of the marketing year, at 1.636 MMT, with China taking 1.13 MMT of that total.

 

 

Below is a table showing the net weekly changes and 4 week history of selected agricultural futures:


 

 

Market Watch

 

 

 

 

Weekly

Weekly

 

10/23/09

10/30/09

11/06/09

11/13/09

Change

% Change

December Corn

$3.98

$3.66

$3.67

$3.91

0.24

6.40%

December CBOT Wheat

$5.48

$4.94

$4.97

$5.39

0.42

8.40%

December KCBT Wheat

$5.50

$4.99

$5.01

$5.41

0.40

7.88%

December MGEX Wheat

$5.61

$5.13

$5.18

$5.56

0.38

7.24%

November Soybeans

$10.07

$9.78

$9.48

$9.84

0.36

3.80%

December Soy Meal

$303.30

$297.00

$288.80

$301.10

12.30

4.26%

December Soy Oil

$37.94

$36.40

$36.77

$38.61

1.84

5.00%

December Live Cattle

$87.40

$85.68

$85.00

$83.32

-1.68

-1.98%

November Feeder Cattle

$95.48

$94.80

$94.65

$93.15

-1.50

-1.58%

December Lean Hogs

$53.02

$56.70

$55.70

$55.00

-0.70

-1.26%

December Cotton

$67.38

$67.64

$66.54

$67.10

0.56

0.84%

December Oats

$2.50

$2.55

$2.54

$2.27

-0.28

-10.83%

November Rice

$13.43

$14.36

$15.16

$14.67

-0.48

-3.20%

 

Cotton futures have basically been stuck in the 66-67 cent range for the past month. World prices are high enough that there is no LDP, but mills are still looking at tepid consumer buying interest and are reluctant to chase the market. The speculative community already has a lopsided net long position, and doesn’t want to add a lot more without evidence that the US dollar index is going to resume its slide.  

 

Cattle futures dropped hard, losing 2% of their value for the week. Weekly slaughter was above both week ago and year ago, creating additional tonnage to be moved at an inopportune time. Wholesale interest is a little weaker, as the Thanksgiving features are usually turkey and ham. Combine that with moderate to heavy packer offerings and you get a drop in boxed beef prices. Select cuts were down another $1.18 on Friday to $132.19. Cash cattle prices were surprisingly soft, losing $2-3 for the week, with feedlots also settling earlier in the week than usual.

 

Hogs backed off a little further. The index fund roll period weighed on the front month December contract, and didn’t seem to help Feb all that much. Slaughter numbers are smaller than last year, but average carcass weights are higher. Pork exports should be helped by the weakness in the dollar, but the dollar also bounced from chart support on a coordinated intervention by some of the developing country central banks. The pork carcass cutout lost a little ground for the week, but inched higher on Thursday and Friday with improved ham prices.

 

Market Watch:  December cotton options and November bean futures both expired on Friday. Of the two, the cotton options exercises have the greater potential to influence prices at the beginning of the week. NOPA is also expected to release their monthly soybean crush estimate on Monday. There is still a lot of interest in crop progress, as in percentage of the corn, soybean and cotton crops that is now safely in storage. USDA will release that weekly update on Monday afternoon, with traders expecting that a big chunk of the US soybean crop was finally harvested this past week. Update: The Census Crush and Cotton Consumption reports were tentatively scheduled for Thursday release. Census now indicated that the reports will be issued on November 25 instead. On Friday, UUSDA will release the monthly Cattle on Feed and Cold Storage reports. December grain market options will also expire on the 20th, potentially adding to the volatility ahead of the Thanksgiving holiday.

 

 

There is a risk of loss in futures and options trading.  Past performance is not necessarily indicative of future results.  Reproduction or rebroadcast of any portion of this article without written consent of Brugler Marketing & Management LLC is strictly prohibited.  Call 402-697-3623 for information on our more extensive paid content, or visit the web site @ www.bruglermktg.com.

 

© 2009 Brugler Marketing & Management, LLC

Flashy Start, Bearish Ending

Nov 06, 2009

 

Market Watch and January Soybean Tech Talk with Alan Brugler

November 6, 2009

 

Flashy Start, Bearish Ending

 

Corn was up 32 ¾ cents for the week at one point on Wednesday morning, and then proceeded to give it all back by Friday night. It closed near the low of the day on Friday, leaving only a 0.27% gain for the week. Hedge pressure was part of the story, as harvest weather improved. Weekly export sales numbers were disappointing given the drop in futures prices the week before. The US dollar also failed to provide any oomph, showing only a fractional net change for the week.

 

Wheat showed once again that it is still mostly a follower. It rose with corn, and dropped with corn. There were a couple bouts of wheat/corn spreading by those betting on further corn weakness as harvest drags on. That allowed wheat to post slightly larger gains for the week than the corn did. Smaller Australian crop estimates were mostly ignored, but Egypt’s purchase of EU and Russian wheat instead of US origin definitely hurt prices late in the week. US product at that tender was about 25 cents/bushel (including freight) higher than the competition. While it is likely too late to successfully plant winter wheat in some areas, the warmer and drier weather pattern likely in encouraging those who can make money with $5 wheat to put a few more fields in and hope for the best.

 

Soybean futures were weaker overall than the feed grains. November futures sank 3.07% for the week, with surprising deliveries against the futures contract encouraging some speculative longs to get the heck out of Dodge.  Sliding soybean meal prices encouraged that line of thought. Crush activity is picking up as the plants are able to source more beans. Livestock demand is a little more questionable, with chick placements still running 2% below year ago. Soy oil was firmer, aided by light South American competition and Chinese restrictions on canola imports. Brazil’s pending increase in biodiesel use is also seen as supportive to US exports. Palm oil stocks are also a little snug right now, although expected to expand in 2010 along with production.

 

 

Below is a table showing the net weekly changes and 4 week history of selected agricultural futures:

 

Market Watch

 

 

 

 

Weekly

Weekly

 

10/16/09

10/23/09

10/30/09

11/06/09

Change

% Change

December Corn

$3.72

$3.98

$3.66

$3.67

0.01

0.27%

December CBOT Wheat

$4.99

$5.48

$4.94

$4.97

0.03

0.61%

December KCBT Wheat

$5.11

$5.50

$4.99

$5.01

0.02

0.40%

December MGEX Wheat

$5.26

$5.61

$5.13

$5.18

0.05

1.07%

November Soybeans

$9.78

$10.07

$9.78

$9.48

-0.30

-3.07%

December Soy Meal

$294.70

$303.30

$297.00

$288.80

-8.20

-2.76%

December Soy Oil

$36.94

$37.94

$36.40

$36.77

0.37

1.02%

December Live Cattle

$85.80

$87.40

$85.68

$85.00

-0.67

-0.79%

November Feeder Cattle

$94.60

$95.48

$94.80

$94.65

-0.15

-0.16%

December Lean Hogs

$54.10

$53.02

$56.70

$55.70

-1.00

-1.76%

December Cotton

$68.21

$67.38

$67.64

$66.54

-1.10

-1.63%

December Oats

$2.52

$2.50

$2.55

$2.54

-0.01

-0.20%

November Rice

$13.66

$13.43

$14.36

$15.16

0.80

5.54%

 

Cotton futures weren’t as weak as soybeans, but with little help from the US dollar they couldn’t get any traction. Weekly export sales were much larger than expected going into the Thursday report, but few new bulls were to be found. The average trade guess for Tuesday’s US cotton production is 12.7 million bales, with a reduction expected due to losses caused by extremely wet weather in the Mid-South and Delta during October. Better weather at the moment perhaps provided a little weaker tone.

 

Cattle futures drifted lower. Consumer demand is iffy, particularly for higher end cuts. Friday’s 10.2% unemployment number raised fresh concerns about consumer demand, although there were some higher earning employment categories that showed job growth. Beef production year to date is down 3.1%, and was down an estimated 3.7% for the week. Carcass weights continue to be elevated, however, offsetting reduced cattle numbers. The estimated weights are 14 pounds above last year.

 

Hogs had their first down week in a while. The excitement about potential Chinese buying faded, as USDA still doesn’t report pork export sales on a weekly basis and thus any data to back up such sales is 6 weeks delayed. Wholesale prices were firm for most of the week, aided by the export potential and also by seasonal pipeline filling for Thanksgiving hams and loins. They did retreat by $1.03 on Friday, with the cutout ending at $58.63 on weakness in hams and pork bellies.

 

 

Market Watch:  Traders will still be keenly interested in the USDA Crop Progress data on Monday night, anticipating improved harvest activity, but also expecting corn harvest to still be way behind the average pace. The main USDA reports for the week will  be on Tuesday morning, however, with Crop Production and the monthly Supply/Demand adjustments. USDA changes to crop yield forecasts will get the most attention. USDA is closed on Wednesday for Veteran’s Day. That will delay the weekly Export Sales report to Friday morning.  Friday will also be the last trading day for November soybeans, canola (Winnipeg) and rice.


 

Tech Talk: January Soybeans

 

 

January soybean futures have sell signals from MACD and from stochastics. They also had a shooting star candlestick on 10/23, a potential reversal signal, and were rejected by the down trending resistance line from the June and August highs. Along with the feed grains, prices dropped under the influence of the rising US dollar this week. However, they hugged the 18-day moving average and posted higher lows on both Thursday and Friday. We have to lean bearish given the sell signals on the chart. If the US dollar is stronger this coming week, beans are likely to head toward the lower Bollinger Band at $9.37. Should the dollar resume its declining ways, beans would have an opportunity to rally to the down trending resistance line around $10.18.

 

There is a risk of loss in futures and options trading.  Past performance is not necessarily indicative of future results.  Reproduction or rebroadcast of any portion of this article without written consent of Brugler Marketing & Management LLC is strictly prohibited.  Call 402-697-3623 for information on our more extensive paid content, or visit the web site @ www.bruglermktg.com.

 

© 2009 Brugler Marketing & Management, LLC

Log In or Sign Up to comment

COMMENTS

Receive the latest news, information and commentary customized for you. Sign up to receive Dairy Today's eUpdate today!

 
 
 
The Home Page of Agriculture
© 2014 Farm Journal, Inc. All Rights Reserved|Web site design and development by AmericanEagle.com|Site Map|Privacy Policy|Terms & Conditions