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August 2011 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.

It Glitters but is it Gold?

Aug 26, 2011

Brugler

Market Watch with Alan Brugler

August 26, 2011

It Glitters, but is it Golden?

 

Gold set new all time record highs again this week as investors diverted money into something they hoped would hold its value through Euro banking moves and the Jackson Hole speech by Bernanke on Friday. Gold is clearly in a parabolic move to a blow off top, but those can go further than you think before the tipping point is found.  It shook off a nasty correction to close higher on Thursday and Friday. The Chairman’s speech was seen as neutral to friendly. Corn and soybeans were also glittering, with the Dec corn contracts setting life of contract highs on Friday. Soybeans closed above their trading range of the past several months. Whether this was fool’s gold or the real thing will be confirmed this coming week. US fundamentals are supportive, with yield estimates dropping.

 

Corn closed 41 ½ cents higher for the week, nearly a 6% advance. USDA dropped the projected US average yield to 153 bushels per acre in the August crop report, but crop tour and weather service estimates released at the end of the week were in the 145-148.7 bushels per acre range. The trade is still worried that the yield is declining. Export sales were again slow, as there is resistance to buying corn at $7+ futures even when world coarse grain stocks are record tight.

 

 

Commodity

 

 

 

 

Weekly

Weekly

Month

08/05/11

08/12/11

08/19/11

08/26/11

Change

% Change

Sep

Corn

$6.93

$7.02

$7.11

7.525

0.4150

5.84%

Sep

CBOT Wheat

$6.79

$7.03

$7.31

7.6225

0.3150

4.31%

Sep

KCBT Wheat

$7.80

$7.98

$8.19

8.6325

0.4425

5.40%

Sep

MGEX Wheat

$8.28

$8.61

$9.45

9.5625

0.1100

1.16%

Sep

Soybeans

$13.32

$13.37

$13.60

14.1475

0.5500

4.04%

Sep

Soybean Meal

$345.20

$348.60

$354.10

376

21.9000

6.18%

Sep

Soybean Oil

$54.90

$54.60

$55.39

56.6

1.2100

2.18%

Aug

Live Cattle

$114.13

$117.90

$114.30

114.3

0.0000

0.00%

Aug

Feeder Cattle

$133.70

$135.85

$133.30

132.6

0.7000

0.53%

Oct

Lean Hogs

$91.85

$89.47

$88.38

87.1

1.2750

1.44%

Oct

Cotton

$101.48

$101.25

$106.76

103.92

2.8400

2.66%

Sep

Oats

$3.35

$3.45

$3.49

3.79

0.3050

8.75%

Sep

Rice

$16.28

$16.81

$16.75

16.99

0.2450

1.46%

 

Wheat futures were up anywhere from 1.1 to 5.4%. The former bull leader in Minneapolis was undermined by a larger than expected Stats Canada production estimate, by increased harvest supplies in the US, and by spread trading against the other two wheat markets. Weekly export sales were  347,100 MT compared to trade estimates of 400 to 950 thousand MT. Egypt continued to buy Russian and Romanian wheat aggressively for last October and early November shipment. The US is not competitive in those tenders from either a FOB price or freight cost perspective.

 

Soybeans were up 4% on the week, poking above $14. The Pro Farmer Tour group found lower pod counts than last year in all of their survey states except for Ohio. While the crop is not far enough along to be sure you will keep all of those pods (and the group doesn’t count beans per pod or bean size) the lower counts were seen as confirming USDA’s cut in estimated yield. Export sales continue to be lackluster, as China and other buyers clean up the remaining South American old crop supplies before delving into US new crop bookings that will eventually have to run close to 40 million bushels per week.


Cotton prices were down 2.66% for the week. We’re several weeks into the new crop marketing year, but so far it looks like the old one. Cancellations of existing contracts continue to outstrip new sales. The fad this past week was changing contracts from US origin to optional origin, which on paper is a drop in US sales commitments. Texas cotton areas have been receiving some scattered showers. On the other hand, the East Coast was seeing way more water than they wanted from Hurricane Irene. Cotton with bolls open does not tolerate 100 mph hurricane winds and multiple inches of rain without losing both yield and quality. Fortunately, the hurricane stayed away from Georgia, so the states with the most risk were the Carolinas and Virginia. Most of the crop in those states is still in the squaring stage.

 

Cattle futures bulls and bears fought to a draw. Prices were UNCH fromm the previous week, despite having to digest the monthly Cattle on Feed report and some volatile outside market activity. Wholesale prices were lower, with buying interest dropping off much harder for the select cuts. Choice boxed beef was down 0.3%, while select was down 2.4%. Beef production YTD is up 0.4%. Estimated production this week was 530 million pounds, down 2.6% from the same week in 2010. 

 

Lean Hog futures were down 1.4% this past week. The pork carcass cutout value dropped 5.45% on a Friday/Friday basis, putting serious pressure on cash hog prices and more gradually on futures. Futures were already at a substantial discount to cash in anticipation of seasonal weakness in the cutout and the CME Index. Thus, futures should not be expected to drop in lockstep with the cash market or the products. Preliminary data shows pork production up 3.1% this past week, although smaller than the same week in 2010.

 

Looking to enhance your existing Ag Marketing Professional subscription? Add free futures market quotes sent to your cell phone via our Market Monitor service. Or "push" the daily recommendations out to your phone as they happen with Market Messenger 2. Call in consulting service with Alan is also available for a limited number of new customers in our Ag Marketing Professional Premium package. Call our office for details on either service at 402-289-2330. 


Market Watch: The grain trade will begin the week dealing with surprise futures positions held by call writers who were caught in Friday’s run up to new highs for the move. Emphasis will quickly shift to the Monday afternoon USDA crop condition ratings, wondering if things are as bad as the crop tours make them look. We’ll also be heading into month end asset allocation trades, with funds selling winners and buying losers. Wednesday will also mark first notice day for September grain futures deliveries.  Friday will mark expiration for September cattle options, and also the monthly employment report. It will also mark the beginning of the Labor Day weekend in the United States, with trading population expected to be down. The US markets will be closed on September 5.

 

There is a risk of loss in futures and options trading.  Such trading is not appropriate for all individuals. Past performance is not necessarily indicative of future results.  Comments made in this article are in no way to be seen as an endorsement of futures and options trading. 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 individualized subscription and consulting services.

 

 Copyright 2011 Brugler Marketing & Management, LLC

Fleeing All But Food and Gold

Aug 19, 2011

Brugler

Market Watch with Alan Brugler

August 19, 2011

Fleeing Everything But Food and Gold

 

While the stock market action wasn’t as volatile as the previous week, the fear factor was just as pernicious. The US dollar index fought with the euro over who was the ugliest dog, with neither winning as far as we can see. The real winners were gold bugs and those hoping for the destruction of the world banking system. Short sellers (legal or otherwise) had a field day beating up on bank and insurance company stocks. The economic numbers were ugly, with unemployment up and manufacturing down and consumer sentiment almost as bad as it was at the lows in the recession. It seems to be excessive, this bearishness, but with Congress, the President, the Europeans and the Muslims mostly on vacation or otherwise pre-occupied (Ramadan) there seemed to be little government action likely before September to halt the slide. Maybe that dependence on government moves is part of the problem? Gold set new all time record highs as investors diverted money into something they hoped would hold its value. Gold is clearly in a parabolic move to a blow off top, but those can go further than you think before the tipping point is found.  They usually end badly.

 

Corn closed 9 ¼ cents higher for the week, adding to the 8 ¾ gain posted the previous week. USDA dropped the projected US average yield to 153 bushels per acre in the crop report the prior week, but the trade is still worried that the yield is declining from that level due to dry weather in some areas and excessive heat in others. Prices also got support from the Farm Service Agency (FSA), which showed larger than expected prevented planting claims for corn and thus potential for USDA to trim acreage totals in future reports. Export sales were slow, as there is resistance to $7 futures even when world coarse grain stocks are record tight.

 

 

Commodity

 

 

 

 

Weekly

Weekly

Month

07/29/11

08/05/11

08/12/11

08/19/11

Change

% Change

Sep

Corn

$6.66

$6.93

$7.02

$7.11

0.0925

1.32%

Sep

CBOT Wheat

$6.73

$6.79

$7.03

$7.31

0.2825

4.02%

Sep

KCBT Wheat

$7.67

$7.80

$7.98

$8.19

0.2150

2.70%

Sep

MGEX Wheat

$8.31

$8.28

$8.61

$9.45

0.8400

9.75%

Sep

Soybeans

$13.54

$13.32

$13.37

$13.60

0.2275

1.70%

Sep

Soybean Meal

$351.60

$345.20

$348.60

$354.10

5.5000

1.58%

Sep

Soybean Oil

$55.65

$54.90

$54.60

$55.39

0.7900

1.45%

Aug

Live Cattle

$112.63

$114.13

$117.90

$114.30

3.6000

3.05%

Aug

Feeder Cattle

$137.05

$133.70

$135.85

$133.30

2.5500

1.88%

Oct

Lean Hogs

$92.40

$91.85

$89.47

$88.38

1.0950

1.22%

Oct

Cotton

$102.08

$101.48

$101.25

$106.76

5.5100

5.44%

Sep

Oats

$3.46

$3.35

$3.45

$3.49

0.0350

1.01%

Sep

Rice

$16.12

$16.28

$16.81

$16.75

0.0650

0.39%

 

Wheat futures were higher at all three exchanges, with Minneapolis the bull leader by far. The September contract in MPLS was up 9.75% for the week after FSA confirmed prevent planting acres that appeared to be larger than those assumed by NASS in the crop production report. That translates to smaller potential production, and that fear was magnified by slow harvest progress in spring wheat country. Only 13% has been harvested, down 26 points from the 5 year average pace.

 

Soybeans were up 1.7% for the week, with proportional gains of 1.6% in meal and 1.5% in soy oil. About 70% of the US crop was setting pods as of Sunday, down 8 points from average while condition ratings were unchanged from the prior week at 61% good/excellent. The Chinese market was choppy, with product values rising ahead of the major fall consumption period. Once again the government is rumored to be selling reserve stocks to favored processing firms at below market prices, in exchange for those firms producing more veg oil and holding down retail price inflation.


Cotton prices rebounded sharply, up 5.44% for the week despite putrid US export sales. Even the new crop 2011 production purchases are being cancelled or deferred. It is very unusual to see net cancellations of old crop in the middle of August, but USDA showed net reductions of 337,000 RB on Thursday. Sales for 2012/13 were up by more than that, as a larger buyer clearly deferred a purchase or purchases for a whole year. Cotton harvesting is underway in Texas, with an estimated 10% of the crop out of the field in that state. Scattered shower activity raised hopes for what is left, but production there will be down sharply from last year. Yield potential is better in the Southeast.

 

Cattle futures sold off a steep 3.05% this past week, as bulls lost confidence in consumer demand and anticipated a big jump in numbers as USDA reported the monthly Cattle on Feed totals. The USDA Cattle on Feed report on Friday afternoon was expected to show a dramatic increase in July placements, resulting in a 7% jump in on feed numbers. USDA showed a 22% jump in placements, and a 7.5% hike in cattle on feed. Those were the largest July placements since records began in this format in 1996. The marketings number was larger than the trade expected at 100.4% of year ago, but still the second smallest for July since 1996. The larger than expected marketings kept the on feed total close to trade estimates and should minimize any price shock on Monday morning. Boxed beef prices were up 3.9% for the week, running counter to the futures selling. Beef production YTD is up 0.5% from last year, and the production this past week was down 2.3% from the same week in 2010.


Lean Hog futures were down 1.2% for the week, as the wholesale prices retreated from their all time high, and packers immediately took big chunks out of the cash hog bids. Pork production for the week was expected to be UNCH, but down 1.8% from the same week in 2010. The reported cutout value of the hog was down 2.3% for the week on a Thursday/Thursday basis. 

 

Looking to enhance your existing Ag Marketing Professional subscription? Add free futures market quotes sent to your cell phone via our Market Monitor service. Or "push" the daily recommendations out to your phone as they happen with Market Messenger 2. Call in consulting service with Alan is also available for a limited number of new customers in our Ag Marketing Professional Premium package. Call our office for details on either service at 402-289-2330. 


Market Watch: The cattle market will begin the week trying to shake off the effects of the Cattle on Feed report from Friday. Grain traders will be looking for improvement in the crop condition ratings from USDA on Monday night, based on milder weather and a reduction in the number of areas that have been totally missed by rain. If they don’t get those reductions, the bull game may still be on. August feeder cattle futures expire on Thursday. Thursday will also mark the monthly Census Crush report and Census Cotton Consumption reports, as well as the weekly USDA Export Sales report. The September grain options will expire on Friday.


There is a risk of loss in futures and options trading.  Such trading is not appropriate for all individuals. Past performance is not necessarily indicative of future results.  Comments made in this article are in no way to be seen as an endorsement of futures and options trading. 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 individualized subscription and consulting services.

 

 Copyright 2011 Brugler Marketing & Management, LLC

August Volatility

Aug 12, 2011

Brugler

Market Watch with Alan Brugler

August 12, 2011

 

Corn futures closed 8 ¾ higher for the week, thanks to a near limit up move on Thursday. USDA dropped the projected US average yield to 153 bushels per acre following an analysis of their objective yield plots and the first farmer survey of the crop year. That put the crop estimate below 13 billion bushels, and tightened up projected ending stocks to 714 million bushels. The stocks/use ratio is back down to 5.4%, similar to the mid-1990’s for another year.

Wheat futures were higher at all three exchanges, even though USDA left projected US wheat ending stocks at 671 million bushels and raised projected world stocks. Minneapolis got a boost from the USDA re-survey of planted acreage in MT, SD, ND and MN. Planted and harvested acres were reduced, lowering the Other Spring production estimate to 522 million bushels, and the HRW portion of that to 475 million. USDA did cut projected all wheat production to 2.077 billion bushels, but also reduced expected wheat exports. The Russians and their neighbors have been very aggressive in buying back their export market share. The US is the loser because of freight costs to the Mediterranean/North Africa market from the US.

Here are the Friday night closes for the past four weeks, along with the net change for this week vs. the previous week:

 

 

Commodity

 

 

 

 

Weekly

Weekly

Month

07/22/11

07/29/11

08/05/11

08/12/11

Change

% Change

Sep

Corn

$6.90

$6.66

$6.93

$7.02

0.0875

1.26%

Sep

CBOT Wheat

$6.92

$6.73

$6.79

$7.03

0.2350

3.46%

Sep

KCBT Wheat

$7.80

$7.67

$7.80

$7.98

0.1725

2.21%

Sep

MGEX Wheat

$8.39

$8.31

$8.28

$8.61

0.3375

4.08%

Sep

Soybeans

$13.80

$13.54

$13.32

$13.37

0.0550

0.41%

Sep

Soybean Meal

$363.00

$351.60

$345.20

$348.60

3.4000

0.98%

Sep

Soybean Oil

$56.51

$55.65

$54.90

$54.60

0.3000

0.55%

Aug

Live Cattle

$110.55

$112.63

$114.13

$117.90

3.7750

3.31%

Aug

Feeder Cattle

$136.40

$137.05

$133.70

$135.85

2.1500

1.61%

Oct

Lean Hogs

$92.58

$92.40

$91.85

$89.47

2.3800

2.59%

Oct

Cotton

$99.14

$102.08

$101.48

$101.25

0.2300

0.23%

Sep

Oats

$3.53

$3.46

$3.35

$3.45

0.0975

2.91%

Sep

Rice

$16.74

$16.12

$16.28

$16.81

0.5300

3.26%

 

Soybeans were in the bullish parade, but only for a nickel. They gained 0.41% on the week. The fundamental news was mixed. Projected old crop ending stocks ballooned to 230 million bushels as USDA trimmed export expectations. Chinese buying from the US slowed over the summer due to poor crush margins and sales of government stocks at below market prices. USDA curbed projected new crop export shipments even further for 2011/12, to 1.4 billion bushels. That was actually bullish, however, as they believe it will be due to higher soybean prices. The average cash price estimate was increased 50 cents per bushel, as ending stocks dropped to 155 million bushels. USDA still sees world ending stocks retreating from the all time high of the current year.

Cotton Futures had a quiet week overall, despite being buffeted by serious economic cross currents. The stock market swung wildly on European debt and economic slowdown concerns. Both could impact cotton consumption. However, back to school sales data was mixed, and the price decline since March discounts a lot of bad news on the demand side. USDA did shock those expecting an early fall low, by raising projected US average yield, production and ending stocks. The stocks/use ratio is also a little looser, so the bulls have a little convincing to do if they want to take this thing back up.

Cattle futures were up 3.31% for the week. Cash cattle traded at $116-117, up $3 and more from the previous week. US beef production year to date is 0.6% larger than last year. Estimated carcass weights dropped with the July and early August temps, and are thought to be about 3 pounds below last year. Weekly slaughter was up 2.5% from year ago, as you would expect with the larger feedlot population. Wholesale prices surged $7.17/hundred pounds for the choice boxes this past week, a 4% gain that backed up the rising cash cattle market.

Lean Hog futures were down 2.59% in the October contract, the new lead month after August expired on Friday. August went out with a bang, setting new all time highs for hog futures. That was tied to strength in the underlying cash hog market and the Index used to settle the futures at expiration. Export business continues to be very strong, providing punch to the pork cutouts and giving packers the spending money. Estimated pork production for the week was up 3.5% over the previous week, but trailed year ago by 0.4%. The cutout value was up 0.9%.

Market Watch: We’ll start this current week looking at weekend rainfall totals, to see if the drouthy areas of the Corn Belt got any help. NOPA will also put out a monthly crush report on Monday. USDA will also release the weekly crop progress and condition report on Monday afternoon, with traders leaning toward additional seasonal weakness in the ratings. The Weekly Export Sales report will be out on Thursday morning. The main USDA report for the week will be the Cattle on Feed report on Friday afternoon.

 

Did you miss the Brugler Summer Seminars in Cincinnati and Omaha? You can still attend electronically, from the comfort of your home or office. The presentations were recorded live, and are now available as Webinars at http://bruglermktg.webex.com. Click on the Recorded Presentations link on the left side of the screen to see a list of available segments.

 

There is a risk of loss in futures and options trading.  Such trading is not appropriate for all individuals. Past performance is not necessarily indicative of future results.  Comments made in this article are in no way to be seen as an endorsement of futures and options trading. 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 individualized subscription and consulting services.

 Copyright 2011 Brugler Marketing & Management, LLC

Dog Bites

Aug 05, 2011

Brugler

Market Watch and Dec Corn Tech Talk with Alan Brugler

August 5, 2011

Dog Bites

 

The Dogs of the Dow refers to a strategy for buying the most beaten up members of the Dow Industrials, expecting them to outperform in the future and revert to the mean. At points this week it seemed like the entire world equity market was a big collection of dogs. The market went from worrying about a bond default in the Debt Ceiling debate to dumping stocks and pouring that money into those very same and now presumed safer Treasuries. Commodity prices tried to run away, but some ended up being bitten by the pervasive selling interest. Perhaps it was more of a bear bite than a dog bite?

 

Corn futures rallied 27 ½ cents for the week, a 4.13% gain that was totally accounted for by the limit up move on Tuesday. Crop condition ratings are running below the 5 year average, and a number of firms have released yield estimates in the 150-158 bushel per acre range. The lowest estimate came from a weather firm on Tuesday and provided the ammunition for the rally. The highest came from Informa, but was itself a reduction from that firm’s previous estimates. Weekly ethanol production was up slightly, but is still running well below the rates from last winter due to a lack of old crop corn availability in some areas. USDA showed continued weakness in export sales bookings.

 

Soybeans lost 22 ¾ cents for the week, or 1.68%. Values for both meal and oil were lower, limiting the price processors could pay for the beans. A Reuters survey of 10 analysts put the average U.S. 2011 bean yield estimate at 42.9 BPA. Informa Economic cut their 2011 soybean production forecast to 3.139 billion bushels from 3.203 in July dropping estimated yield to 42.5 from 43.1 in their prior report. USDA is at 43.4 bushels, or at least that is where they were in July.

 

Here are the Friday night closes for the past four weeks, along with the net change for this week vs. the previous week:

 

 

Commodity

 

 

 

 

Weekly

Weekly

Month

07/15/11

07/22/11

07/29/11

08/05/11

Change

% Change

Sep

Corn

7.0125

$6.90

$6.66

$6.93

0.2750

4.13%

Sep

CBOT Wheat

6.9475

$6.92

$6.73

$6.79

0.0650

0.97%

Sep

KCBT Wheat

7.645

$7.80

$7.67

$7.80

0.1325

1.73%

Sep

MGEX Wheat

8.2375

$8.39

$8.31

$8.28

0.0325

0.39%

Sep

Soybeans

13.8575

$13.80

$13.54

$13.32

0.2275

1.68%

Sep

Soybean Meal

360.3

$363.00

$351.60

$345.20

6.4000

1.82%

Sep

Soybean Oil

57.35

$56.51

$55.65

$54.90

0.7500

1.35%

Aug

Live Cattle

110.6

$110.55

$112.63

$114.13

1.5000

1.33%

Aug

Feeder Cattle

135.7

$136.40

$137.05

$133.70

3.3500

2.44%

Aug

Lean Hogs

98.95

$100.83

$102.78

$104.93

2.1500

2.09%

Oct

Cotton

101.46

$99.14

$102.08

$101.48

0.6000

0.59%

Sep

Oats

3.55

$3.53

$3.46

$3.35

0.1025

2.97%

Sep

Rice

16.995

$16.74

$16.12

$16.28

0.1650

1.02%

 


Wheat prices were lower in MPLS due mostly to early harvest pressure. While the wheat tour noted a drop in likely ND yields, the early crop coming in from South Dakota is supposed to be pretty good. The other two exchanges were higher, aided by spread trading and the rally in corn. Russia continues to undercut the prices of other global wheat origins, thanks to both new crop wheat availability and attempts to buy back market share lost during last year’s export embargo. The sales prices have been creeping up, but are still below US or EU offers. Egypt bought more wheat from Russia and Romania this week. US weekly export sales exceeded trade estimates at a combined 504,903 MT, but failed to support prices. USDA has re-surveyed acreage in MT, SD, ND and MN, and any surprises found will be included in Thursday morning’s report.


Cotton Futures were down only about a half of a percent.  Export sales continue to be very weak, with net bookings of only 12,000 running bales in the week ending July 28. However, the market focus tipped a little toward the disaster in Texas and the potential for USDA to sharply reduce projected US cotton production in the Thursday crop report. ICAC still sees a buildup in world ending stocks.

 

Cattle futures were up 1.3% for the week, thanks to a $1.47 bounce on Friday. That accounted for all but 3 cents of the gain for the week. Estimated beef production for the week was down 0.6% from the previous week, due to a 1.2% drop in the number of cattle slaughtered. Wholesale prices were down 0.9% for the week, with choice boxes quoted at $172.64 going home on Friday.


Lean Hog futures were up 2.1% for the week. Estimated pork production for the week was down 2.2% from the prior week, on 1.7% fewer hogs. The translation? A drop in average weights. Pork production YTD is still about 1% above last year, but the strong export market has removed that extra supply from the reach of US consumers. The pork carcass cutout value reached a new all time record high this week at $108.31. Pork carcass cutout value was up 3.79% on a Thursday/Thursday basis.


Market Watch: This week we’ll again be watching the crop condition ratings intently. Generally, expectations are for little change or some improvement due to rains in the northern 2/3 of the corn and soybean growing area. Accumulations have been on the light side over the past 30 days, however. The main USDA reports of the week will be released on Thursday morning, with Crop Production and the WASDE supply and demand estimates. Friday will mark the last trading day for August hogs, soybeans, soybean meal and soybean oil.


Looking to enhance your existing Ag Marketing Professional subscription? Add free futures market quotes sent to your cell phone via our Market Monitor service.  Call in consulting service with Alan is also available for a limited number of new customers in our Ag Marketing Professional Premium package. Call our office for details on either service at 402-289-2330. 


There is a risk of loss in futures and options trading.  Such trading is not appropriate for all individuals. Past performance is not necessarily indicative of future results.  Comments made in this article are in no way to be seen as an endorsement of futures and options trading. 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 individualized subscription and consulting services.

 

 Copyright 2011 Brugler Marketing & Management, LLC

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