Market Derivatives in the EU Dairy Sector
|
|
|
- Shawn York
- 6 years ago
- Views:
Transcription
1 Market Derivatives in the EU Dairy Sector The Challenge is not Regulation 3 rd Meeting of the Expert Group on agricultural commodity derivatives and spot markets 18 June 2013
2 Market Derivatives in the EU dairy sector Introduction: Milk & Dairy Products Overview of available price risk tools Current usage of the tools What are the challenges? What are the opportunities?
3 Milk & Dairy Products Milk fat Insoluble protein Soluble protein Milk sugar Milk minerals
4 Milk & Dairy Products Cheese Whey powder
5 Milk & Dairy Products Butter Skimmed Milk Powder
6 Market Derivatives in the EU dairy sector Introduction: Milk & Dairy Products Overview of available price risk tools Current usage of the tools What are the challenges? What are the opportunities
7 Available Tools There is a wide variety of dairy futures and options contracts at various exchanges world wide. Chicago Mercantile Exchange contracts have been traded more than 15 years. Contracts on European (Eurex & NYSE Liffe) and NZ (NZ-X) exchanges are more recent. Both contracts with physical delivery and cash settled contracts are offered.
8 What contracts are available Chicago Mercantile Exchange Class III Milk Class IV Milk Cheese Cheese Spot Call Blocks Cheese Spot Call Barrels Dry Whey International Skimmed Milk Powder Nonfat Dry Milk Nonfat Dry Milk Spot Call Grade Extra Nonfat Dry Milk Spot Call Grade A Butter Butter Spot Call
9 What contracts are available Eurex EU Butter EU SMP EU Whey Powder NZ-X (New Zealand) WMP AMF SMP NYSE Liffe OTC EU SMP Flexible contracts
10 Type of Contracts Contracts with Physical Delivery Open interest contracts at expiry date require physical delivery. Ability to cover future product needs High liquidity requirement Examples CME International Skimmed Milk Powder NYSE Liffe EU Skimmed Milk Powder Main Issue Physical delivery mostly undesirable in the dairy sector
11 Type of Contracts Cash Settled Contracts Open interest contracts at expiry date are cash settled against reference price. No ability to cover product needs Lower Liquidity requirement Examples All EUREX contracts All NZ-X contracts CME Milk, SMP, Butter, Cheese & Whey futures Main Issue Correlation of settlement price with physical market price
12 Market Derivatives in the EU dairy sector Introduction: Milk & Dairy Products Overview of available price risk tools Current usage of the tools What are the challenges? What are the opportunities
13 What is trading today Open interest (futures) CME: (24 months) tons of SMP (2012 P: MT) 1.6 % of estimated 2 year production tons of Butter (2011 P: MT) 6 % of E2Y production tons of Cheese (2012 P: MT) 1% of E2Y production tons of whey powder (2012 P MT) 1.9 % of E2Y production tons Class III milk (AP: +/- 40 million MT) 2.5 % of E2Yproduction tons of Class IV milk (AP: +/- 10 million MT) 1 % of E2Y production
14 What is trading today Open interest
15 What is trading today Open interest (futures) NZ-X : 18 months WMP: 890 MT Compare to NZ 2012 exports : MT SMP: 565 MT Compare to NZ 2012 exports: MT AMF: 414 MT Compare to NZ 2012 exports: MT
16 What is trading today Open interest (futures) Eurex: 18 months SMP: 30 MT EU annual production MT Whey powder: 125 MT EU annual production: MT Butter: 990 MT EU annual production: MT
17 Market Derivatives in the EU dairy sector Introduction: Milk & Dairy Products Overview of available price risk tools Current usage of the tools What are the challenges? What are the opportunities?
18 What are the challenges for dairy futures in the EU The EU dairy market has long time been shielded from price volatility
19 What are the challenges for dairy futures
20 What are the challenges for dairy futures
21 What are the challenges for dairy futures
22 What are the challenges for dairy futures
23 What are the challenges for dairy futures in the EU The EU dairy market has long time been shielded from price volatility EU Farm gate milk price and commodity prices have limited correlation.
24 Jan 00 May 00 Sep 00 Jan 01 May 01 Sep 01 Jan 02 May 02 What are the challenges for dairy futures in the EU Sep 02 Jan 03 May 03 Sep 03 Jan 04 May 04 Sep 04 Jan 05 May 05 Sep 05 Jan 06 May 06 Sep 06 Jan 07 May 07 Sep 07 Jan 08 May 08 Sep 08 Jan 09 May 09 Sep 09 Jan 10 May 10 Sep 10 Jan 11 May 11 Sep 11 Jan 12 May 12 Sep 12 Jan 13 May 13 Milk Prices Evolution (up to February 2013) LTO Weighted Average Milk Price * (standardized 4.2% fat) Weighted EU Average (real fat content) EU Milk Equivalent Price (based on EU SMP and Butter prices) EUR/100 kg Source :MS communications under reg. 562/2005 & 479/ LTO : Land- en Tuinbouworganisatie Nederland
25 What are the challenges for dairy futures in the EU The EU dairy market has long time been shielded from price volatility Farm gate milk price and commodity prices have limited correlation Global market, EU market and US market are not (yet) perfectly aligned
26 Euro / tonne Jan/07 Apr/07 Jul/07 Oct/07 Jan/08 What are the challenges for dairy futures in the EU Apr/08 Jul/08 Oct/08 Jan/09 Apr/09 Jul/09 Oct/09 Jan/10 Apr/10 Jul/10 Oct/10 Jan/11 Apr/11 Jul/11 Oct/11 Jan/12 Apr/12 Jul/12 Oct/12 Jan/ SMP market prices Premium European SMP( ) Oceania SMP ( )
27 What are the challenges for dairy futures in the EU USD/t WMP Prices EU World Market ZMB Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13
28 What are the challenges for dairy futures in the EU The EU dairy market has long time been shielded from price volatility EU Farm gate milk price and commodity prices have limited correlation Global market, EU market and US market are not (yet) perfectly aligned Settlement mechanism for cash settled contracts is not yet fully trusted
29 What are the challenges for dairy futures in the EU The EU dairy market has long time been shielded from price volatility EU Farm gate milk price and commodity prices have limited correlation Global market, EU market and US market are not (yet) perfectly aligned Settlement mechanism for cash settled contracts is not yet fully trusted The majority of dairy products do not behave like commodities
30 What are the challenges for dairy futures in the EU The EU dairy market has long time been shielded from price volatility Farm gate milk price and commodity prices have limited correlation Global market, EU market and US market are not (yet) perfectly aligned Settlement mechanism for cash settled contracts is not yet fully trusted The majority of dairy products do not behave like commodities Everybody is waiting for more liquidity to start trading
31 The opportunities for dairy futures in the EU Surplus milk after end of quota will be most likely priced on commodities Contracts and settlement mechanism will improve OTC serves as experimental market place Increased correlation with global markets NZ-X and CME contracts becoming valid price risk tools for EU market More experience and more trust Dairy companies hiring traders from other sectors
32 Market Derivatives in the EU Dairy Sector Thank you! Bart Van Belleghem Secretary General Eucolait
12236/12 JR/fk 1 DG B 1
COUNCIL OF THE EUROPEAN UNION Brussels, 10 July 2012 12236/12 AGRI 491 AGRIORG 116 NOTE from: to: Subject: Commission Council Report on the situation of the dairy market Delegations will find attached
BASICS OF FUTURES. Jon Spainhour. Dairy Market Futures and Options Trading Brokerage. Dairy Market Futures and Op2ons Trading Brokerage
Dairy Market Futures and Op2ons Trading Brokerage BASICS OF FUTURES Jon Spainhour What We Do What We Do 1 Our Dairy Team The Rice Dairy team of 20 is fully focused on dairy prices. Our mission is to arm
By Matt Gould, Chief Market Analyst. October 1, 2018
By Matt Gould, Chief Market Analyst October 1, 2018 2 Road Map Forecast Outlook Dairy Product Demand Analysis Nonfat Dry Milk Butter Cheese Dry Whey Global Supply & Demand Milk Supply Analysis Global USA
Producer Newsletter. DAIRY COMMENTARY
Tuesday October 16, 2018 135 S. LaSalle St. Suite 3000 Chicago, IL 60603 312-492-4200 www.ricedairy.com Zach Bowers, & Ryan By Trevor Slegers,Trevor Ryan Slegers Yonkman, Zach Yonkman Bowers & Cody Koster
vs Last vs Last Market 8-Sep 1-Sep 25-Aug 18-Aug 11-Aug 4-Aug
DAIRY Volume 21 Number 35 and grain Market 8-Sep 1-Sep 25-Aug 18-Aug 11-Aug 4-Aug 4% -5% Barrel Cheddar (CME average; lb) $ 1.5569 $ 1.4995 $ 1.6620 $ 1.6805 $ 1.5550 $ 1.5730 6% -5% Block Cheddar (CME
Offering participants of the $48 billion U.S. dairy business a useful tool in managing the price risks inherent to this industry. Nov - 08.
Commodity products Dairy Futures and Options Offering participants of the $48 billion U.S. dairy business a useful tool in managing the price risks inherent to this industry. CLASS III MILK ELECTRONIC
MONTHLY MILK & FEED MARKET UPDATE
MONTHLY MILK & FEED MARKET UPDATE Provided By: Curtis Bosma - (312) 870-1185 - curtisb@highgroundtrading.com December 2014 A Sinking Ship? As the leaves began to fall, so did milk futures. Cheese sellers
Pricing Issues in Dairy Futures Markets. T. Randall Fortenbery
Agricultural Outlook Forum Presented: February 24-25, 2011 U.S. Department of Agriculture Pricing Issues in Dairy Futures Markets T. Randall Fortenbery T. Randall Fortenbery RENK Agribusiness Institute
FLORIDA. Fluid Milk Report. Erik F. Rasmussen Market Administrator. Dairy Forecasts for 2016
FLORIDA Fluid Milk Report Erik F. Rasmussen Market Administrator Florida Marketing Area Federal Order No. 6 www.fmmatlanta.com January 2016 Volume 17 No.1 Dairy Forecasts for 2016 Excerpts from Livestock,
Managing Class IV Opportunities
Managing Class IV Opportunities Dairy producers focus most of their hedging efforts on mitigating collapses in milk prices or collapses in margins. At more fortunate times they can turn their attention
France both remained unchanged at 800.
Traded price ( /tonne) Volume Traded Dairy Market Outlook European Dairy Market Overview 11 Sep. 14 The European Quotations continued to be weaker as physical markets in Europe continue to come under pressure.
FLORIDA. Fluid Milk Report. Erik F. Rasmussen Market Administrator.
FLORIDA Fluid Milk Report Erik F. Rasmussen Market Administrator Florida Marketing Area Federal Order No. 6 www.fmmatlanta.com April 2017 Volume 18 No. 4 Dairy Forecast for 2017 Excerpts from Livestock,
United States Department of Agriculture AGRICULTURAL MARKETING SERVICE
ANNOUNCEMENT OF CLASS AND 1/ JANUARY 2018 Differential Rate Milk 3.5% BF $ 8.98 $ 2.5075 $ 17.44 Total $ 9.18 $ 2.5095 $ 17.64 $ 8.78 $ 2.5055 $ 17.24 2.10 9.08 2.5085 17.54 2.20 9.18 2.5095 17.64 2.30
Dairy Outlook. August By Jim Dunn Professor of Agricultural Economics, Penn State University. Market Psychology
Dairy Outlook August 2014 By Jim Dunn Professor of Agricultural Economics, Penn State University Market Psychology The prices of all dairy products have been mixed since last month. The CME block cheese
Fonterra: GLOBAL DAIRY UPDATE JUNE 2013 ISSUE TEN
Fonterra: GLOBAL DAIRY UPDATE JUNE 2013 ISSUE TEN Welcome to our latest Global Dairy Update. The Update is Fonterra s commitment to continually educating and informing our farmers and wider stakeholders
STANDARDIZED MILK PRICE CALCULATIONS for MAY 2014 deliveries
STANDARDIZED MILK PRICE CALCULATIONS for MAY deliveries Company Milcobel Alois Müller Nordmilch Arla Foods Hämeenlinnan Osuusmeijeri Bongrain CLE (Basse Normandie) Da (Pas de Calais) Lactalis (Pays de
STANDARDIZED MILK PRICE CALCULATIONS for JANUARY 2014 deliveries
STANDARDIZED MILK PRICE CALCULATIONS for JANUARY 2014 deliveries Company Milcobel Alois Müller Nordmilch Arla Foods Hämeenlinnan Osuusmeijeri Bongrain CLE (Basse Normandie) Da (Pas de Calais) Lactalis
Dairy Outlook. July By Jim Dunn Professor of Agricultural Economics, Penn State University. Market Psychology
Dairy Outlook July 2013 By Jim Dunn Professor of Agricultural Economics, Penn State University Market Psychology The CME block price fell by 5% in the last month, ending 8.75 /lb. lower at $1.665/lb. Most
Interim Results 2019 March 2019
Interim Results 2019 March 2019 Disclaimer This presentation may contain forward-looking statements and projections. There can be no certainty of outcome in relation to the matters to which the forward-looking
Max Weekly: 317. Eurex SMP traded a total of 48 contracts. week with 40 of. those trading on. Monday 30th June, where the. Butter Price (US$/tonne)
Butter Price (US$/tonne) Price Spread Butter Price (US$/tonne) Volume per Week (lots) Cumulative Volume (lots) Dairy Market Outlook European Dairy Market Overview 1 Jul. 14 The week ending July 4th was
Information Products. It s irreplaceable. 135 S. LaSalle St., Suite 3000 Chicago, IL
It s irreplaceable. - Business Development Director at a leading dairy farm group Information Products 135 S. LaSalle St., Suite 3000 Chicago, IL 60603 312-492-4200 www.ricedairy.com ANALYSIS Data-driven
The CAP reform process in perspective: issues of the post-2013 debate
The CAP reform process in perspective: issues of the post-213 debate Tassos Haniotis Director - Economic Analysis, Perspectives and Evaluations DG for Agriculture and Rural Development European Commission
COM (2018) 533. Information Note
COM (2018) 533 Information Note 1. Proposal Proposal for a COUNCIL REGULATION amending Regulation (EU) No 1370/2013 determining measures on fixing certain aids and refunds related to the common organisation
FUTURES CONTRACTS FOR MILK: HOW WILL THEY WORK? Bob Cropp 1
Dairy Day 1996 FUTURES CONTRACTS FOR MILK: HOW WILL THEY WORK? Bob Cropp 1 Summary The two new milk futures contracts offer dairy farmers and other buyers and sellers of milk and dairy products additional
Dairy Market Outlook. European Dairy Market Overview. EU and US SMP Prices ($/Mt) SMP Spread EU-US ($/Mt)
Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Dairy Market Outlook European Dairy Market
GLOBAL DAIRY. Market Outlook PRICE TREND - SMP, WMP, CHEESE, BUTTER, WHEY* ($/MT) WHEY SMP WMP CHEESE BUTTER
GLOBAL DAIRY Market Outlook January 14, 2016 2013-16 PRICE TREND - SMP, WMP, CHEESE, BUTTER, WHEY* ($/MT) 1600 WHEY SMP WMP CHEESE BUTTER 2013 2014 2015 2016 5800 Whey 1400 1200 1000 800 4920 4040 3160
DAIRY. and grain. Volume 17 Number 17 May 3, 2013
DAIRY Volume 17 Number 17 and grain Week Year Market 3-May 26-Apr 19-Apr 12-Apr 5-Apr 29-Mar 22-Mar -2% 15% Barrel Cheddar (CME average; lb) $ 1.6850 $ 1.7245 $ 1.7630 $ 1.7385 $ 1.6435 $ 1.6056 $ 1.6255
BULLETIN. Market Information
Market Information BULLETIN Erik F. Rasmussen, Market Administrator www.fmmatlanta.com October 2017 Southeast Marketing Area Federal Order 7 Volume 18 No. 10 ISSUED FOR THE INFORMATION OF PRODUCERS WHO
STANDARDIZED MILK PRICE CALCULATIONS for MAY 2012 deliveries
STANDARDIZED MILK PRICE CALCULATIONS for MAY 2012 deliveries Company Milcobel Alois Müller Humana Milchunion eg Nordmilch Arla Foods Hämeenlinnan Osuusmeijeri Bongrain CLE (Basse Normandie) Da (Pas de
FLORIDA. Fluid Milk Report
FLORIDA Fluid Milk Report Erik F. Rasmussen Market Administrator Florida Marketing Area Federal Order No. 6 www.fmmatlanta.com January 2018 Volume 19 No. 1 Dairy Forecast for 2018 Excerpts from Livestock,
INTRODUCTION TO EURONEXT COMMODITY DERIVATIVES
INTRODUCTION TO EURONEXT COMMODITY DERIVATIVES March 2015 https://derivatives.euronext.com/en/products/commodities EURONEXT COMMODITY DERIVATIVES Product range Milling Wheat Malting Barley Corn Rapeseed
Stochastic analysis of the OECD-FAO Agricultural Outlook
Stochastic analysis of the OECD-FAO Agricultural Outlook 217-226 The Agricultural Outlook projects future outcomes based on a specific set of assumptions about policies, the responsiveness of market participants
Deliveries (millions litres per week)
Deliveries (millions litres per week) Dairy Market Outlook Since May 215, EEX offers trading in Agricultural Index Futures formerly listed on Eurex Exchange. European Dairy Market Overview Monday, 15 June
WHEN SOMEONE CLAIMS TO KNOW WHERE COMMODITY PRICES ARE REALLY HEADING GRAB YOUR WALLET AND RUN! Daniel A. Sumner and William A. Matthews 1 ABSTRACT
WHEN SOMEONE CLAIMS TO KNOW WHERE COMMODITY PRICES ARE REALLY HEADING GRAB YOUR WALLET AND RUN! Daniel A. Sumner and William A. Matthews 1 ABSTRACT Forecasting agricultural commodity prices is fraught
HEDGING. dairy. There Are Many Options. Dairy Economist and Policy Analysts Workshop May 2017
HEDGING dairy Dairy Economist and Policy Analysts Workshop May 2017 5201 East Terrace Drive, Suite 280 l Madison, WI 53718 l800-726-9928 l info@blimling.com 2017 Blimling and Associates, Inc. This report
Agenda. Philip Tracy, Chairman. Manager Shareholder Relations. Questions. Page 2
Welcome March 2015 Agenda Overview Market and business update Philip Tracy, Chairman Gary Helou, Managing Director Capital structure update Questions Robert Poole, Executive General Manager Shareholder
The Role of Dairy Futures Markets & Other Price Risk Management Mechanisms in the EU Dairy Industry
The Role of Dairy Futures Markets & Other Price Risk Management Mechanisms in the EU Dairy Industry A report for NUFFIELD IRELAND Farming Scholarships By Tadhg Buckley 2009 Nuffield Scholar November 2011
Dairy Outlook and Utilizing MPP- and LGM-Dairy: Kenny Burdine University of Kentucky Agricultural Economics
Dairy Outlook and Utilizing MPP- and LGM-Dairy: 2015 Kenny Burdine University of Kentucky Agricultural Economics Outline for Discussion Review of Current Market Conditions Cow numbers, production expectations,
An Examination of Milk Quota expansion at EU member State Level with specific emphasis on Ireland
An Examination of Milk Quota expansion at EU member State Level with specific emphasis on Ireland Julian Binfield 1, Trevor Donnellan 2 and Kevin Hanrahan 2 1 FAPRI at the University of Missouri, USA 2
ROLE OF CLEARING HOUSES AND FINANCIAL SERVICE PROVIDERS
ROLE OF CLEARING HOUSES AND FINANCIAL SERVICE PROVIDERS DISCLAIMER INTL FCStone Ltd Registered in England and Wales Company No. 5616586 Authorised and regulated by the UK Financial Conduct Authority [FRN:
ARE DAIRY FUTURES IN YOUR FUTURE? GEOFF BENSON
ARE DAIRY FUTURES IN YOUR FUTURE? GEOFF BENSON Ag. & Resource Economics North Carolina State University US All Milk Price and Trend, 1989-2003 19.00 18.00 17.00 US All Milk Price Linear Trend $/100 lb
SACU INFLATION REPORT. February 2015
SACU INFLATION REPORT February 2015 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall
SACU INFLATION REPORT. November 2018
SACU INFLATION REPORT November 2018 The content of this publication is intended for general information only. While precaution is taken to ensure the accuracy of information, the SACU Secretariat shall
THAILAND. Export Dairy Market Tariffs for Thailand as of 01/07/2017. Global Quotas - WTO
THAILAND Export Dairy Market Tariffs for Thailand as of 01/07/2017 Global Quotas - WTO - 2017 Product HS Code Import Access In Quota Tariff Rate Out Quota Tariff Rate Liquid Milk 0401.10 0401.20 0401.30
Overview. 1. Background to Expansion. 2. Dairygold s Post Quota Plan. 3. Funding. 4. Communication & Implementation. 5. Summary
! "# "# $% &" Overview 1. Background to Expansion 2. Dairygold s Post Quota Plan 3. Funding 4. Communication & Implementation 5. Summary 2 Background Removal of quotas creating a huge opportunity; for
UBIC CONSULTING PROTEIN HYDROLYSATE INGREDIENT MARKET ANHYDROUS MILK FAT INGREDIENT MARKET
Science Market Regulation UBIC CONSULTING 2017 Marketing development Strategy consulting Partnership searches Information systems Technical & Technical Competitive & Competitive Scanning Regulations Scanning
Argentina. Dairy and Products Annual. Argentine Dairy Sector Continues Recovery
THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: 10/22/2018
Block Trade Facility. Q: What is a Block Trade Order?
Block Trade Facility Capitalised terms used in this discussion bear the meanings contained in the NZX Derivatives Market Rules ( Rules ), the NZX Derivatives Market Procedures ( Procedures ) and the NZX
The McCully Report October 2018
The McCully Report October 2018 Feed Prices & Dairy Farm Margins Summary: Grain harvest is in full swing in the US with bumper crops expected for corn and soybeans. Futures prices for each are unchanged
COMMISSION OF THE EUROPEAN COMMUNITIES. Proposal for a COUNCIL REGULATION
COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 27.06.2002 COM(2002) 307 final 2002/0135 (CNS) Proposal for a COUNCIL REGULATION amending Regulation (EEC) No 3950/92 establishing an additional levy in
DAIRY GRAIN AND R E P O R T. January 25, 2013 Volume 17 Number 4
DAIRY GRAIN AND R E P O R T Volume 17 Number 4 Week Market 25-Jan 18-Jan 11--Jan 28-Dec -4% 7% Barrel Cheddar (CME average; lb) $ 1.5863 $ 1.6595 $ 1.6855 $ 1.7225 $ 1.6825-3% 10% Block Cheddar (CME average;
August 6, The Honorable Karen Ross California Department of Food and Agriculture 1220 N Street Sacramento, CA 95814
1315 K STREET MODESTO, CALIFORNIA 95354-0917 TELEPHONE (209) 527-6453 FAX (209) 527-0630 August 6, 2012 The Honorable Karen Ross California Department of Food and Agriculture 1220 N Street Sacramento,
Producer-Level Hedging Effectiveness of Class III Milk Futures
Producer-Level Hedging Effectiveness of Class III Milk Futures Jonathan Schneider Graduate Student Department of Agribusiness Economics 226E Agriculture Building Mail Code 4410 Southern Illinois University-Carbondale
NEW ZEALAND ECONOMICS NEW ZEALAND DAIRY UPDATE
ANZ RESEARCH NEW ZEALAND ECONOMICS 5 February 2016 CONTRIBUTORS LOWER FOR LONGER We have revised our milk price forecast to $3.95/kg MS for 2015/16 and at this early stage $5.00/kg MS for 2016/17 (previously
GENERAL AGREEMENT ON TARIFFS AND TRADE
GENERAL AGREEMENT ON TARIFFS AND TRADE RESTRICTED DPC/INV/2/Add.13/Suppl.1 13 June 1984 International Dairy Arrangement Original: French INTERNATIONAL DAIRY PRODUCTS COUNCIL Reply to Questionnaire 5 Regarding
AND R E P O R T. July 20, 2012 Volume 16 Number 28
DAIRY AND GRAIN R E P O R T Volume 1 Number 28 Week Market 20-Jul 13-Jul -Jul 29-Jun 22-Jun 3% -20% Barrel Cheddar (CME average; lb) $ 1.7025 $ 1.580 $ 1.750 $ 1.720 $ 1.035 4% -20% Block Cheddar (CME
Subject to Legal Review for Accuracy, Clarity, and Consistency Subject to Language Authentication
Appendix C - USMCA Agriculture TRQs Between Canada and the United States APPENDIX C CANADA AND THE UNITED STATES Section A: General Provisions on USMCA TRQs 1. This Appendix sets out the modifications
ASX Plans to Support and Service the Carbon Pollution Reduction Scheme. Anthony Collins General Manager, Energy & Environment
ASX Plans to Support and Service the Carbon Pollution Reduction Scheme Anthony Collins General Manager, Energy & Environment Outline The Role of Financial Markets Likely Market Evolution Emissions Trading
Ukrainian Grain Congress Black Sea Wheat Futures
Ukrainian Grain Congress 2011 Black Sea Wheat Futures Kiev - October 10, 2011 Jeffry Kuijpers DISCLAIMER Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a
Futures & Options for Farm Risk Management. Torbjörn Iwarson, ,
Futures & Options for Farm Risk Management Torbjörn Iwarson, +46-76-050 83 65, torbjorn.iwarson@svenskacommodities.se twitter: @TorbjornIwarson Forward contracts are not a recent invention Confirmation
Volatile markets and prices-do CAP need to handle this challenge?
Volatile markets and prices-do CAP need to handle this challenge? Torbjörn Iwarson, +46-76-050 83 65, torbjorn.iwarson@svenskacommodities.se twitter: @TorbjornIwarson 1977 1978 1980 1982 1983 1985 1987
FONTERRA INTERIM RESULTS 2014
FONTERRA INTERIM RESULTS 2014 Market Briefing FONTERRA CO-OPERATIVE GROUP LIMITED Overview John Wilson Chairman 2 Working Area Safee Copy Frame. This denotes working area and must be deleted before final
7611/16 MDL/io 1 DGB 1 A
Council of the European Union Brussels, 7 April 2016 (OR. en) 7611/16 AGRI 165 AGRIFIN 28 AGRIORG 21 NOTE From: To: Subject: General Secretariat of the Council Council Market situation and support measures
EU Market Situation for Poultry. Committee for the Common Organisation of the Agricultural Markets 24 August 2017
EU Market Situation for Poultry Committee for the Common Organisation of the Agricultural Markets 24 August 217 -7.2% -7.7% -1.6% -1.7% -1.7% -2.1% -2.5% 4.1% 3.6% 3.5% 2.8% 1.9% 1.2%.8%.8%.6%.4%.2%.%.%.%.%
China Modern Dairy (1117 HK)
Equity Research Consumer staples China Modern Dairy (1117 HK) Underperform (Downgraded) Target price: HK$2.75 ASP outlook worsens on China Mengniu settlement price cut Milk powder inventory destocking
Feed Outlook. Market Perspective. Grain Market Report. WASDE Market Report
Feed Outlook Market Perspective Grain Market Report WASDE Market Report 1 Raw Material Prices U.S EU Wheat Price 2 Soybean meal, corn and wheat futures 3 Fish oil and fishmeal prices Tilapia prices 4 US
HOW CAN WE DEAL WITH VOLATILITY IN THE FUTURE?
HOW CAN WE DEAL WITH VOLATILITY IN THE FUTURE? Feb 2016 Liam Fenton INTL FCStone Ltd. DISCLAIMER INTL FCStone Ltd Registered in England and Wales Company No. 5616586 Authorised and regulated by the UK
WHAT DO FINANCIAL AND RISK TOOLS MEAN FOR FARMERS?
WHAT DO FINANCIAL AND RISK TOOLS MEAN FOR FARMERS? Oct 2015 Liam Fenton INTL FCStone Ltd. DISCLAIMER INTL FCStone Ltd Registered in England and Wales Company No. 5616586 Authorised and regulated by the
EU Pigmeat Market Situation. Meat Market Observatory Economic Board meeting 02 October 2018
EU Pigmeat Market Situation Meat Market Observatory Economic Board meeting 2 October 218 EXCHANGE RATE INDEX/EURO 14 Index of daily exchange rates of the main trading partners compared to the Euro 13 12
Bi-Weekly Milk & Milk Products Market Intelligence D e c i s i o n e n a b l i n g m a r k e t a n a l y s i s & p r i c e o u t l o o k
Report for week beginning 20 May 2017 Global & Butter Price Outlook Price Range 245-270 270-240 2100-1700 1650-2100 1900-1700 1700-2000 18 May 2017 Delhi Param Premium Maharashtra Europe Oceania Europe
First Quarter 2015 Earnings. May 11, 2015
First Quarter 2015 Earnings May 11, 2015 1 Forward-Looking Statements Some of the statements made in this presentation are forward-looking and are made pursuant to the safe harbor provision of the Private
Dairy Industry Considerations for Restructuring: Obstacles and Opportunities
Dairy Industry Considerations for Restructuring: Obstacles and Opportunities November 2011 by Juanita Schwartzkopf and Lassiter Mason Focus Management Group Table of Contents 2. Dairy Farm Economic Review
1.13 Subpart: [deleted] Contract Specifications for Agricultural Index Futures Contracts
![1.13 Subpart: [deleted] Contract Specifications for Agricultural Index Futures Contracts](/thumbs/95/124404183.jpg "1.13 Subpart: [deleted] Contract Specifications for Agricultural Index Futures Contracts")
Page 1 ********************************************************************************** AMENDMENTS ARE MARKED AS FOLLOWS: INSERTIONS ARE UNDERLINED DELETIONS ARE CROSSED OUT **********************************************************************************
Commodity products. An Introduction to Trading Dairy Futures and Options
Commodity products An Introduction to Trading Dairy Futures and Options As the world s largest and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage
Section VI Rating Methodology
Section VI Rating Methodology Introduction This paper explores the extension of a Livestock Gross Margin (LGM) insurance product for dairy cattle. LGM products are currently available to hog producers
Feed Outlook. Market Perspective. Grain Market Report. WASDE Market Report
Feed Outlook Market Perspective Grain Market Report WASDE Market Report WHEAT: Projected 2017/18 U.S. wheat ending stocks are raised this month by 30 million bushels to 1,064 million, all on lower feed
CONSOLIDATED HALF-YEAR REPORT. Improving the quality of our business
CONSOLIDATED HALF-YEAR REPORT Improving the quality of our business Despite the difficult market conditions, we have continued to improve the quality of our business by relentlessly pursuing our strategic
LGM-Dairy: A Risk Management Tool for Dairy Farms
LGM-Dairy: A Risk Management Tool for Dairy Farms January 2017 AgRisk Management Risk Management Tools Pro & Con Risk Management Black Swan Events Reviewing Quotes Risk Management Plan 1 What is Risk Management?
MONTHLY COCOA MARKET REPORT. August 2014
MONTHLY COCOA MARKET REPORT August 2014 Important Notification The information provided is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution
AGRICULTURAL RISK MANAGEMENT. Global Grain Geneva November 12, 2013
AGRICULTURAL RISK MANAGEMENT Global Grain Geneva November 12, 2013 Managing Price Risk is Easier to Swallow Than THE ALTERNATIVE Is Your Business Protected Is Your Business Protected Is Your Business Protected
globaldairytrade.info
ANNUAL REPORT 217 globaldairytrade.info 1 Contents Global Dairy Trade 217 Highlights GLOBAL DAIRY TRADE 217 HIGHLIGHTS 1 DIRECTOR S REPORT 2 GROWTH OF GDT EVENTS 4 Global Dairy Trade Highlights for 217
FY2018 Full Year Roadshow Presentation. Barry Irvin Executive Chairman Paul van Heerwaarden CEO Colin Griffin CFO
FY2018 Full Year Roadshow Presentation Barry Irvin Executive Chairman Paul van Heerwaarden CEO Colin Griffin CFO Key Message Creating the Great Australian Food Company Bega Foods integration complete Peanut
Fortnightly Agri Update
Fortnightly Agri Update 18 April 218 Guacamole anyone? In today s Fortnightly Agri Update, we take a closer look at developments in the Avocado industry and examine the risks and opportunities New Zealand
ASX ANNOUNCEMENT. Half Year 2019 Results Highlights Presentation
ASX ANNOUNCEMENT Half Year 2019 Results Highlights Presentation I enclose the Half Year 2019 Results Highlights Presentation to be discussed on the Half Year Result 2019 Conference Call scheduled for 11:00am
Market Responsibility Programme
Market Responsibility Programme Market Responsibility Programme MRP Brief description To be able to counteract looming market crises in the milk sector early and properly in future, additional regulations
EU Market Situation for Poultry. Committee for the Common Organisation of the Agricultural Markets 22 March 2018
EU Market Situation for Poultry Committee for the Common Organisation of the Agricultural Markets 22 March 218 -.2% -.8% -1.1% -2.4% -2.9% -3.3% -4.2% -4.5% 5.1% 4.6% 4.5% 3.8% 3.3% 2.7% 2.4% 1.5% 1.1%
VIETNAM. Export Dairy Market Tariffs for Vietnam
VIETNAM Export Dairy Market Tariffs for Vietnam ASEAN AUSTRALLIA NEW ZEALAND FREE TRADE AGREEMENT (AANZFTA) * The agreement establishing the ASEAN AUSTRALIA NEW ZEALAND FREE TRADE AGREMENT (AANZFTA) entered
64 th Annual General Meeting
64 th Annual General Meeting 27 November 2014 Board of Directors Gary Helou Managing Director Kenneth W. Jones Deputy Chairman Compliance, Remuneration and Nominations and Supplier Relations Committees
Chapter 1. General Provisions
Agro-Fisheries Product Tariff Rate Quota Recommendation and Import Management Guideline Pursuant to the Free Trade Agreement Between the Republic of Korea and the United States of America [Enforcement
John Wilson - Chairman. Fonterra Co-operative Group Ltd. #
John Wilson - Chairman # Key highlights FORECAST CASH PAYOUT $6.12 Forecast Farmgate Milk Price lifted to $5.80 kgms. The full year dividend forecast remains at 32 cps VOLUME: MILK COLLECTIONS 6% Record
Introduction to Futures & Options Markets for Livestock
Introduction to Futures & Options Markets for Livestock Kevin McNew Montana State University Marketing Your Cattle Marketing: knowing when and how to price your cattle. When Prior to sale At time of sale
More information on other ways of forward contracting hogs is available in the module Hog Market Contracting.
Hedging Hogs by the Farm Manager Introduction Hog prices can vary significantly from year to year and even day to day. With this volatility in the hog market, forward pricing opportunities arise worthy
Dairy Revenue Protection Dairy RP DRP
Dairy Revenue Protection Dairy RP DRP Who is involved? American Farm Bureau Insurance Services, Inc. Submitting organization Crop Insurance since 1995 American Farm Bureau Federation John Newton, PH.D
Is it time for a boneless beef trimmings derivative contract? David Farley 1 st March 2012
Is it time for a boneless beef trimmings derivative contract? David Farley 1 st March 2012 Why does AAco care? 680,000 head of cattle Substantial price risk over which AAco has limited ability to take
GLOBAL FUTUS MARGIN & COMMISSION
GLOBAL FUTUS MARGIN & COMMISSION Index Futures Currency Futures Energy Futures Metal Futures Agricultural Futures Bond Futures Name Exchange Index Futures ( & ) (per lot) Charge(per contract per side)
Mideast Market Administrator s Market Summary. Bulletin WebPage Edition. January 2019 Pool Summary
Mideast Market Administrator s Bulletin Federal Order No. 33 Sharon R. Uther, Market Administrator Phone: (330) 225-4758 Toll Free: (888) 751-3220 Email: clevelandma1@sprynet.com WebPage: www.fmmaclev.com
Introduction. ISMR Derivatives Market Derivatives Market
ISMR Derivatives Market 90 6. Derivatives Market Introduction The emergence and growth of the market for derivative instruments can be traced back to the willingness of riskaverse economic agents to guard
Program on Dairy Markets and Policy Working Paper Series
Program on Dairy Markets and Policy Working Paper Series Dynamic Market Impacts of the Dairy Margin Protection Program of the Agricultural Act of 2014 Working Paper Number WP14-03 May 2014 Charles F. Nicholson
FINANCIAL ANALYSTS MEETING. Viroflay, March 16, 2017
FINANCIAL ANALYSTS MEETING Viroflay, March 16, 2017 DAIRY ENVIRONMENT WORLDWIDE DAIRY CONTEXT STAGNATION OF MILK PRODUCTION Stagnation of worldwide milk production in 2016, compared with historical growth
13 EQ9: Efficiency Interpretation and comprehension of the key terms of EQ9
13 EQ9: Efficiency To what extent have the CAP measures applied to the dairy sector been efficient with respect to achieving their objectives? Have the 2003 CAP reform contributed to achieving a simplified