Risk Management in Today s Cattle Business. J & F Oklahoma Holdings, Inc.
|
|
|
- Walter York
- 5 years ago
- Views:
Transcription
1 Risk Management in Today s Cattle Business Tom Brink J & F Oklahoma Holdings, Inc.
2 Five Rivers Ranch Cattle Feeding, LLC Formerly owned by ContiGroup & Smithfield Owned since 2008 by JBS USA Twelve feedyards in seven states 950,000 head of feeding capacity Majority sold on grids (formulas) Buy 35,000 feeder cattle and use 2.0 mil bushels of corn per week on average Value-added programs are important, but commodity principles are still foundational to success
3 An 1,800 pound fed steer! Whose fault is it?
4 An 1,800 pound fed steer! Whose fault is it? That dang stocker guy who sold him to us.
5 Why is the topic Risk Management relevant? Market volatility has become extreme, capital usage has increased and profits can evaporate quickly.
6 $140 $ lb Feeder Steer Price (per cwt.) 2011 $120 $ $ $90 $80 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec New and higher price ranges bring both opportunity AND added risk.
7 Price Range Past 12 Months Price Range High vs. Low 450-lb. steer calves 37% 750-lb. feeder steers 29% Fed steers 30% Cash corn (Omaha) 100% Oklahoma non-alfalfa hay 23% August feeder cattle futures 29%
8 $1.25 Price Paid for Pounds Added by Backgrounder/Stocker* $1.00 $0.75 $0.50 $0.25 $ *Assumes equal numbers of 500-lb. steer calves purchased from Nov-Feb. Entire group of 850-lb steers sold/priced in August.
9 Successful Risk Management Mindset --Develop a pricing/rm plan then adjust as necessary --Understand that market hindsight is 20/20 --You will not get everything right or capture all available price opportunity --Be realistic with your price expectations --Do not dwell on what might have been --Focus forwardon what you can do now to improve your profit potential --Don t beat yourself up when you miss opportunity or market goes awry --Understand and the RM tools available to you. Use those that fit best. --Measure success in term of OVERALL bottom-line profit
10 RM tools available to stocker producers Forward Contracting Futures (feeder cattle, corn, & live cattle) Options (puts & calls) Government subsidized insurance for feeder cattle (similar to purchasing puts)
11 Ten Tenets of Risk Management
12 The Ten Tenets of RM (1) Understand your risk tolerance (2) Decide what the futures market should do for you---hedge risk or be a profit center
13 What are you trying to accomplish with futures? Identify Your Risk Tolerance & Futures Trading Objective Risk Tolerance Minimal Hedger Active Trader High Less hedging (0% - 50%). Less hedging (0% - 75%). "Let's make money" Leaves hedges in place. Selective trading. Strict Hedger Occasional Trader Low More hedging (75% - 100%). Looking elswhere to reduce "Let's protect equity" Leaves hedges in place. risk. Selective trading. Protect Profit Futures Trading Objective
14 Ten Tenets.continued (3) Start with a competitive breakeven---it is the foundation of successful risk management (4) Know your position---quantify where you are at least once every two weeks
15 Quantify your risk position and market exposure Descrip Hd Market Date Market Weight Market Pounds Feeder Cattle Contracts Priced /Hedged Impact $10/cwt. Market Change Black heifers Mixed steers All Cattle Oct 1 st -15 th , % $22,500 Mid Sept Sep /Oct , % $24, , % $47,109
16 (5) Analyze financial outcomes over a wide range of potential prices Sale Price Mixed Steers Projected Breakeven Total Cattle P/L Hedge P/L* Overall P/L P/L per Head $110 $120 ($54,688) $90,000 $35,313 $57 $115 $120 ($27,344) $75,000 $47,656 $76 $120 $120 $0 $60,000 $60,000 $96 $125 $120 $27,344 $45,000 $72,344 $116 $130 $120 $54,688 $30,000 $84,688 $136 $135 $120 $82,031 $15,000 $97,031 $155 $140 $120 $109,375 $0 $109,375 $175 $145 $120 $136,719 ($15,000) $121,719 $195 *Sold 6 feeder cattle futures at $140/cwt.
17 Ten Tenets.continued (6) Establish a risk management decision making structure (7) Write down a specific hedging/trading plan Follow the plan. Update regularly.
18 Ten Tenets.continued (8) Project the market s likely range: shorten & lengthen your position accordingly (9) Manage your coverage in percentages while evaluating risk vs. reward (10) No one gets the market right 100% the time, so work for a good batting average
19 In today s world of extreme volatility and risk, winning stocker producers must maintain a laser-focus on marketing decisions that drive a positive bottom line.
20 Thanks!
Futures and Options Live Cattle Feeder Cattle. Tim Petry Livestock Marketing Economist NDSU Extension
Futures and Options Live Cattle Feeder Cattle Tim Petry Livestock Marketing Economist NDSU Extension www.ndsu.edu/livestockeconomcs FutOpt-Jan2019 Price Risk Management Tools Cash forward contract Video
Futures and Options Live Cattle Feeder Cattle. Tim Petry Livestock Marketing Economist NDSU Extension Service
Futures and Options Live Cattle Feeder Cattle Tim Petry Livestock Marketing Economist NDSU Extension Service FutOpt-Jan2018 Price Risk Management Tools Cash forward contract Video and internet auctions
Risk Management for Cattle Feedlots: Futures Buy and Sell Signals
Risk Management for Cattle Feedlots: Futures Buy and Sell Signals John Lawrence and Sam Behrens 1 Iowa State University In recent years, the narrow feeding margin in cattle feeding has increased the need
Department of Agricultural and Resource Economics
D 34 Department of Agricultural and Resource Economics BASIS ESTIMATES FOR FEEDER CATTLE AND FED CATTLE February 2018 Andrew P. Griffith, Assistant Professor Becky Bowling, UT Extension Specialist Table
Risk Management for Stocker Cattle. R. Curt Lacy, Ph.D. Extension Economist-Livestock University of Georgia
Risk Management for Stocker Cattle R. Curt Lacy, Ph.D. Extension Economist-Livestock University of Georgia Risk Management for Stocker Cattle It is NOT uncertainty! It is the negative outcome associated
USING RISK MANAGEMENT TOOLS: A LIVESTOCK APPLICATION
USING RISK MANAGEMENT TOOLS: A LIVESTOCK APPLICATION John Michael Riley AssistantExtension Professor Assistant Extension Professor Department of Agricultural Economics 1 Price Risk: Introduction Commodity
Should I Buy Stocker Calves This Fall or a Fishing License?
Should I Buy Stocker Calves This Fall or a Fishing License? Ona Report Webinar September 15, 2016 Chris Prevatt University of Florida Livestock and Forage Economist Stocker Marketing Options We must consider:
Pricing Considerations Cattle Pricing and Risk Management
Pricing Considerations Cattle Pricing and Risk Management Risk Market Outlook Profit Target or Breakeven Derrell S. Peel Agricultural Economics Department Cash High risk/highest return potential Bullish
Agriculture & Natural Resources
AG ECONOMIC SERIES TIMELY INFORMATION Agriculture & Natural Resources AGRICULTURAL ECONOMICS AND RURAL SOCIOLOGY, AUBURN UNIVERSITY, AL 36849-5639 DAERS 04-2 May 2004 Using The Futures Market Price To
Risk Management for Cattle Feedlots: Futures Buy and Sell Signals
Risk Management for Cattle Feedlots: Futures Buy and Sell Signals John Lawrence and Hillary Forristall 1 Iowa State University In recent years, narrow profit margins in the cattle feeding business have
Risk Management Programs for Forage and Livestock Producers. Dr. Curt Lacy Extension Economist-Livestock University of Georgia
Risk Management Programs for Forage and Livestock Producers Dr. Curt Lacy Extension Economist-Livestock University of Georgia It is NOT uncertainty! It is the negative outcome associated with an unforeseen
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
ECON 337 Agricultural Marketing Spring Exam I. Answer each of the following questions by circling True or False (2 point each).
Name: KEY ECON 337 Agricultural Marketing Spring 2014 Exam I Answer each of the following questions by circling True or False (2 point each). 1. True False Futures and options contracts have flexible sizes
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
Buying Hedge with Futures
Buying Hedge with Futures What is a Hedge? A buying hedge involves taking a position in the futures market that is equal and opposite to the position one expects to take later in the cash market. The hedger
Andrew P. Griffith Assistant Professor Livestock Extension Economist
Andrew P. Griffith Assistant Professor Livestock Extension Economist Is it a disease outbreak? (BRD, Trich., etc.) Is it when the neighbors bull visits? Is it when a land lease is lost? Is it the loss
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,
Four Types of Price Variation: Applications for Marketing and Risk Management
Four Types of Price Variation: Applications for Marketing and Risk Management Duane Griffith Montana State University - Emeritus Wyoming February 2015 Price Patterns Those caused primarily by fundamental
Margin Protection Program for Dairy Producers (MPP-Dairy) Dr. Marin Bozic
Margin Protection Program for Dairy Producers (MPP-Dairy) Dr. Marin Bozic 2 Major Dairy Provisions of the Agricultural Act of 2014 REPEALED NEW Milk Income Loss Contract Dairy Product Price Support Program
Answer each of the following questions by circling True or False (2 points each).
Name: Econ 337 Agricultural Marketing, Spring 2019 Exam I; March 28, 2019 Answer each of the following questions by circling True or False (2 points each). 1. True False Some risk transfer premium is appropriate
Table of Contents. Introduction
Table of Contents Option Terminology 2 The Concept of Options 4 How Do I Incorporate Options into My Marketing Plan? 7 Establishing a Minimum Sale Price for Your Livestock Buying Put Options 11 Establishing
Risk Management for Pork Producers: Futures Buy and Sell Signals
Risk Management for Pork Producers: Futures Buy and Sell Signals John Lawrence and Alan Vontalge 1 Extension Livestock Economists, Iowa State University In recent years, the hog market has redefined the
Tim Petry Livestock Economist Agribusiness and Applied Economics.
Tim Petry Livestock Economist Agribusiness and Applied Economics www.ag.ndsu.edu/aginfo/lsmkt/livestock.htm Lean Hogs.ppt 2-19-08 www.ers.usda.gov Livestock, Dairy, Poultry Outlook www.nass.usda.gov Hog
Feeder Cattle Market Update AgriClear, All Rights Reserved.
Feeder Cattle Market Update 1 2016 AgriClear, All Rights Reserved. Let s talk How many of you Have stressed over when to sell your calves especially this past fall? Have hoped to capture more value for
MARGIN M ANAGER INSIDE THIS ISSUE. Margin Watch Reports. Features DAIRY WHITE PAPER. Dairy... Pg 11 Beef... Corn... Beans... Pg 16 Wheat...
MARGIN M ANAGER Margin Management Since 1999 The Leading Resource for Margin Management Education Learn more at MarginManager.Com Monthly INSIDE THIS ISSUE Margin Watch Reports Dairy... Pg 11 Beef... Pg
XML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
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 $1.665/lb. Most
The Margin Protection Program for Dairy in the 2014 Farm Bill (AEC ) September 2014
The Margin Protection Program for Dairy in the 2014 Farm Bill (AEC 2014-15) September 2014 Kenny Burdine 1 Introduction: The Margin Protection Program for Dairy (MPP-Dairy) was authorized in the Food,
Livestock Insurance Alternatives For Risk Management February 15 to March 6, 2007 Dr. Darrell R. Mark Price Change ($/cwt) 5.
February 15 to March 6, Livestock Insurance Alternatives For Risk Management 1 Sponsors 2 February 15-March 6, Darrell R. Mark, Ph.D Ext. Livestock Marketing Specialist Dept. of University of Nebraska
2013 Risk and Profit Conference Breakout Session Presenters. 4. Basics of Futures and Options: Part 1
2013 Risk and Profit Conference Breakout Session Presenters Sean Fox 4. Basics of Futures and Options: Part 1 John A. (Sean) Fox is a native of Ireland and has been on the faculty
HEDGING WITH FUTURES. Understanding Price Risk
HEDGING WITH FUTURES Think about a sport you enjoy playing. In many sports, such as football, volleyball, or basketball, there are two general components to the game: offense and defense. What would happen
Black Swans and Dairy Markets
November 2-4, 2015 Bellagio, Las Vegas IMAGINE INNOVATE ACHIEVE Black Swans and Dairy Markets Greg Bethard, Ph.D. CFO, Pagel Family Businesses Kewaunee, WI Restaurant Bar Market Deli Concepts We are in
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
Managed Futures Trading Program
Managed Futures Trading Program 1 TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY.
Spheria Australian Smaller Companies Fund
29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771
Performance and losses in 2016
Review of 2016 Closeout information from Feedlot Vision Performance and losses in 2016 Feedlot Seminar Tuesday, March 7 th Cedar Rapid, IA Wednesday, March 8 th West Point, NE Thursday, March 9 th Sioux
Risk Management Tools You Can Use
Management Tools You Can Use Categories of Management Tools Financial Production Price Others Rodney Jones OSU NW Area Extension Economist Overall Financial 1) Know costs of production Your number one
Executive Summary. July 17, 2015
Executive Summary July 17, 2015 The Revenue Estimating Conference adopted interest rates for use in the state budgeting process. The adopted interest rates take into consideration current benchmark rates
200 Years Of The U.S. Stock Market
200 Years Of The U.S. Stock Market Professor John McConnell Krannert School of Management Purdue University September 25, 2018 1 200 Years Of The U.S. Stock Market Market Overview The long term The averages
Performance Report October 2018
Structured Investments Indicative Report October 2018 This report illustrates the indicative performance of all Structured Investment Strategies from inception to 31 October 2018 Matured Investment Strategies
Managing Hog Price Risk: Futures, Options, and Packer Contracts
Managing Hog Price Risk: Futures, Options, and Packer Contracts John D. Lawrence, Extension Livestock Economist and Director, Iowa Beef Center, and Alan Vontalge, Extension Economist, Iowa State University
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
TERMS OF REFERENCE FOR THE INVESTMENT COMMITTEE
I. PURPOSE The purpose of the Investment Committee (the Committee ) is to recommend to the Board the investment policy, including the asset mix policy and the appropriate benchmark for both ICBC and any
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?
CPA Australia Plan Your Own Enterprise Competition
Financial Plan Your financial plan should include: 1. A list of Start-Up Costs and how these will be paid for (eg from savings, bank loan or family loan) 2. A Breakeven Analysis, which includes: a list
Livestock Risk Protection (LRP)
Livestock Risk Protection (LRP) A Price Risk Management Tool for Livestock Producers Tim Petry Extension Livestock Economist www.ndsu.edu/livestockeconomics November 14, 2017 FeedlotMgmtClass Nov2017.pptx
Common stock prices 1. New York Stock Exchange indexes (Dec. 31,1965=50)2. Transportation. Utility 3. Finance
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 000 97 98 99 I90 9 9 9 9 9 9 97 98 99 970 97 97 ""..".'..'.."... 97 97 97 97 977 978 979 980 98 98 98 98 98 98 987 988
AGBE 321. Problem Set 6
AGBE 321 Problem Set 6 1. In your own words (i.e., in a manner that you would explain it to someone who has not taken this course) explain how local price risk can be hedged using futures markets? 2. Suppose
Analyze the Market for a Seasonal Bias. It is recommended never to buck the seasonal nature of a market. What is a Seasonal Trend?
The seasonal trend in a market is our way of taking the fundamental price action of a market...and then chart it year-by-year. Analyze the Market for a Seasonal Bias STEP 5 Using Track n Trade Pro charting
Futures, Options, LRP Compared
Futures, Options, LRP Compared Duane Griffith & Jim Johnson Montana State University Extension The software demonstrated today can be downloaded/used at the web site below. http://www.montana.edu/softwaredownloads/marketingdownloads.html
Homework Assignment 2; Due February 8, 2018 (Beginning of Class)
Name: Econ 337 Agricultural Marketing, Spring 2018 Homework Assignment 2; Due February 8, 2018 (Beginning of Class) 1) A summer backgrounder operator decided to hedge 750 pound feeder steers to be sold
Development of Economy and Financial Markets of Kazakhstan
Development of Economy and Financial Markets of Kazakhstan National Bank of Kazakhstan Macroeconomic development GDP, real growth, % 116 112 18 14 1 113,5 11,7 216,7223,8226,5 19,8 19,8 19,3 19,619,7 199,
Notes on a California Perspective of the Dairy Margin Protection Program (DMPP)
Notes on a California Perspective of the Dairy Margin Protection Program (DMPP) Leslie J. Butler Department of Agricultural & Resource Economics University of California-Davis If I were a California dairy
Review of Registered Charites Compliance Rates with Annual Reporting Requirements 2016
Review of Registered Charites Compliance Rates with Annual Reporting Requirements 2016 October 2017 The Charities Regulator, in accordance with the provisions of section 14 of the Charities Act 2009, carried
PHOENIX ENERGY MARKETING CONSULTANTS INC. HISTORICAL NATURAL GAS & CRUDE OIL PRICES UPDATED TO July, 2018
Jan-01 $12.9112 $10.4754 $9.7870 $1.5032 $29.2595 $275.39 $43.78 $159.32 $25.33 Feb-01 $10.4670 $7.8378 $6.9397 $1.5218 $29.6447 $279.78 $44.48 $165.68 $26.34 Mar-01 $7.6303 $7.3271 $5.0903 $1.5585 $27.2714
OTHER DEPOSITS FINANCIAL INSTITUTIONS DEPOSIT BARKAT SAVING ACCOUNT
WEIGHTAGES JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC ANNOUNCEMENT DATE 19.Dez.14 27.Jän.15 24.Feb.15 26.Mär.15 27.Apr.15 26.Mai.15 25.Jun.15 28.Jul.15 26.Aug.15 23.Sep.15 27.Okt.15 25.Nov.15 MUDARIB
ACA Reporting E-File Errors, Penalties & Exchange Notices
ACA Reporting E-File Errors, Penalties & Exchange Notices Agenda 1). Who is ACA Reporting Service? (quickly) 2). Setting the ACA Reporting Stage 3). The Process Leading up to E-Filing 4). E-Filing through
FUEL PRICE RISK MANAGEMENT POLICY REPORT "FUEL HEDGE"
FUEL PRICE RISK MANAGEMENT POLICY REPORT "FUEL HEDGE" Sep-18 FUEL PRICE RISK MANAGEMENT POLICY REPORT Sep-18 (Office of Management and Budget 09/30/2018) The Fuel Price Risk Management Policy approved
FUEL PRICE RISK MANAGEMENT POLICY REPORT "FUEL HEDGE"
FUEL PRICE RISK MANAGEMENT POLICY REPORT "FUEL HEDGE" December 2018 FUEL PRICE RISK MANAGEMENT POLICY REPORT December 2018 The Fuel Price Risk Management Policy approved by the Board on February 16, 2006
QUESTION 2. QUESTION 3 Which one of the following is most indicative of a flexible short-term financial policy?
QUESTION 1 Compute the cash cycle based on the following information: Average Collection Period = 47 Accounts Payable Period = 40 Average Age of Inventory = 55 QUESTION 2 Jan 41,700 July 39,182 Feb 18,921
Fall 2017 Crop Outlook Webinar
Fall 2017 Crop Outlook Webinar Chris Hurt, Professor & Extension Ag. Economist James Mintert, Professor & Director, Center for Commercial Agriculture Fall 2017 Crop Outlook Webinar October 13, 2017 50%
Large Commercial Rate Simplification
Large Commercial Rate Simplification Presented to: Key Account Luncheon Red Lion Hotel Presented by: Mark Haddad Assistant Director/CFO October 19, 2017 Most Important Information First There is no rate
New Paradigms in Marketing: Are Speculators or the Fundamentals Driving Prices? Scott H. Irwin
New Paradigms in Marketing: Are Speculators or the Fundamentals Driving Prices? Scott H. Irwin Outline of Presentation Role of speculation in the recent commodity price boom Changing fundamentals Convergence
HUD NSP-1 Reporting Apr 2010 Grantee Report - New Mexico State Program
HUD NSP-1 Reporting Apr 2010 Grantee Report - State Program State Program NSP-1 Grant Amount is $19,600,000 $9,355,381 (47.7%) has been committed $4,010,874 (20.5%) has been expended Grant Number HUD Region
Mechanics of Cash Flow Forecasting
Texas Association Of State Senior College & University Business Officers July 13, 2015 Mechanics of Cash Flow Forecasting Susan K. Anderson, CEO Anderson Financial Management, L.L.C. 130 Pecan Creek Drive
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
Business & Financial Services December 2017
Business & Financial Services December 217 Completed Procurement Transactions by Month 2 4 175 15 125 1 75 5 2 1 Business Days to Complete 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 217 Procurement
Financial & Business Highlights For the Year Ended June 30, 2017
Financial & Business Highlights For the Year Ended June, 17 17 16 15 14 13 12 Profit and Loss Account Operating Revenue 858 590 648 415 172 174 Investment gains net 5 162 909 825 322 516 Other 262 146
Test Yourself / Final Exam
Test Yourself / Final Exam 1. Explain the risk/reward parameters of an option seller? 2. Describe the risk/reward characteristics of an option buyer? 3. What is an option? 4. What is the definition of
Capturing equity gains whilst protecting portfolios
Capturing equity gains whilst protecting portfolios Edward Park Q2 2018 MSCI North America Total Return in USD (2017 Discrete Calendar Months) 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0% 0.00% Jan-17
Looking at a Variety of Municipal Valuation Metrics
Looking at a Variety of Municipal Valuation Metrics Muni vs. Treasuries, Corporates YEAR MUNI - TREASURY RATIO YEAR MUNI - CORPORATE RATIO 200% 80% 175% 150% 75% 70% 65% 125% Average Ratio 0% 75% 50% 60%
(Milk Income over Feed Cost)
Dairy Gross Margin (GM) (Milk Income over Feed Cost) New USDA Risk Management Tool for Dairy Producers Over-view/concepts & illustrations Includes est. for October 2011 & Scenario Analysis Gene Gantz,
Common Factors in Trend Following: Some Research In Progress. George Martin Associate Director, CISDM September 19, 2005
Common Factors in Trend Following: Some Research In Progress George Martin Associate Director, CISDM Email: martin@som.umass.edu September 19, 2005 Overview Increasing Commonality of Returns for CTA s
UK Grain Marketing Series January 19, Todd D. Davis Assistant Extension Professor. Economics
Introduction to Basis, Cash Forward Contracts, HTA Contracts and Basis Contracts UK Grain Marketing Series January 19, 2016 Todd D. Davis Assistant Extension Professor Outline What is basis and how can
Big Walnut Local School District
Big Walnut Local School District Monthly Financial Report for the month ended September 30, 2013 Prepared By: Felicia Drummey Treasurer BIG WALNUT LOCAL SCHOOL DISTRICT SUMMARY OF YEAR TO DATE FINANCIAL
GRAIN HEDGE POSITION REPORT
GRAIN HEDGE POSITION REPORT CROP: Corn DATE: April 16, 2006 LONG POSITION SHORT POSITION Total Grain on Hand 753896 Grain in Transit Total Offsite Grain Total Stocks 753896 Unpriced Grain Storage 106375
The Dairy Margin Protection Program - Is It Right for Me?
The Dairy Margin Protection Program - Is It Right for Me? Many dairy producers have questions regarding the new government Margin Protection Program including if they should sign up for it and how it will
After the Rate Increase, What Then?
After the Rate Increase, What Then? Robert Eisenbeis, Ph.D. Vice Chairman & Chief Monetary Economist Bob.Eisenbeis@Cumber.com What the FOMC Did At Dec Meeting The Fed made the first step towards normalization
FOR RELEASE: MONDAY, MARCH 21 AT 4 PM
Interviews with 1,012 adult Americans conducted by telephone by Opinion Research Corporation on March 18-20, 2011. The margin of sampling error for results based on the total sample is plus or minus 3
Commodity Price Outlook & Risks
Commodity Outlook & Risks Research Department, Commodities Team 1 December 17, 20 www.imf.org/commodities commodities@imf.org This monthly report presents a price outlook and risk assessment for selected
VIX Hedging September 30, 2015 Pravit Chintawongvanich, Head of Risk Strategy
P R O V E N E X P E R T I S E. U N B I A S E D A D V I C E. F L E X I B L E S O L U T I O N S. VIX Hedging September 3, 215 Pravit Chintawongvanich, Head of Risk Strategy Hedging objectives What is the
Mean-Reversion in Dairy Prices and Horizon-Specific Subsidies for Dairy Insurance Products
Mean-Reversion in Dairy Prices and Horizon-Specific Subsidies for Dairy Insurance Products SCC-76 2017 Pensacola, FL Dr. Marin Bozic (co-authors: Josh Woodard, John Newton) National Avg. Income Over Feed
Managed Futures: A Real Alternative
Managed Futures: A Real Alternative By Gildo Lungarella Harcourt AG Managed Futures investments performed well during the global liquidity crisis of August 1998. In contrast to other alternative investment
WESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, Over(Under) Budget WECC Fund Actual Budget
WESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, 2018 General Fund Actual A B C D E F WECC Fund Actual Revenue Revenue - Faith Giving 1 $ 213 $ 234 $ (22) - Tuition $ 226
2/20/2012. Goal: Use price management tools to secure a profit for the farm.
Katie Behnke Agriculture Agent Shawano County Futures, options, contracts, and the cash market are all tools we can use to manage our business. Important to remember - we are not speculators Goal: Use
MARGIN M ANAGER The Leading Resource for Margin Management Education
Margin Management Since 1999 MARGIN M ANAGER The Leading Resource for Margin Management Education February 2015 Learn more at MarginManager.Com INSIDE THIS ISSUE Dear Ag Industry Associate, Margin Watch
Dairy Programs in the 2012 Farm Bill. Who should sign up for subsidized margin insurance with supply management?
Dairy Programs in the 2012 Farm Bill Who should sign up for subsidized margin insurance with supply management? Dr. Marin Bozic University of Minnesota Introduction Substantial increases in milk production
Big Walnut Local School District
Big Walnut Local School District Monthly Financial Report for the month ended September 30, 2012 Prepared By: Felicia Drummey Treasurer BIG WALNUT LOCAL SCHOOL DISTRICT SUMMARY OF YEAR-TO-DATE FINANCIAL
Management Reports. June for PREPARED BY POWERED BY
Management Reports for June 217 PREPARED BY POWERED BY Contents 1. Management Reports Cashflow Forecast Actual vs Budget P&L Forecast Where Did Our Money Go? Net Worth 2. Understanding your Reports 3.
Regional overview Gisborne
Regional overview Purchasing intentions - additional income-related rent subsidy (IRRS) places Area District 1 2 3 4+ TOTAL 3 35 5 7 total 3 35 5 7 7 8 9 1 11 Purchasing intentions - change within the
Egg Entrepreneurship Records
Egg Entrepreneurship Records Name 4-H Program Year PROJECT GOAL Setting goals and then checking progress on the attainment of those goals is an important part of 4-H. Complete the boxes 1-3 at the beginning
MEDICAID FEDERAL SHARE OF MATCHING FUNDS
MEDICAID FEDERAL SHARE OF MATCHING FUNDS revised by EDR based on FFIS Estimated for FFY 2019 August 3, 2017 Effective State Budget Year State adopted February 2017 State State FY real Difference in state
BEEF & VEAL MARKET SITUATION. "Single CMO" Management Committee 18 September 2014
BEEF & VEAL MARKET SITUATION "Single CMO" Management Committee L I V E S T O C K JUNE SURVEY E.U. E V O L U T I O N T O T A L B O V I N E May/Jun %Var %Var %Var %Var TOT LIVESTOCK BOVINE < 1 Year BOVINE
Historical Pricing PJM COMED, Around the Clock. Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22
$50 Historical Pricing PJM COMED, Around the Clock $48 $46 $44 $42 $40 $38 $36 $34 $32 $30 $28 $26 Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22 The information presented above was gathered
Overview. What is LRP? LRP policy Calculate your premiums Issues with LRP Results Conclusion/Recommendations
By: Blake Gade Overview What is LRP? LRP policy Calculate your premiums Issues with LRP Results Conclusion/Recommendations Abbreviations Used LRP Livestock Risk Protection FCIC Federal Crop Insurance Corporation
Informed Storage: Understanding the Risks and Opportunities
Art Informed Storage: Understanding the Risks and Opportunities Randy Fortenbery School of Economic Sciences College of Agricultural, Human, and Natural Resource Sciences Washington State University The
Indicators of the Kansas Economy
Governor s Council of Economic Advisors Indicators of the Kansas Economy A Review of Economic Trends and the Kansas Economy 1000 S.W. Jackson St. Suite 100 Topeka, KS 66612-1354 Phone: (785) 296-0967 Fax:
LGM-Dairy: Livestock Gross Margin for Dairy
LGM-Dairy: Livestock Gross Margin for Dairy Victor E. Cabrera Assistant Professor Extension Dairy Specialist Dairy Science Department Brian W. Gould Associate Professor Ag and Applied Economics 12th Annual
Econ 337 Spring 2016 Midterm 3/8/ points possible
Econ 337 Spring 2016 Midterm 3/8/2016 100 points possible Fill in the blanks (2 points each) 1. A put option contains the right to sell a futures contract. 2. A call option contains the right to buy a
CITI Bank Bangkok branch. Set B Capital Item1 Capital Structure Table 2 Capital of Foreign Banks Branchs Unit : THB. Item June 30, 2009
CITI Bank Bangkok branch Set B Capital Item1 Capital Structure Table 2 Capital of Foreign Banks Branchs Unit : THB Item June 30, 20 1 Assets required to be maintained under Section 32 17,753,449,882.45