HOW CAN WE DEAL WITH VOLATILITY IN THE FUTURE?
|
|
- Annice McLaughlin
- 6 years ago
- Views:
Transcription
1 HOW CAN WE DEAL WITH VOLATILITY IN THE FUTURE? Feb 2016 Liam Fenton INTL FCStone Ltd.
2 DISCLAIMER INTL FCStone Ltd Registered in England and Wales Company No Authorised and regulated by the UK Financial Conduct Authority [FRN: ] In Ireland, the activities of INTL FCStone Ltd are subject to the supervision of conduct of business rules by the Central Bank of Ireland. Past performance may not be a reliable guide to future performance. Mention of specific commodities should not be taken as a recommendation to buy or sell these commodities. Commodity Trading is risky and INTL FCStone Ltd and FCStone Group LLC assume no liability for the use of any information contained herein. Past financial results are not necessarily indicative of future performance. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to accuracy. Any examples given are strictly hypothetical and no representation is being made that any person will or is likely to achieve profits or losses similar to those examples. References to and discussions of OTC products are made solely on behalf of INTL FCStone Ltd. Neither this information, nor any opinion expressed, constitutes an investment advice or a solicitation to buy or sell futures or options or futures contracts, or OTC products. Any distribution of this material to the public or a person other than the intended recipient is unauthorised. All rights reserved. Oct
3 Presentation Agenda 1. Brief Introduction to INTL FCStone 2. How Volatile is Dairy? 3. How volatility is managed in the US? 4. Could it work here in Europe? 5. How Can Europe Help develop these tools 6. Conclusion 3
4 INTL FCStone Dairy Leader in Dairy risk management Involved in US Dairy markets since their inception Leading International Dairy Economists on staff Participant in much of the CME dairy product development Leading futures/option brokerage firm in Milk / Butter / Powders Establishment of the Cash Settled butter market First clearing member of the NZX Majority of trading volume on EEX Dairy contracts in Europe
5 40 offices 1200 employees 20,000 customers in more than 100 countries Offices 5
6 How Volatile is Dairy? 6
7 Source: Reuters 7
8 Click to edit Master title style Source: EEX, Eurex, Atla, ZuivelNl, Kempten
9 Click to edit Master title style Source: EEX, Eurex, Atla, ZuivelNl, Kempten
10 $/cwt. Reduction of price supports in the US market resulted in increased volatility $24 Class III Milk Price $22 $20 $18 $16 $14 $12 $10 $8 Jan-80 Jan-85 Jan-90 Jan-95 Jan-00 Jan-05 Jan-10 Class III Support
11 11 Source: EEX, Eurex, Atla, ZuivelNl, Kempten
12 Main aim of Risk management Margin Management Reduce Volatility Secure Income over Costs
13 Non Independent Risk Management is Difficult Producers Want to Hedge When Prices are High (or expected to fall) End Users Want to Hedge When Prices are Low (or expected to rise)
14 How hedging works in the US? 14
15 Hedging via a co-op Farmer/End Users can receive the variable market price every month OR VOLUNTARILY Can call their co-op and lock in the future market price when they feel it is enough to secure a profit for their future production Source: Reuters, CME
16 Hedging via a co-op Farmer Receives Class Based Milk Price Source: USDA
17 Hedging via a co-op If they hedge they are committed to deliver milk / receive product at the fixed price Source: NASS, CME
18
19 Could it work here in Europe? 19
20 Where could Farmers have hedged milk?
21 Where could farmers have hedged milk? A Farmer who hedged at this time would have been about 5.6 c/kg better off and would have probably protected their margin
22 Index Example: Index Link to AMPE AHDB AMPE 2014 vs UK Milk Futures Equivalent UK MFE AHDB AMPE 2014 Source: AHDB
23 Liquidity Challenges Not Enough Liquidity on Screen This is not all the potential liquidity
24 24
25 How the EU can help? Education/Training Co-Op/Processor level Farm Organisations/Advisors Regulation Realistic regulation for Commercial companies Real time Data What prices are trading in the past 7-10 days Accurate Pricing Stock reporting/supply and Demand numbers Possible short term tax breaks on hedging for Farmers or Processors on hedging programs to foster initial programs
26 Conclusion Increased volatility calls for more methods to protect farmers/processors profitability Hedging is not intended to be the full solution but in other markets is a key part of the solution Milk Price Hedging is Currently Possible for Farmers but Challenging Hedging via Co-ops is likely the best solution for farmers who want the ability to lock in future prices Any initiative should be voluntary and fair to all members of the supply chain
27 Thank you! Liam Fenton Commodity Risk Manager Tel:
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
More informationWHY AND HOW TO MANAGE THE RISK OF VOLATILITY
WHY AND HOW TO MANAGE THE RISK OF VOLATILITY May 2016 Charlie Hyland Commodity Risk Manager INTL FCStone Ltd. DISCLAIMER INTL FCStone Ltd Registered in England and Wales Company No. 5616586 Authorised
More informationROLE 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:
More informationCommodity Risk Management. Commodity Risk Management. Platts FCStone Commodity Services (Europe) Ltd. May 13.
Commodity Risk Management Platts FCStone Commodity Services (Europe) Ltd. May 13 1 www.intlfcstone.com Disclaimer and Notices Commodity Risk Management 2 FCStone Commodity Services (Europe) Limited is
More informationSLOVENIA AG CONFERENCE
SLOVENIA AG CONFERENCE Thomas.Deevy@intlfcstone.com 23 rd November 2017 INTL FCStone Ltd ( IFL ). Branch registered in Ireland No. 907174. Registered in England and Wales Company No. 5616586. Authorised
More informationDairy 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
More informationDeliveries (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
More informationBASICS 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
More informationHEDGING. 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
More informationJoe Horner, MU Extension Economist
Joe Horner, MU Extension Economist www.dairy.missouri.edu As farms get larger and risk management becomes more critical, hedging becomes an important skill set to develop. Why would a Missouri dairy
More informationManaging 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
More informationBy 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
More informationFrance 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.
More informationMarket Derivatives in the EU Dairy Sector
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 Market Derivatives in the
More informationMax 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
More informationPrice risk management for farmers
Price risk management for farmers 2 Farming is risky! Weather Animal/plant health Financial Assets (fire, theft ) Personal/family member health/injury Third party accident on your farm Risk of extreme
More information2018 Farm Bill Dairy Provisions
Dairy Provisions (Side-by-side comparison of current 2018 with the House and Senate versions of the and final ) Name of the Current (2018) The program continues to be called the, even though changes were
More informationFonterra: 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
More informationDairy 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
More informationMONTHLY 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
More informationWHEN 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
More informationOffering 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
More informationMargin Protection Program (MPP-Dairy) ONLINE DECISION T L
DNMC Dairy Summit 214 Margin Protection Program (MPP-Dairy) ONLINE DECISION T L John Newton University of Illinois 217-3-11 jcnewt@illinois.edu @New1_AgEcon Professional Background USDA, Ag. Economist
More informationDean Foods. Earnings Report. February 11, 2009
Dean Foods Fourth Quarter and Year End 2008 Earnings Report February 11, 2009 Forward Looking Statements The following statements made in this presentation are forward looking and are made pursuant to
More informationFirst 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
More informationIs 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
More informationMargin 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
More informationFUTURES 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
More informationCrop Insurance for Milk? Dairy-Revenue Protection
Crop Insurance for Milk? Dairy-Revenue Protection Dr. John Newton jnewton@fb.org American Farm Bureau Federation 1 Congress Projected Annual Average Crop Market Value Dairy is the 3 rd Biggest Crop Billion
More informationARE 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
More informationVOLATILITY: FRIEND OR ENEMY? YOU DECIDE!
VOLATILITY: FRIEND OR ENEMY? YOU DECIDE! Jared Morgan INTL FCStone Financial Inc. FCM Division Kansas Farm Bureau -- Young Farmers & Ranchers Conference January 25-27, 2019 Manhattan, KS Part 1 DISCLOSURES
More information2/20/2012. 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
More informationProducer 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
More informationThe 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,
More informationThe 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
More informationDairy Margin Protection Program (MPP)
Dairy Margin Protection Program (MPP) Agricultural Act of 2014 Dairy MPP Dairy Margin Protection Program A New Way to Think About a Government Safety Net A pseudo insurance program with legislated premiums
More informationMARGIN 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
More informationWHAT S THE GROWING RELEVANCE OF GOLD WITHIN WEALTH MANAGEMENT IN ASIA? MARTIN HUXLEY
WHAT S THE GROWING RELEVANCE OF GOLD WITHIN WEALTH MANAGEMENT IN ASIA? MARTIN HUXLEY A Leading Provider of Execution, Clearing Services and Market Intelligence - across Asset Classes across Markets - to
More informationDairy 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,
More informationFY16 Issuance Summary SBA 504 Program
FY16 Issuance Summary SBA 504 Program FY16 saw a drop in rate with a slight increase in issuance for the SBA 504 loan program, resulting in the lowest average rate for its 20-year debentures 2.38%. With
More informationJohn Newton University of Illinois
INTRODUCTION AND STRATEGIC IMPLEMENTATION OF THE DAIRY PRODUCER MARGIN PROTECTION PROGRAM IN THE 2014 FARM BILL John Newton University of Illinois 217-333-1051 jcnewt@illinois.edu @New10_AgEcon Presentation
More informationName Name - Date year (click your master to change) OLIVER LEE FARMING ADVICE SERVICE
COMMON An Introduction AGRICULTURAL to the Farming POLICY Advice Service (CAP) UPDATE Name Name - Date year (click your master to change) OLIVER LEE FARMING ADVICE SERVICE SECTOR PERFORMANCE Farm Business
More informationVolatile 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
More informationMore 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
More information2016 Enrollment Update
2016 Enrollment Update Explaining the Dairy Producer Margin Protection Program The dairy safety net program included in the 2014 farm bill is entering its third year. Known as the Margin Protection Program
More informationSchindler Capital Management, LLC / Dairy Advantage Program. Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Schindler Capital Management, LLC / Dairy Advantage Program Fundamental / Ag & Livestock Performance Since August 2005 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2005-11.20% 3.20% -6.67% -13.73%
More informationChina 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
More informationSteel Success Strategies XXVI. New York June Dr. Mo Ahmadzadeh Senior Vice President, Metals INTL Commodities, Inc.
Steel Success Strategies XXVI New York June 22 2011 INTL FCStone Inc. www.intlfcstone.com Dr. Mo Ahmadzadeh Senior Vice President, Metals INTL Commodities, Inc. dr.mo@intlfcstone.com Disclaimer Commodity
More informationMargin Protection Program for Dairy
Farm Service Agency MPP-DAIRY FACT SHEET April 2018 Margin Protection Program for Dairy Overview The Margin Protection Program for Dairy (MPP-Dairy) is a voluntary risk management program for dairy producers
More informationInformation 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
More informationPricing 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
More informationThe 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
More informationThe Role of Basis in Your Hedging Strategy
The Role of Basis in Your Hedging Strategy Brian W. Gould Wisconsin Center for Dairy Research and Department of Agricultural and Applied Economics Remember that for those whose price risk is in down markets
More informationAG LENDING IN A CHANGING MARKET: RISING INTEREST RATES, SHIFTING POLICY, AND STRATEGIES TO COMPETE
AG LENDING IN A CHANGING MARKET: RISING INTEREST RATES, SHIFTING POLICY, AND STRATEGIES TO COMPETE ERIC DONOVAN MANAGING DIRECTOR, INTL FCSTONE MARKETS, LLC Disclaimer The trading of derivatives such as
More informationFutures 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
More informationBlock 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
More information12236/12 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
More informationFY13 results presentation 29 August 2013 Geoffrey Babidge Managing Director & CEO
A2 Corporation FY13 results presentation 29 August 2013 Geoffrey Babidge Managing Director & CEO FY13 result highlights Results ahead of expectations UK and China strategies under way Successful capital
More informationAnswer 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
More informationCME Global Repository Service (GRS)
CME Global Repository Service (GRS) 27 th April 2018 Jonathan Thursby, Global Head, GRS 2018 CME Group. All rights reserved. Founded in 1848 CME World s leading derivatives marketplace handling 3 billion
More informationDairy 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
More informationDairy Industry Superannuation Scheme
Dairy Industry Superannuation Scheme Performance Summary (Gross of Fees) 1 Mo Fiscal YTD Dairy Industry Superannuation Scheme 0.9 8.0 12.8 8.2 DISS Composite 0.8 7.1 11.4 7.6 Excess Return 0.1 0.9 1.4
More informationManaging Feed and Milk Price Risk: Futures Markets and Insurance Alternatives
Managing Feed and Milk Price Risk: Futures Markets and Insurance Alternatives Dillon M. Feuz Department of Applied Economics Utah State University 3530 Old Main Hill Logan, UT 84322-3530 435-797-2296 dillon.feuz@usu.edu
More informationUniversity of Wisconsin-Madison Department of Agricultural Economics Marketing and Policy Briefing Paper Series. Paper No. 54, Revised December 1995
Department of Agricultural Economics, College of Agricultural and Life Sciences, University of Wisconsin-Madison Cooperative Extension Service, University of Wisconsin-Extension University of Wisconsin-Madison
More informationNEW ZEALAND ECONOMICS ANZ COMMODITY PRICE INDEX
ANZ RESEARCH NEW ZEALAND ECONOMICS Data for February 2013, released on 4 March 2013 CONTACT: Steve Edwards Economist Telephone: +64 9 357 4065 Email: Steve.Edwards@anz.com GAINING AGAIN The ANZ Commodity
More informationDairy 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
More informationCattle Market And Controversy
Cattle Market And Controversy Tri County Beef Cattle Merkting 2016 Jasper, TX April 21, 2016 David P. Anderson Professor and Extension Economist Overview Price Correction Increasing Beef Supply Price Relationships
More informationNEW ZEALAND ECONOMICS ANZ COMMODITY PRICE INDEX
ANZ RESEARCH NEW ZEALAND ECONOMICS Data for March 213, released on 2 April 213 CONTACT: Steve Edwards Economist Telephone: +64 9 357 465 E-mail: Steve.Edwards@anz.com DRY NAMITE EXPLOSION The ANZ Commodity
More informationCommodity 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
More informationProgram on Dairy Markets and Policy Information Letter Series
Program on Dairy Markets and Policy Information Letter Series MILC Sign-up, LGM-Dairy, and Planning for the October 2011 to September 2012 Fiscal Year Information Letter Number 11-01 September 2011 Andrew
More informationHedging Tools for the Ferrous Metals Marketplace. Young-Jin (Jin) Chang Director Research & Product Development March 11, 2013
Hedging Tools for the Ferrous Metals Marketplace Young-Jin (Jin) Chang Director Research & Product Development March 11, 2013 CME Group: The Leader in a Dynamic Industry A diverse and world leading derivatives
More informationBH-DG Systematic Trading LLP
Commodity Trading Advisors (CTAs) provide advice and services related to trading and investment strategies utilizing futures contracts and options on futures contracts on a wide variety of physical goods
More informationMulti Asset Indices Selection and Rebalance Dates
29 January 2015 DBIQ Index Selection Report Multi Asset Indices Selection and Rebalance Dates The report is designed to provide the details of future dates of selection and rebalance of various Multi-Asset
More informationChanges to the Margin Protection Program for Dairy Producers
Changes to the Margin Protection Program for Dairy Producers Briefing Paper 18-1 9 February 2018 Andrew M. Novakovic* Mark Stephenson* The Legislative Changes to MPP-Dairy Significant changes to the 2018
More informationOCD Valuation Analysis
Contents Profitability OCD Analysis February 2014 www.tdb.co.nz 1 Executive Summary Talley s strategy for OCD is to get shareholder value by generating a highly cashflow positive business by: 1. Having
More informationDean Foods Third Quarter 2008 Earnings Report. November 4, 2008
Dean Foods Third Quarter 2008 Earnings Report November 4, 2008 Forward Looking Statements The following statements made in this presentation are forward looking and are made pursuant to the safe harbor
More informationInterim 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
More informationAgenda. 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
More informationBrexit Monitor. Results. October 2018
Brexit Monitor Results October 2018 Brexit Monitor How is the middle market faring as the enters one of the most uncertain and volatile operating environments since the global economic collapse? RSM s
More informationEU ETS - any fundamental drivers left?
EU ETS - any fundamental drivers left? 4 th annual European Emissions Markets conference 26 Sept 2012, Brussels Marcus Ferdinand, Senior Market Analyst Setting the scene Market awaked from a long sleep
More informationHow Exchange Rates Affect Agricultural Markets
How Exchange Rates Affect Agricultural Markets Introduction The exchange rate between two currencies specifies how much one currency is worth in terms of the other. The Canadian exchange rate impacts the
More informationMGEX CBOT Wheat Spread Options. Product Overview
MGEX CBOT Wheat Spread Options Product Overview May 7, 2012 MGEX-CBOT Wheat Spread Options Overview - MGEX: Hard Red Spring Wheat futures listed on the Minneapolis Grain Exchange, Inc. - CBOT: Soft Red
More information2018 Enrollment Update
2018 Enrollment Update Explaining the Updated Dairy Margin Protection Program The National Milk Producers Federation has been working to make the dairy Margin Protection Program (MPP) as effective as possible
More informationKEY ELEMENTS OF THE AGREEMENT ON CAP REFORM nd July 2013
KEY ELEMENTS OF THE AGREEMENT ON CAP REFORM 2014-2020 2 nd July 2013 INTRODUCTION Following a series of meetings of the EU Council of Agriculture Ministers, the EU Commission and European Parliament between
More information2018 Enrollment Update
2018 Enrollment Update Explaining the Updated Dairy Margin Protection Program The National Milk Producers Federation has been working to make the dairy Margin Protection Program (MPP) as effective as possible
More informationFutures 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
More informationLGM-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?
More informationFutures & 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
More informationTrayport Euro Commodities Market Dynamics Report
Trayport Euro Commodities Market Dynamics Report Trayport Analysis Team October 2014 Legal disclaimer DISCLAIMER The content may not be copied, reprinted, published, transmitted, transferred, disseminated
More informationOVERVIEW ON STRAITS FINANCIAL LLC FUTURES DIVISION
OVERVIEW ON STRAITS FINANCIAL LLC FUTURES DIVISION DISCLAIMER Trading in futures products entails significant risks of loss which must be understood prior to trading and may not be appropriate for all
More informationThe European Regulation on OTC Derivatives, Central Counterparties and Trade Repositories
1. Introduction The European Regulation on OTC Derivatives, Central Counterparties and Trade Repositories e Brokerage Inc. As regulated entities providing clearing services to both European and non-european
More informationFiduciary management. Christy Jesudasan Donny Hay, MN
Fiduciary management Christy Jesudasan Donny Hay, MN 06 November 2013 Agenda Introduction to fiduciary management Suitability for pension schemes Issues to consider Growth of fiduciary management There
More informationMargin Management Tools. Commodity & Ingredient Hedging, LLC
Margin Management Tools Commodity & Ingredient Hedging, LLC www.cihedging.com 312-596-7755 Margin Management Tools There are many opportunities to protect a future profit margin on forward production periods
More informationLGM-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
More informationCase Studies with MPP Dairy Financial Stress test Calculator: Dealing with Declining Milk Price Basis in Michigan
Case Studies with MPP Dairy Financial Stress test Calculator: Dealing with Declining Milk Price Basis in Michigan Chris Wolf and Marin Bozic Michigan State University and University of Minnesota A financial
More informationNGFA Country Elevator Conference St. Louis, Missouri Dec. 9, 2013
Pat Westhoff (westhoffp@missouri.edu) Director, Food and Agricultural Policy Research Institute Professor, Agricultural and Applied Economics University of Missouri www.fapri.missouri.edu NGFA Country
More informationExploring Incentives and Implications of Adverse Selection in Dairy Margin Insurance
Exploring Incentives and Implications of Adverse Selection in Dairy Margin Insurance John Newton, Ph.D. Candidate th Annual National Workshop for Dairy Economists and Policy Analysts The Ohio State University
More informationTopic 4 Introduction to forwards and futures
Topic 4 Introduction to forwards and futures 1. Forward contracts & uses 2. Futures contracts, markets & uses 11/11/2013 Pr. Didier Folus 1 1. Forward contracts and uses 1.1. Definition & example Agreement
More informationDAIRY SECURITY ACT OF 2011
DAIRY SECURITY ACT OF 2011 2012 Southern Dairy Conference Atlanta, GA January 24, 2012 Scott Brown brownsc@missouri.edu ECONOMIC ANALYSIS OF DSA 2011 There are many challenges in quantifying the effects
More informationClassification: only to be shown if not public For professional investors only
CM17973 UK Connections matter For professional investors only Erik Rubingh, Managing Director Factor Investments Applying factor investing across asset classes Investment risks The value of investments
More information