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Four P factors at work in the markets

first_imgShare Facebook Twitter Google + LinkedIn Pinterest During April, four “P” factors were at work — planters, politics, precipitation, and prices.PlantersPlanters were rolling across Ohio and the Midwest the last two weeks of April. In numerous Ohio locations the nearly 14-day long dry period mid-month was significant. It permitted fertilizer applications and planting to quickly accelerate corn planting progress. It was amazing to hear how quickly planting could progress when conditions were near ideal or even ideal. While it is not new news, I was surprised to hear of the current technology to produce maximum corn yields. The goal by many has become somewhat simple in scope, but nearly brilliant in magnitude. It is simply this: get the whole field to emerge the same day, and ideally within just a few hours. Emerging plants four days after the vast majority have emerged will be similar to the “runt” of the litter. The ear produced most likely will be extremely small, just a “nubbin.” Corn production has made decades of leaps forward in a very short period of time. All producers have gained huge benefits as a result of technology. It will be most interesting to see what the next decade brings to the forefront in corn production and yields. PoliticsBrazil’s President, Dilma Rousseff, has seen a huge political battle going on for months. She was first elected in 2011. Her popularity earned her reelection in October 2014. The pending impeachment process has thrown the country into chaos. She has been accused of violating fiscal laws by using funds from state banks to cover budget shortfalls. The uncertainty over corruption has thrown the Brazilian Real into a tailspin. Last fall currency conversions with the U.S. dollar and Real were a huge benefit to Brazil’s farmers. They were enjoying much stronger values for their soybeans in spite of the contract lows seen last fall. PrecipitationPrecipitation in Argentina during April was not a one-time event. Continuing rains kept harvest from happening in a timely manner. USDA’s last projection of the Argentina soybean harvest was 59 million tons. Numerous reports last month suggested that the rains of April could reduce harvest by 1 to 8 million tons. Quality could also be a concern with all of the rains. While precipitation was abundant in Argentina last month, it was the exact opposite in Brazil. The lack of rain was not a factor for Brazil’s soybeans. Instead it was affecting corn. Ideas of reduced corn production were also beneficial to corn prices. Brazil reduced its corn import tariffs to zero. It was thought U.S. corn could ultimately be imported into Brazil. PricesCorn and soybean prices moved in dramatic fashion last month. Prices were affected by all of the factors detailed above that included planting, politics, and precipitation. This combination was nearly the perfect storm to push prices higher. Certainly $4 corn and $9 plus soybeans are not record breaking. With input costs moving lower but still high, returns per acre are struggling to be above break-even. All fall and winter there was a strong bearish sentiment that engulfed the farming community. Producers were fearful of even lower prices with all of the sentiment. Forecasts of sub-par $3 corn and $7 soybeans were common. The environment continues to be tense as producers don’t want to make a mistake that is devastating to the bottom line.With the strong price rally seen in April, old corn reached $4 for many across Ohio. It was a long wait for a price many thought would never be seen this spring. Producers moved a lot of old corn last month. Corn basis levels took a huge hit as they fell anywhere from 10 to 20 cents in Ohio. Soybean price gains were welcomed beyond imagination as prices for old soybeans reached $10 in many parts of Ohio. New crop soybean prices reached $9.50 to $9.80 on last month’s rally.Stay close to the markets and weather events through at least mid-July. Forecasts of the fifth warmest summer since the 1950’s along with a five-year high prediction for U.S. hurricanes will provide a huge amount of weather uncertainty.last_img read more

EU Cancels US Ethanol Duty

first_imgShare Facebook Twitter Google + LinkedIn Pinterest By Todd NeeleyDTN Staff ReporterOMAHA (DTN) — The European Union Commission has canceled an ethanol anti-dumping duty against imports from the United States in place since 2013, essentially reopening a market that collapsed.The commission made the announcement on May 14, after launching a review of the duty on Feb. 20, 2018. The commission concluded that removing the duty would not increase the likelihood of dumping of U.S. ethanol on the EU market.The 9.5% duty was put in place as a result of a complaint filed by the EU’s largest ethanol producer group, ePure.“In light of the above assessment on the likelihood of recurrence of dumping should measures be allowed to lapse, the commission concluded it unlikely that U.S. bioethanol producers would export significant quantities of bioethanol to the Union at dumped prices, should the measures be allowed to lapse,” the EU commission said in its 14-page decision.“The commission acknowledged that the U.S. market is much larger than the union market in terms of production, consumption, and export sales. Nevertheless, the applicant did not provide any evidence as to why the size of the U.S. industry should indicate a likelihood of recurrence of dumping.”In addition, the commission said it didn’t find evidence that U.S. ethanol exports have increased because of lack of growing domestic demand and not because of growing demand in other countries.“In fact, the investigation showed that the consumption of fuel ethanol in the three major U.S. export markets increased by 1.3 million tons, while the production in those countries grew by only 200,000 tons. Moreover, the investigation showed that not only the U.S. production and exports were growing but also the domestic consumption. In the period considered, the U.S. production increased by 4.8 million tons, the exports by 1.5 million tons, and the domestic consumption by 3.1 million tons. Therefore, this claim must be rejected.”According to data from the U.S. Census Bureau, USDA and the U.S. Department of Commerce, ethanol exports from the United States to the European Union stood at about 175 million gallons in 2012. After the EU implemented the anti-dumping duty on U.S. imports, exports collapsed to around 25 million gallons in 2013. Those exports fell to near zero by 2016.U.S. exports to Brazil made up for the loss of the EU market, however, growing from about 50 million gallons in 2013 to about 450 million in 2016.Because U.S. ethanol plants produce about 2.8 gallons per bushel of corn, export market restoration in the EU to 2012 levels would create a demand for about 62.5 million bushels of corn, or less than 1% of all corn produced in the United States.The decision was met with encouragement from U.S. ethanol and agriculture interest groups.“We welcome the European Commission’s decision to open the market to free and fair competition,” said Craig Willis, senior vice president of global markets for Growth Energy.“By removing unjustified duties on U.S. ethanol, the commission is opening critical new opportunities for member states to take full advantage of affordable, low-carbon biofuels. It’s a win-win for our EU trading partners, who will be better positioned to meet their environmental goals while holding down prices for European drivers.”Tom Sleight, president and CEO of the U.S. Grains Council, said the decision was timely for U.S. producers.“The decision today in the EU to allow more open access for U.S. ethanol is very welcome by our industry and the members of the U.S. Grains Council,” he said.“We look forward to working with our customers and counterparts in the EU to fulfill the ethanol demanded by their biofuels policy and environment- and price-conscious consumers.”Renewable Fuels Association President and CEO Geoff Cooper said the penalties were “unjustified and unwarranted.”“The U.S. ethanol industry is looking forward to resuming more open trade relations with the European Union,” he said.“With today’s removal of these duties, consumers in the EU will once again have unfettered access to clean, affordable, renewable fuels.”EU ethanol interest group ePure said the commission’s decision puts Europe’s biofuels industry at risk.“The EU’s decision to repeal anti-dumping duties on fuel ethanol imports originating in the United States risks having serious consequences for the entire value chain of the European renewable ethanol industry,” the group said in a statement.“The decision comes at a time when other key U.S. export markets, including Brazil, China, Peru and Colombia, have introduced or are considering measures to protect themselves from unfair U.S. ethanol exports. This increases the risk that U.S. exporters divert exports previously targeting these countries to the EU. Europe’s renewable ethanol producers are already under pressure from misguided biofuel and agricultural policy decisions; now is not the time to subject them to unfair trade practices.”Todd Neeley can be reached at [email protected] him on Twitter @toddneeleyDTN(AG/SK)© Copyright 2019 DTN/The Progressive Farmer. All rights reserved.last_img read more

North battles South in All-Star Week’s main fare

first_imgCayetano: Senate, Drilon to be blamed for SEA Games mess CALASIAO, Pangasinan—The young turks of the league set the tone for this year’s PBA All-Star weekend.ADVERTISEMENT Juvic cruises to 7-shot win at Riviera Colombia protesters vow new strike after talks hit snag Google Philippines names new country director Wintry storm delivers US travel woes before Thanksgiving Bloomberg: US would benefit from more, not fewer, immigrants LA Tenorio, Paul Lee, Calvin Abueva, Japeth Aguilar and Marcio Lassiter form North’s starting unit versus South’s June Mar Fajardo, Greg Slaughter, James Yap, Mark Barroca and Scottie Thompson.Sports Related Videospowered by AdSparcRead Next Don’t miss out on the latest news and information. In what has been billed as a battle for regional pride, ex all-star MVPs like San Miguel Beer’s Arwind Santos and Alex Cabagnot will try to lead the North squad against the South team that features Rain or Shine’s James Yap and the Beermen’s Terrence Romeo.Phoenix Pulse’s Louie Alas (North) and Rain or Shine’s Caloy Garcia (South) will make their all-star coaching debuts.There’ll be room for nostalgia, too.Benjie Paras, Ronnie Magsanoc, Alvin Patrimonio and Jerry Codinera, participants in the inaugural all-star event in 1989, will make an appearance in the main game.Paras and Magsanoc will join Alas and the North team while Patrimonio and Codinera will be with Garcia’s South squad.ADVERTISEMENTcenter_img LATEST STORIES MOST READ Divided into a rookies-sophomore squad and a team made up of third year pros for a remodeled version of a dug-up format from three decades ago, the young stars entertained for three quarters at Calasiao Sports Complex here.“But in the fourth, it got really competitive because everyone wanted to win,” said Columbian’s CJ Perez, who was named MVP of the game where the league’s first- and second-year stars beat the Juniors squad, 141-140, on Friday night.FEATURED STORIESSPORTSPrivate companies step in to help SEA Games hostingSPORTSPalace wants Cayetano’s PHISGOC Foundation probed over corruption chargesSPORTSSingapore latest to raise issue on SEA Games food, logisticsThat game worked itself to a nail-biting ending where Rain or Shine rookie Javee Mocon tipped in Perez’s miss at the buzzer for the win.Now the veterans have a standard to match when the North and South all-stars clash on Sunday. Private companies step in to help SEA Games hosting Panelo: Duterte ‘angry’ with SEA Games hosting hassles View comments PH underwater hockey team aims to make waves in SEA Games PLAY LIST 02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games02:11Trump awards medals to Jon Voight, Alison Krauss Trump tells impeachment jokes at annual turkey pardon eventlast_img read more

THE UNFORTUNATE CATCH22 THAT MIGHT BE HOLDING BACK FULL INCLUSION IN HOLLYWOOD

first_img“The bottom line is that executives tend to prefer the safer choice and the safer choice historically has been white male directors just because they’ve had more experience.”It’s a cycle that’s been difficult to break. Advertisement Some major studios have announced inclusion programs to help give under-represented filmmakers a foot in the door. The catch? You have to have experience, which is often part of the problem in the first place.Canadian fashion photographer Justin Wu has a growing portfolio of celebrity snapshots, videos and commercials. But when he wanted to make the jump into directing television, he hit a glass ceiling.“There is an unfortunate catch-22: How can directors direct without experience? How can you get experience without directing?” said Wu in an interview at his Toronto photo studio. Login/Register With: Facebook Canadian fashion photographer Justin Wu was part of showrunner Ryan Murphy’s director mentorship program, which has opened doors for him after years of trying to break into television. (Nigel Hunt/CBC).Hollywood has been grappling with criticism over a lack of inclusion for years.The 2019 Diversity Report from the University of California Los Angeles (UCLA) analyzed 167 of the top-grossing films in 2017. About one in 10 directors were people of colour. That number would have to more than triple to reach proportional representation in the U.S. The level of diversity was marginally higher for TV productions. Advertisement Advertisement Actors such as 12 Years A Slave’s Alfre Woodard and The Wire’s Lance Reddick were among those participating in a script reading for the Ghetto Film School mentorship program. (Kim Brunhuber/CBC) LEAVE A REPLY Cancel replyLog in to leave a comment Twitterlast_img read more

Court challenge coming by BC Wine Institute against Alberta wine ban

first_imgKELOWNA, B.C. – British Columbia’s wine merchants say an Alberta ban on their product is having a crushing impact on the grape business and they plan to go to court to try to stop it.The B.C. Wine Institute says it has told the Alberta Gaming and Liquor Commission that it will seek a court injunction in Calgary as early as Monday to halt the two-week-old ban pending a legal review of its constitutionality.“It is severely impacting B.C. winery and grape growers, and many of them are small, family-owned operators,” Miles Prodan, president of the institute, said in an interview Wednesday.“The prospect of losing Alberta, even in the short term, is not good at all, and that’s why we reluctantly take this action.”Prodan said a survey of some members showed at least $1 million in lost revenue in the ban’s first week and another $4 million in losses are projected by month’s end.Alberta has said B.C. takes in $70 million a year on sales of 17 million bottles of wine to Alberta.Prodan said he has yet to hear about layoffs, but some wineries are putting expansion plans on hold pending a resolution to the dispute.The B.C. government is challenging the ban as a violation of Canadian free-trade rules, but that will take months to resolve.Prodan said wine producers can’t wait.“The ban has had an immediate, material effect,” he said. “We just feel that we’re backed into a corner somewhat and we need to step up for the best interests of our industry.”The institute speaks for 276 wineries and 923 grape growers who employ more than 12,000 people.It said Alberta takes in 20 per cent of all bottles produced in B.C., making it the province’s biggest customer.Prodan also noted that an estimated 25 per cent of space on Alberta liquor store shelves is for B.C. wines.“They’ve got to sell wine, and if B.C. wine is not available they’ll switch, even reluctantly, to something else,” said Prodan.“Once that’s lost, it’s not an easy return.”It’s also feared that the ban will affect wine tourism, he said. The most recent study in 2015 found that one million tourists visited B.C. wineries.B.C. has not retaliated to Premier Rachel Notley’s move so far. B.C. Agriculture Minister Lana Popham said in a statement Wednesday that the province will stand with wine producers against the ban.“The Alberta government’s unfair and illegal decision to ban B.C. wine threatens the livelihood of the families that have worked so hard to build B.C.’s world-class wine industry,” she said.Premier John Horgan has said the province will look to market wine elsewhere, including the United States and Asia.Prodan called that a welcome, but long-term, prospect. “You don’t just shift gears that easily.”Alberta Economic Development Minister Deron Bilous said in an interview that the pipeline bottleneck is costing Alberta — and Canada — billions of dollars and lost jobs due to discounted oil prices.He said Alberta will fight the court application and won’t back away from any of its ongoing actions.“We will see them in court. We’ll see them at a tribunal. We’ll see them in a courtyard. We will fight British Columbia wherever we need to in order to ensure that this pipeline gets built,” said Bilous.Notley imposed the ban in retaliation for a Jan. 30 pledge by Horgan’s government to reject increased levels of oil through the Trans Mountain pipeline until the province reviews spill safety measures.B.C. is against expansion of the Kinder Morgan line from Edmonton to Burnaby, although it has already been approved by the federal government.Alberta sees Horgan’s actions as an illegal way to kill the expansion.Notley and Prime Minister Justin Trudeau have made it clear that only Ottawa, not the provinces, has the authority to decide what goes in trans-boundary pipelines.Federal officials have been meeting with their B.C. counterparts to find a solution to the impasse. Notley, who has also scuttled talks to buy B.C. electricity, says she will take further retaliatory action this week if there is no progress in talks.She has been meeting with a 19-member committee made up of business people and academics to find ways to put more heat on B.C. She has also launched an online protest petition against Horgan, which now has more than 36,000 names.On Wednesday, the government spent $62,000 to take out full-page ads in B.C. newspapers. They warn that the B.C. government is “trying to break the rules of Confederation and ignore the national climate plan, choosing to agree with only parts of the federal decision.”— By Dean Bennett in Edmonton(Companies in this story: TSX:KML)last_img read more

CES 2019 Tech show isnt immune from government shutdown

first_imgLAS VEGAS — The CES 2019 gadget show is revving up in Las Vegas, but even technology’s biggest trade event isn’t immune to the effects of the partial government shutdown.Organizers said Saturday that several scheduled government speakers have cancelled their travel plans. These include Ajit Pai, head of the Federal Communications Commission, and at least nine other federal officials.Transportation Secretary Elaine Chao is still planning to deliver a keynote talk Wednesday on federal initiatives to advance drone technology and self-driving vehicles.The technology extravaganza opens to attendees on Tuesday. Many large tech companies no longer exhibit at CES, but find other ways to make their presence known. Apple, for instance, has splayed a huge sign across a high-rise hotel overlooking the conference centre.The Associated Presslast_img read more

Confident Hamilton predicts ‘toughest battle yet’ with Ferrari

first_imgMelbourne: Lewis Hamilton believes Ferrari have the edge going into the opening Grand Prix of the season in Melbourne, but the Mercedes ace remains quietly confident in his bid for a sixth world title. The 34-year-old, who was dominant in 2018, is gunning to go one better than legendary five-time champion Juan Manuel Fangio and close in on Michael Schumacher’s all-time record seven Formula One crowns. But it was Ferrari who sizzled in pre-season testing to emerge as the early favourites in Australia, with Hamilton claiming the Italian team could be up to half a second quicker around Albert Park on Sunday. Also Read – Dhoni, Paes spotted playing football together “This is going to be the toughest battle yet,” said the Briton, although Mercedes, who have won five drivers’ and constructors’ titles in a row, may not have shown their full hand yet. “We’ve got the best team around us. We have experience, it’s no coincidence that we are world champions so we have to be diligent and stay balanced,” added Hamilton, who has won twice in Melbourne, in 2008 and 2015. “But as a driver for sure I have to figure out how can I pull more out, which I don’t have the current answer for.” His Ferrari arch-rival Sebastian Vettel swept home in an Australian thriller last year, getting a jump on Hamilton after Mercedes miscalculated a pit stop under virtual safety car conditions. Also Read – Andy Murray to make Grand Slam return at Australian Open It was the four-time world champion’s second straight win in Melbourne and he followed it up with victory at Bahrain before a resurgent and doggedly consistent Hamilton won 11 of the final 19 races to leave the frustrated German in his wake. While Mercedes have retained Valtteri Bottas as Hamilton’s partner this year, one of only two unchanged driver line-ups, Vettel has a new teammate in Charles Leclerc who shifted from Sauber — now branded Alfa Romeo — in a swap for Kimi Raikkonen. Vettel said he considered 21-year-old Leclerc a “full rival” despite his relative inexperience and expressed confidence that Ferrari can clinch their first drivers’ crown since Raikkonen’s triumph in 2007. “I hope that this year we get to have a lot of fun. Fun is to win a lot of races and then ultimately you are fighting for the championship,” said the 31-year-old, who won four successive world championships at Red Bull from 2010-2013. The bookmakers have Vettel as clear favourite to win on Sunday although new Ferrari team chief Mattia Binotto suggested Mercedes were not as far off the pace as Hamilton suggested. “I believe that Mercedes will be very strong in Australia and I think that we would be completely wrong to believe that we are faster than them,” he said. Meanwhile Red Bull, powered by new Honda engines, have high hopes that Max Verstappen, who finished fourth in the drivers’ standings last year, can crash the Hamilton-Vettel party. He has a new partner in Pierre Gasly after Daniel Ricciardo’s shock decision to leave for Renault. Three drivers make their race debuts in Australia — Lando Norris (McLaren), Alexander Albon (Toro Rosso) and George Russell (Williams). Antonio Giovinazzi (Alfa Romeo) was a stand-in at two Grand Prix for Sauber in 2017, but is embarking on his first full season. The race also marks the amazing comeback of Poland’s Robert Kubica, who eight years ago partially severed his right arm in an accident that many believed would never see him driving a car again, let alone a Formula One machine. He gets his opportunity at Williams, which finished last in the constructors’ championship in 2018. In a new concept this year, a bonus point will be awarded for the fastest lap during the race should the driver finish inside the top 10. A winner currently gets 25 points with 18, 15, 12, 10, 8, 6, 4, 2 and one for the subsequent places. A new set of aero regulations have also been introduced, featuring simpler front wings and brake ducts, in a bid to improve the quality of racing.last_img read more

NCLAT seeks Anil Ambani’s reply on HSBC Daisy’s contempt plea

first_imgNew Delhi: The NCLAT has sought a response from Reliance Group Chairman Anil Ambani within 10 days over a contempt plea filed against him and other officials by the minority shareholders alleging non-payment of dues by one of its group firms. An NCLAT bench headed by Chairman Justice S J Mukhopadhaya said he would like to hear Ambani and other respondents over the contempt petition filed by HSBC Daisy Investments (Mauritius) and some other minority shareholders of the company over alleged breach of undertaking for payment by group firm Reliance Infratel. Also Read – Thermal coal import may surpass 200 MT this fiscal”We intend to hear the learned counsel appearing on behalf of the contemnor-respondents (Anil Ambani and others),” the bench said. “They may file short reply within ten days. Rejoinder, if any, may be filed by the appellants within a week thereof,” it added. The National Company Law Appellate Tribunal (NCLAT)has directed that the matter be listed on May 20, 2019 for admission. HSBC Daisy moved the appellate tribunal over alleged default of payment of Rs 230 crore by Reliance Infratel. Also Read – Food grain output seen at 140.57 mt in current fiscal on monsoon boostDuring the proceedings, counsel appearing for HSBC Daisy submitted that the order passed by NCLAT on June 29, 2018 amounts to an undertaking given by the parties in a consent decree over payment of Rs 230 crore and a breach of such undertaking amounts to Contempt of Court. As per the consent terms of the agreement between Reliance Infratel, HSBC Daisy and others, recorded by the NCLAT in its order dated June 26, 2018, the Anil Ambani-owned firm was to pay the amount in the next six months. The six-month period has come to an end following which HSBC Daisy and other nine minority shareholders holding 4.26 per cent stake in Reliance Infratel filed the contempt plea. Earlier, on January 2, NCLAT had disposed of the contempt plea filed by HSBC Daisy on technical grounds. However, the tribunal had given it the liberty to withdraw its plea to approach again with its contempt plea against the officials of Reliance Infratel. HSBC Daisy and other minority investors of Reliance Infratel had moved National Company Law Tribunal (NCLT) Mumbai alleging oppression and mismanagement after the company had allegedly not taken their consent for selling the tower and fiber assets.last_img read more

Egypt to try 23 Islamists for ‘unauthorised’ demo

first_imgCAIRO – An Egyptian court will try 23 Islamists under a newly passed law banning unauthorised demonstrations, a judicial source said Tuesday.Supporters of Islamist president Mohamed Morsi, ousted and arrested by the military in July, regularly hold demonstrations around the country calling for his return.Egypt’s military-installed authorities have cracked down on the protests, and more than 1,000 people have been killed and thousands others arrested since mid-August. The judicial source described the 23 accused as members of Morsi’s Muslim Brotherhood, and said they had been detained ahead of their case.The group was arrested in the Qaliubiya governorate north of Cairo, according to the source, who did not say when they had been detained.They would go on trial Sunday on charges of “demonstrating without authorisation,” “disrupting traffic” and “disturbing public order,” the source added.The protest law, passed on November 24, requires organisers to seek authorisation three days ahead of any planned demonstration. Requests can be denied if the protest is deemed a threat to national security.Three activists who took part in the 2011 uprising that toppled longtime president Hosni Mubarak are currently on trial under the law, and another is awaiting trial on the same charges.Activists say the ban is hypocritical as the army justified Morsi’s overthrow as a response to mass demonstrations across the country against his turbulent single year in power.last_img read more