Microsoft word - daily report - 17th march 2011.doc

US Stocks Shares of the following companies had unusual moves in U.S. trading. Stock symbols are in parentheses, and prices are as of 4 p.m. in New York. Homebuilders declined after housing starts in the U.S. fell more than forecast in February to the slowest pace since April 2009 and building permits slumped to a record low. KB Home (KBH US) slid 3.8 percent to $12.71. Lennar Corp. (LEN US) lost 2.9 percent to $19.12. Some coal producers advanced after Jefferies & Co. said it expects increased coal demand after the Japanese nuclear disasters. Peabody Energy Corp. (BTU US) rose 3.9 percent to $67.67. Arch Coal Inc. (ACI US) advanced 1.4 percent to $34.15. Apple Inc. (AAPL US) declined 4.5 percent to $330.01, the lowest price since Jan. 24. The maker of the iPad and iPod was cut to “market perform” from “market outperform” at JMP Securities. Astellas Pharma Inc. (ALPMY US) dropped 9.9 percent, the most since December 2008 to $34.25. The Tokyo-based pharmaceutical company was sued by a drug wholesales over an alleged scheme to delay generic versions of immune-suppressant Prograf. Stan Neve, a spokesman for Astellas, didn’t immediately return a phone call seeking comment. Entegris Inc. (ENTG US) slipped 4.3 percent to $7.17, the lowest price since Jan. 26. The maker of packaging equipment to transport semiconductors was cut to “neutral” from “buy” at Dougherty & Co. CWA Global Markets Pty Ltd
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International Business Machines Corp. (IBM US) declined 3.8 percent to $153 for the biggest loss in the Dow Jones Industrial Average. The computer services company was cut to “market perform” from “outperform” at Sanford C. Bernstein & Co. Kodiak Oil & Gas Corp. (KOG US) climbed 6.5 percent, the most since Feb. 23, to $6.43. The oil and natural gas explorer in the western U.S. was raised to “outperform” from “neutral” at Robert W Baird & Co. with a 12-month price estimate of $8 a share. Morton’s Restaurant Group Inc. (MRT US) surged 12 percent, the most since Oct. 25, to $7.20. The Chicago-based steakhouse chain said it’s exploring strategic alternatives, including a potential sale. Online Resources Corp. (ORCC US) tumbled 39 percent to $3.71 for the biggest retreat in the Russell 2000 Index. The maker of Internet banking software said it’s no longer considering potential business combinations because “the completion of a transaction on acceptable terms was unlikely.” Rambus Inc. (RMBS US) climbed 4 percent, the most since May 21, to $19.52. The company that sells technology used in computer memory renewed its five-year agreement with Toshiba Corp. Rambus receives royalty payments based on shipments in the agreement, which covers DRAM memory controllers. Sterling Construction Co. (STRL US) climbed 12 percent, the most since March 2009, to $14.54. The company specializing in highway paving, bridge and sewer reported fourth-quarter earnings and revenue that exceeded the average estimates of analysts surveyed by Bloomberg. Superior Industries International Inc. (SUP US) climbed 11 percent, the most since February 2009, to $21.32. The maker of automaker parts posted quarterly earnings and sales that exceeded the average analyst projections, Bloomberg data show. Universal Display Corp. (PANL US) rallied 19 percent, the most since December 2008, to 45.46. The developer of technologies used in flat panels posted fourth-quarter revenue that exceeded the average forecast of analysts surveyed by Bloomberg. Vera Bradley Inc. (VRA US) jumped 14 percent, the most since Oct. 21, to $38.41. The maker of women’s handbags reported fourth-quarter earnings per share that exceeded the average analyst estimate by 43 percent, on an adjusted basis, according to data compiled by Bloomberg. Precious Metals Gold rose in New York amid speculation that yesterday’s decline to a one-month low was overdone. The metal dropped 2.3 percent yesterday following a slump in equities and commodities. Japanese stocks rose today for the first time in five days as the nation attempts to prevent a nuclear disaster. “Some of the panic-selling that we saw yesterday is subsiding,” said Matt Zeman, a market strategist at Kingsview Financial in Chicago. “The commodity’s bull run is not over, and people are looking to buy gold on dips.” Gold futures for April delivery rose $9.40, or 0.7 percent, to $1,402.20 an ounce at 12:02 p.m. on the Comex in New York. Yesterday, the price touched $1,380.70, the lowest since Feb. 17. Gold reached a record $1,445.70 on March 7. Silver futures for May delivery advanced 53.3 cents, or 1.6 percent, to $34.65 an ounce. Yesterday, the price fell as much as 6.3 percent to $33.565. The metal has doubled in the past year. Palladium futures for June delivery climbed $3.70, or 0.5 percent, to $708.60 an ounce on the New York Mercantile Exchange. Platinum futures for April delivery rose $3.40, or 0.2 percent, to $1,709 an ounce on the Nymex. Energy Oil pared gains as the European Union’s energy chief said Japan’s crippled Fukushima Dai-Ichi nuclear power plant risks provoking a “major disaster” in the world’s third-biggest crude-consuming country. CWA Global Markets Pty Ltd
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Level 4, 8 Spring Street Sydney NSW 2000 web Futures retreated more than $1 after EU Energy Commissioner Guenther Oettinger told a European Parliament committee that “the site is effectively out of control.” Futures climbed as much as 2.5 percent earlier as escalating violence in Bahrain bolstered concern that turmoil will spill into neighboring Saudi Arabia, the world’s biggest crude-exporting country. “It was a blow to the market to hear the situation in Japan described as ‘out of control’ by such a senior and important person,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. “We’re looking for anything that gives us a signal of how strong Japanese energy demand will be.” Crude oil for April delivery rose 77 cents, or 0.8 percent, to $97.95 a barrel at 12:12 p.m. on the New York Mercantile Exchange. Futures were up as much as $2.42 to $99.60 before the commissioner spoke. Oil is 20 percent higher than a year ago. Brent crude oil for April settlement climbed $1.88, or 1.7 percent, to $110.40 a barrel on the London-based ICE Futures Europe exchange. Japan continues to suffer aftershocks after the 9.0- magnitude earthquake on March 11 shut factories, refineries and power plants. Oettinger, who represents the European Commission, the 27- nation EU’s executive arm, said a further deterioration in the situation could lead to the deaths of people in Japan. “We are somewhere between a disaster and a major disaster,” Oettinger said. “We are very much concerned and deeply distressed by the pictures we are seeing from Japan.” Pressure in the containment chamber of Dai-Ichi’s No. 2 reactor fell “substantially” today, said Masahisa Otsuku, a Tokyo Electric Power Co. nuclear maintenance official. The company suspected damage following an explosion in the reactor building yesterday. About 70 percent of the fuel rods at the No. 1 reactor and a third of the No. 2 reactor’s fuel may have been damaged, Tepco said. “The Japanese earthquake will lead to increased demand for crude oil,” said Rick Mueller, director of oil markets at Energy Security Analysis Inc. in Wakefield, Massachusetts. “There will be increased demand for low-sulfur fuel oil.” Japanese imports of liquefied natural gas and low-sulfur fuel oil surged in 2007 when Tepco shut its Kashiwazaki-Kariwa nuclear plant after an earthquake sparked a fire and caused radiation leaks. Bahrain security forces used tear gas to drive protesters from their rallying point at the central Pearl Roundabout in the capital Manama. The mostly Shiite Muslim demonstrators fled into nearby backstreets as military vehicles and helicopters were deployed in the area. The stock market suspended trading. A state of emergency was declared yesterday as a second contingent of troops from Gulf nations poured into the kingdom. Bahrain is connected to Saudi Arabia by a 25-mile causeway. “As long as there is no real calming of the unrest in the Middle East I don’t see the risk premium disappearing,” said Andy Sommer, a senior analyst at EGL AG in Dietikon, Switzerland. “Spil over into Saudi Arabia that impacts exports would be the extreme scenario, but for the time being it’s pure speculation.” Libya’s state-run television ran an appeal to the people of Benghazi, the center of the rebellion in the east of the country, urging them to join Qaddafi’s troops. The army “is coming to secure you and to lift the injustice and horror off you and to protect your pure souls and precious blood,” said the broadcast, which has been airing since yesterday. Pro-Qaddafi forces attacked Ajdabiya, a city 100 miles (160 kilometers) from the rebel capital, using airstrikes and artillery late yesterday, although rebels remained in control, Ahmed Omar, a military spokesman for the opposition, said today by telephone. Oil extended gains earlier after the Energy Department reported that gasoline inventories tumbled 4.17 million barrels to 225 million last week, the lowest level in two months. Supplies were forecast to drop 1.5 million barrels, according to the median of 16 analyst responses in a Bloomberg News survey. Stockpiles of distillate fuel, a category that includes heating oil and diesel, fell 2.6 million barrels to 152.6 million, the lowest level since May. They were forecast to decline by 1.4 million barrels. “The gasoline numbers were pretty bullish,” said Sean Brodrick, a natural resource analyst with Weiss Research in Jupiter, Florida. “This comes on top of bullish news from the Middle East, where we’re seeing increased violence in Bahrain and an increasing prospect of Qaddafi crushing the rebellion.” U.S. crude oil supplies climbed 1.75 million barrels to 350.6 million in the week ended March 11. Stockpiles were forecast to increase 1.3 million barrels. “U.S. crude supplies are still building despite the situation in Libya,” said Jason Schenker, president of Prestige Economics, an energy advisory firm in Austin, Texas. “There are no signs of an imminent supply problem here.” Europe’s natural-gas glut is poised to diminish amid Japan’s nuclear crisis, Germany’s decision to halt its oldest atomic reactors and continued conflict in CWA Global Markets Pty Ltd
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Level 4, 8 Spring Street Sydney NSW 2000 web Libya. Gas prices rose to a two-year high in Europe after Libyan pipeline exports to Italy stopped, cutting 10 percent of supply to the region’s third-biggest user of the fuel. Royal Dutch Shell Plc said it’s searching for available liquefied natural gas cargoes to send to Japan after the country’s worst earthquake shut nuclear plants, potentially diverting supply from Europe. Germany’s decision this week to shutter its oldest reactors for inspections will boost demand for other fuels. “The Libyan unrest and the Japanese disaster have driven spot prices up by nearly 20 percent as this has reduced available spare capacity for Europe,” Thierry Bros, senior analyst at Societe Generale SA in Paris, said in an e-mail. The possible end of the atomic era in developed nations as Japan battles nuclear radiation, “would leave gas as the fuel of no choice” and push up prices, he said. Gas in the U.K., Europe’s biggest market, has more than doubled over the past year after plunging about 80 percent from its 2008 peak as industrial demand for the fuel collapsed during the global economic recession. A surplus grew in Europe after utilities and energy suppliers including E.ON AG and Eni SpA couldn’t use all the fuel they were committed to under so-called take-or-pay contracts with producers such as OAO Gazprom. They deferred gas to a later date, causing an overhang that damped prices on spot markets. Europe’s glut may be as much as 50 billion cubic meters, more than France’s annual gas consumption, said Marco Boeri, an analyst at Paris-based BNP Paribas SA. E.ON in November estimated the surplus at 40 billion cubic meters. Eni, Italy’s biggest oil and gas company, may cut the volume it has to take from Russia to 2 billion cubic meters, from 5 billion, because of the Feb. 22 shutdown of the Greenstream pipeline from Libya, Societe Generale said. A closure of the 330-mile (530-kilometer) link under the Mediterranean Sea for the next six months means Italy may be short of 5 billion cubic meters of Libyan gas, rising to 8 billion if the halt lasts through 2011, the French bank said. Japan may take as much as 12 billion cubic meters of LNG supplies away from Europe to fuel power stations after last week’s earthquake and tsunami halted 11 reactors, Deutsche Bank AG said in a March 15 report. Europe imported 76 billion cubic meters of the cleaner-burning fuel last year, of which about one-third wasn’t committed to a specific destination, it said. “The U.K. market is most vulnerable, followed by Belgium, France and Spain,” Michael Hsueh, a London-based Deutsche Bank analyst, said in the report. Gas for next-month delivery in the U.K. traded at 64.80 pence a therm, or $10.37 per million British thermal units, on London’s ICE Futures Europe Exchange at 4:51 p.m. yesterday. That’s a rise of 119 percent from a year ago. The contract is 26 percent below its 2008 peak and 45 percent below its November 2005 record of 117 pence. Shell Chief Financial Officer Simon Henry said in a March 15 press conference in London that the company will be “looking around the world” for spare cargoes to send to Japan. “There are very few long term contracts with the U.K. so LNG that could have gone to the U.K. and elsewhere in Europe incidentally will probably be diverted to Japan,” Jonathan Stern, director of gas research at the Oxford Institute for Energy Studies, told reporters in Doha, Qatar, the same day. The U.K. this year surpassed Spain to become Europe’s biggest importer of the fuel and is the fastest-growing major gas taker as North Sea Production declines. Japan is the world’s biggest LNG user, accounting for about 35 percent of global trade in 2009, BP Plc statistics show. German Chancellor Angela Merkel ordered a three-month safety review at the country’s seven oldest reactors on March 15, boosting other fuels. If the plants are shut permanently and 10 more are closed in line with 2002 legislation, that may mean another 29 gigawatts of gas-fired power generation will be needed between 2014 and 2020, Deutsche Bank said in its report. That would be the equivalent of adding a further 30 percent to Germany’s annual gas consumption. “We believe that the planned global expansion of nuclear power is now under threat,” Sanford C. Bernstein & Co. said in a report yesterday. “It seems that the world will tilt back towards natural gas.” LNG demand may double over the next decade to 400 million metric tons a year, according to Bernstein analysts including Neil Beveridge in Hong Kong. “There could be an additional 25 million to 50 million of incremental LNG demand as a result of this incident as nuclear power plans are revised,” he said. About two-thirds of Europe’s gas is sold under take-or-pay contracts linked to the cost of oil products, such as fuel oil and gasoil, which have risen along with crude. That may limit rises on spot markets as long as there is surplus contract gas. Algeria is Europe’s third-largest gas supplier and sends LNG to France, Spain, Italy, Greece, Turkey and the U.K. Pipeline exports from Algeria go to Italy and Spain. “We estimate that another 79 billion cubic meters a year of exports, the equivalent of 2.6 percent of global gas CWA Global Markets Pty Ltd
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Level 4, 8 Spring Street Sydney NSW 2000 web production, can potentially be affected if physical disruptions spread to Egypt, Oman, Yemen and Algeria,” Goldman Sachs Group Inc. said in a March 6 report. Russia’s Gazprom and Norwegian gas exporter Statoil ASA stand to gain from the crisis by increasing production and consumers will begin to absorb excess supply, Christine Tiscareno, an analyst at Standard & Poor’s in London, said in a phone interview. “If we have the unrest and oil keeps going up it chokes off the economy,” she said. “If that happens, gas demand goes down further.” Grains Corn futures fell to a two-month low on concern that commodity demand will decline as Japan’s nuclear crisis escalates. The Asian nation is struggling to control radiation leaking from a power plant damaged by the magnitude-9 earthquake and tsunami that struck on March 11, killing thousands. Japan is the world’s biggest corn buyer. On Feb. 22, the price in Chicago reached a 31-month high. “People fear the worst possible outcome in Japan and are liquidating long positions,” said Gregg Hunt, a market analyst at Archer Financial Services Inc. in Chicago. “The situation has the potential to reduce demand” for supplies from the U.S., he said. Corn futures for May delivery fell 19.5 cents, or 3.1 percent, to close at $6.165 a bushel at 1:15 p.m. on the Chicago Board of Trade. Earlier, the price touched $6.08, the lowest for a most-active contract since Jan. 12. Yesterday, the grain tumbled 4.5 percent, the most in four months. Before today, the price jumped 75 percent in the past 12 months. The U.S. is the world’s leading corn exporter. Corn is the biggest U.S. crop, valued at $66.7 billion in 2010, government figures show. Soybeans rose the most in two weeks on signs that demand will rebound following yesterday’s biggest slide in four months, and rain damaged crops in Brazil, the world’s second biggest exporter. The Korean Feed Association bought 110,000 metric tons of soybean meal, and Korea’s Nonghyup Feed Inc. bought 55,000 tons, signaling increasing oilseed demand. As much as 2 inches (5.1 centimeters) of rain in the past 24 hours left fields too wet for harvesting in Brazil, World Weather Inc. said in a report. “Buyers are returning because the drop in prices is allowing them to lock in profitable margins,” said Dax Wedemeyer, a broker at U.S. Commodities Inc. in West Des Moines, Iowa. “The rains in Brazil are creating harvesting problems and may reduce production.” Soybean futures for May delivery rose 17 cents, or 1.3 percent, to $12.87 a bushel on the Chicago Board of Trade, the biggest gain since March 2. The price, which dropped 5.2 percent yesterday, has declined 12 percent since reaching a 30-month high of $14.5575 on Feb. 9. The U.S. is the leading oilseed exporter. Corn is the biggest U.S. crop, valued at $66.7 billion in 2010, followed by soybeans at $38.9 billion, government figures show. Wheat futures slumped to a five- month low on speculation that the earthquake in Japan and protests in the Middle East will cut global demand. Twelve dry-cargo ports in Japan, the second-biggest buyer of U.S. wheat, were damaged and still shut yesterday following the March 11 quake and tsunami, Inchcape Shipping Services said. Four people died today during protests in Bahrain. Riots over high food costs and corruption have spread across the Middle East and northern Africa, toppling leaders in Tunisia and Egypt, the world’s biggest wheat buyer. “We’ll keep one eye on Japan, one eye on the Middle East and one eye on the equity markets,” said Dan Kuechenmeister, the manager of the commodities department at RBC Dain Rauscher in Minneapolis. “We need to be a three-eyed monster.” Wheat futures for May delivery fell 5.75 cents, or 0.9 percent, to settle at $6.62 a bushel at 1:15 p.m. on the Chicago Board of Trade. Earlier, the prices touched $6.56, the lowest since Oct. 6. The U.S. is the world’s largest exporter, and Nigeria is its biggest customer. Wheat was the fourth-biggest U.S. crop in 2010 at $13 billion, behind corn, soybeans and hay, government data show. Canadian wheat planting may rise 6.8 percent this year as higher prices encourage farmers to boost acres, the country’s Agriculture Ministry said. Growers may plant 9.13 million acres of wheat, including durum, in the year beginning Aug. 1, up from 8.55 million a year earlier, Agriculture and Agri-Food Canada said today in a report. Durum seeding may climb 28 percent to 1.63 million acres. Winter-wheat planting jumped 21 percent as grain prices rose, while spring-wheat acres may increase 2 percent, the agency said. Canada may produce 24.5 million metric tons of wheat, up from an estimated 23.167 million a year earlier, the agency said. Exports may drop to 17.2 million tons from 17.5 million. CWA Global Markets Pty Ltd
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Level 4, 8 Spring Street Sydney NSW 2000 web Softs Cocoa may rebound as much as 14 percent should an extended political standoff in Ivory Coast, the world’s biggest supplier, prolong an export ban into May, Macquarie Group Ltd. said. Exports, accounting for 34 percent of global supply, were banned Jan. 24 by Alassane Ouattara, the internationally recognized winner of disputed presidential elections. The decree, combined with a lack of financing and trade restrictions imposed by the European Union in January, meant a 99 percent slump in the registration of beans for shipment in the two weeks ended March 3, the latest port data show. Cocoa has risen 18 percent since the November elections, adding pressure to world food prices the United Nations says reached a record last month. Ouattara this week extended the ban until the end of the month. Another extension may take it into the mid-crop, the smaller of two annual harvests that starts in April. “Cocoa processors are going to have to continue looking for alternatives,” said Kona Haque, an analyst at Macquarie in London who has covered commodities for 14 years. She correctly forecast the surge in prices that followed the first extension of the ban and now anticipates $3,700 a metric ton should the curbs continue into the mid-crop harvest. Cocoa for May delivery was little changed at $3,254 a ton on ICE Futures U.S. in New York at 10:34 a.m. London time, bringing the gain in the past year to 14 percent. Arabica coffee futures doubled over the same period, and raw sugar rose 44 percent. Cocoa advanced to $3,775 on March 4, the highest price since January 1979, before declining on speculation that consumers have sufficient stockpiles for now. Hedge funds and other speculators have more than doubled their bets on higher cocoa prices since the start of the year, according to data from the U.S. Commodity Futures Trading Commission. Their net-long position was 33,243 contracts as of March 8, up from 13,136 contracts on Dec. 28. Incumbent Ivory Coast President Laurent Gbagbo ordered companies to start shipping cocoa by the end of this month or face sanctions and took control of local cocoa purchases and exports. About 440,000 tons are currently stored in exporters’ warehouses near the port of Abidjan, Malick Tohe, an adviser to Ouattara, said March 14. Clashes between armed groups spread southward in Abidjan yesterday, residents said. Almost 400 people have been kil ed since the disputed election, according to the United Nations. Gbagbo retains the loyalty of the armed forces, while Ouattara has set up his rival administration in the Golf hotel in Abidjan protected by UN peacekeepers. Cocoa shipments from Ivory Coast have almost come to a halt, according to ports data obtained by Bloomberg. From Jan. 21 to Feb. 3, 71,457 tons of beans were registered for export. That number dropped to 8,645 tons in the 14 days that followed. They were just 277 tons registered in the two weeks from Feb. 18 to March 3, down for 50,738 tons a year earlier, the data show. Global output of the chocolate ingredient will exceed demand by 119,000 tons in the 2010-11 season, the International Cocoa Organization said March 1. Production in Ivory Coast may rise 6.7 percent to 1.325 million tons in the 2010-11 season that started Oct. 1, the London-based ICCO estimates. Archer Daniels Midland Co., the world’s largest grain processor, suspended its operations in the Ivory Coast this month, the Decatur, Illinois-based company said in a statement March 8. Barry Callebaut AG, based in Zurich and the world’s largest maker of bulk chocolate, confirmed it was no longer exporting cocoa products from the country on March 9. Olam International Ltd., a trader of commodities from coffee to cotton, is offering customers cocoa from other countries, Gerry Manley, director and global head for cocoa of the Singapore-based company, said in an e-mail March 8. Cotton declined for the third straight day on signs Japan’s nuclear crisis may worsen and derail global economic growth. Orange juice also retreated. The United Nations’ nuclear agency will call an emergency meeting to discuss the crisis in Japan. The Thomson Reuters/Jefferies CRB Index of 19 commodities slumped 4.6 percent in the previous three sessions after the worst earthquake in at least a century struck Japan on March 11, spurring a tsunami and explosions at nuclear plants. “The nuclear situation is scaring people away from riskier assets,” said Sid Love, the president of Joe Kropf & Sid Love Consulting Services LLC in Overland Park, Kansas. “When in doubt, get out.” Cotton futures for May delivery declined 5.82 cents, or 3 percent, to settle at $1.8512 a pound at 2:39 p.m. on ICE in New York. Earlier, the contract rose by the exchange’s 7-cent limit to $1.9794. The price slumped by the maximum allowed in the past two sessions. Orange-juice futures for May delivery fell 1.65 cents, or 1 percent, to $1.6555 a pound on ICE, declining for a second straight day. The quality of about 40 percent of Ivory CWA Global Markets Pty Ltd
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Level 4, 8 Spring Street Sydney NSW 2000 web Coast’s cocoa crop may have been hurt already because of a ban on exports from the world’s largest producer, Friedberg Mercantile Group Ltd. said. Cocoa shipments were disrupted as Alassane Ouattara, the internationally recognized winner of the disputed Nov. 28 presidential elections, imposed an exports ban on Jan. 24. About 440,000 metric tons are currently stored in exporters’ warehouses near the port of Abidjan, Malick Tohe, an adviser to Ouattara, said March 14. “Even in the best-case scenario, a quick resolution to the crisis, we’re talking about 40 percent of the entire crop being of sub-par quality,” Sholom Sanik, an analyst at Toronto-based Friedberg, said in an e-mailed report today. “The facilities where beans are being held were designed for brief storage.” Deterioration in bean quality may generate concerns for chocolate makers, Sanik said. “European chocolate manufacturers may not even want to buy them,” he said. The world cocoa balance could be tipped into deficit if the political turmoil in Ivory Coast persists and the stockpiles rot completely, Sanik said. “If there is a war in the Ivory Coast, the stockpiled cocoa will never leave the country and if the mid-crop rots on the trees, then you could be talking about a global deficit of between 250,000 to 350,000 metric tons,” he said in an e-mailed response to questions. “If this happens, there’l be a rush among chocolate makers to buy all supplies and prices could go to $4,000, maybe $4,500” a ton. Global output of the chocolate ingredient will exceed demand by 119,000 tons in the 2010-11 season, the International Cocoa Organization forecast on March 1. Cocoa for May delivery fell 1 percent to $3,224 a ton at 1:15 p.m. on ICE Futures U.S. in New York. Live Cattle Hog futures rose for the first time in five sessions as concerns eased that demand for U.S. pork exports would ebb after Japan’s earthquake disaster. Cattle fell, capping the biggest two-day drop in more than two years. Hogs tumbled 7.1 percent in the past four sessions. Importers in Japan, the largest buyer of U.S. pork last year, haven’t rescinded orders, a sign that shipments may not be disrupted by last week’s deadly quake, said Jason Golly, a vice president of risk-management marketing at Lynch Livestock Inc., citing meatpacker contacts. “We really haven’t seen an effect in the hog market,” Golly said from Waucoma, Iowa. Pork processors indicated that “they haven’t had one order canceled yet,” he said. Hog futures for June settlement rose 0.6 cent, or 0.6 percent, to settle at 95.35 cents a pound at 1 p.m. on the Chicago Mercantile Exchange. Yesterday, the price fell by the limit of 3 cents. The commodity has climbed 18 percent in the past year. Cattle futures for June delivery tumbled by the maximum of 3 cents, or 2.6 percent, to $1.1065 a pound. The price slumped by the limit for the second straight day, bringing the two-day slide to 5.1 percent, the most since January 2009. On March 9, cattle reached $1.18, the highest for a most- active contract since the commodity started trading in 1964. Feeder-cattle futures for August settlement dropped by the maximum of 3 cents for the second consecutive day, declining 2.2 percent to $1.3085 a pound. The two-day slump of 4.4 percent was the biggest since June 2009. Source: Market reports are sourced from Bloomberg News CWA Global Markets Pty Ltd AFSL #279118 ABN 65 097 925 472 Trading involves risk of loss and may not be suitable for you. Past performance is no guarantee or reliable indication of future results. All advice and education content is of the nature of general information only and must not in any way be construed or relied upon as legal, financial or personal advice. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. CWA Global Markets Pty Ltd or related entities will not accept any liability for loss or damage however caused be it accidental, consequential, direct or indirect, as a result of the misuse of the information contained herein. Please ensure you obtain, read and properly consider the current Product Disclosure Statement prior to acquiring the products referred to herein, so that you are fully informed regarding the key risks and costs associated with commodity warrants. These documents are available at or on request. CWA Global Markets Pty Ltd
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Microsoft word - infomail-2013-02-13mi-p-mojo231+232.doc

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