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כנס לקוחות הזנת בעלי חיים
25.12.07
OUTLOOK FOR SOYBEAN MEAL AND CORN
3
CITI USDA99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 07/08
-SOYBEANS- U.S. 72,224 75,055 78,672 75,010 66,780 85,010 83,363 86,770 70,180 70,610 BRAZIL 34,200 39,300 43,500 52,000 51,000 53,000 57,000 59,000 61,040 62,000 CHINA 14,290 15,400 15,410 16,510 15,390 17,400 16,350 16,200 13,800 14,300 ARGENTINA 21,200 27,800 30,000 35,500 33,000 39,000 40,500 47,200 47,040 47,000 CANADA 2,776 2,703 1,635 2,336 2,260 3,040 3,160 3,460 2,696 2,700 PARAGUAY 2,911 3,502 3,547 4,500 3,910 4,050 3,640 6,200 6,500 6,500 EU 1,406 1,258 1,375 993 825 1,086 1,174 1,241 820 839 INDIA 5,200 5,250 5,400 4,000 6,800 5,850 7,000 7,690 9,000 9,200 OTHER 6,202 5,503 5,292 5,940 6,566 7,253 8,251 8,012 7,843 8,443 SUBTOTAL 160,409 175,771 184,831 196,789 186,531 215,689 220,438 235,773 218,919 221,592
-COTTONSEED- CHINA 6,900 7,960 9,560 8,850 8,870 12,150 11,755 13,910 14,000 13,910 FSU 2,990 2,700 3,060 2,900 2,835 3,374 3,603 3,480 3,480 3,475 U.S. 5,760 5,840 6,760 5,610 6,046 7,437 7,414 6,666 5,970 5,970 INDIA 5,170 4,900 5,100 4,400 5,944 8,067 8,088 9,128 10,100 10,190 PAKISTAN 3,820 3,570 3,610 3,400 3,416 4,850 4,426 4,318 4,000 3,810 BRAZIL 1,110 1,520 1,230 1,450 2,240 2,197 1,750 2,606 2,550 2,606 OTHER 7,170 7,019 7,096 6,136 6,415 7,674 7,106 5,908 5,268 5,268 SUBTOTAL 32,920 33,509 36,416 32,746 35,766 45,749 44,142 46,016 45,368 45,229
-RAPESEED- CHINA 10,130 11,380 11,330 10,550 11,420 13,182 13,050 12,700 10,500 11,600 EU 14,361 11,364 11,585 11,752 11,185 15,432 15,523 15,962 18,000 18,179 CANADA 8,800 7,210 5,020 4,180 6,771 7,728 9,660 9,000 8,751 8,750 INDIA 5,110 3,730 4,500 4,050 6,800 6,500 7,000 5,800 5,400 5,400 US 620 910 910 700 686 613 718 633 682 682 AUSTRALIA 2,460 1,910 1,800 870 1,703 1,542 1,436 500 1,050 900 FSU 365 378 385 247 305 572 742 1,309 2,120 1,967 OTHER 648 465 493 573 558 589 603 817 829 829 SUBTOTAL 42,494 37,347 36,023 32,922 39,428 46,158 48,732 46,721 47,332 48,307
WORLD OILSEED PRODUCTION (thousand tonnes)
4
CITI USDA99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 07/08
-SUNSEED- FSU 7,260 7,750 5,325 7,542 9,794 8,475 11,745 12,695 10,200 10,190 EU 6,066 5,117 4,972 5,183 6,155 6,463 5,958 6,483 4,500 4,532 ARGENTINA 6,000 3,050 3,844 3,700 3,240 3,600 3,800 3,500 4,550 4,600 O. EUR 359 280 329 352 476 507 500 470 410 410 CHINA 1,800 1,950 1,478 1,946 1,743 1,552 1,927 1,900 1,780 1,800 U.S. 1,970 1,610 1,551 1,112 1,209 930 1,823 972 1,312 1,312 INDIA 1,300 1,250 1,450 1,625 1,700 1,224 1,550 1,280 1,420 1,650 OTHER 2,423 2,071 2,464 2,527 2,574 2,651 2,691 2,845 2,954 2,954 SUBTOTAL 27,178 23,078 21,413 23,987 26,891 25,402 29,994 30,145 27,126 27,448
-PEANUTS- CHINA 12,640 14,440 14,415 14,818 13,420 14,340 14,340 14,610 14,000 14,000 INDIA 5,500 5,700 7,600 5,400 7,700 7,000 6,300 5,385 6,000 6,000 U.S. 1,740 1,480 1,940 1,506 1,880 1,945 2,209 1,571 1,572 1,572 OTHER 9,090 9,560 9,862 9,144 9,791 10,273 10,186 10,790 10,815 10,815 SUBTOTAL 28,970 31,180 33,817 30,868 32,791 33,558 33,035 32,356 32,387 32,387
TOTAL 291,971 300,885 312,500 317,312 321,407 366,556 376,341 391,011 371,132 374,963 US 82,314 84,895 89,833 83,938 76,601 95,935 95,527 96,612 79,716 80,146 FOREIGN 209,657 215,990 222,667 233,374 244,806 270,621 280,814 294,399 291,416 294,817FOR-ARG,BRZ 147,147 144,320 144,093 140,724 155,326 172,824 177,764 182,093 176,236 178,611
(thousand tonnes)
5
U.S. OILSEED PRODUCTION
52.4 54.159.6
50.9
68.4
59.264.8
73.2 74.6 72.2 75.178.7
75.066.8
85.0 83.4 86.8
70.2
80.8
0
10
20
30
40
50
60
70
80
90
100
110
120
90/91 91/92 92/93 93/94 94/95 95/96 96/97 97/98 98/99 99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09
Pro
du
cti
on
(m
il t
on
ne
s)
-SOYBEANS- -COTTONSEED- -SUNSEED- -PEANUTS- -RAPESEED-
76.6
64.3
68.5
84.983.1
69.0
79.7
59.5
89.8
84.482.3
74.8
83.9
60.5
96.695.5
95.9
79.7
88.9
Soybean led recovery expected next year, but will remain well below levels of two years ago
6
FOREIGN OILSEED PRODUCTION
66.9 69.2 65.2 67.285.8 85.5 87.4
100.7 106.2121.8 119.8
130.7 137.1148.4 148.5
24.0 26.1 29.7 27.9
28.8 27.8 27.1
27.729.7
27.1 29.7
38.336.7
36.7 40.0
26.730.8 34.5 31.6
33.4 35.942.3
36.435.1
32.2
45.548.0
46.1 48.2
20.021.4
24.0 22.3
21.6 24.225.2
21.519.9
22.925.7
24.528.2
29.0 26.2
22.3
24.725.6 26.9
25.928.0
27.329.7
31.9
29.430.9
31.630.8
30.6 30.9
38.7
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
93/94 94/95 95/96 96/97 97/98 98/99 99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08
MIL
LIO
N T
ON
NE
S
SOYBEAN COTTONSEED RAPESEED SUNSEED PEANUT
222.7
195.5
175.9178.9172.2
201.4 209.2216.0
233.4
244.8
159.9
270.6
294.3
280.8
293.4
7
WORLD OILSEED PRODUCTION
209217 219 220
252 248 250
277285
292301
313 317 321
367376
391
376
20
45
70
95
120
145
170
195
220
245
270
295
320
345
370
395
420P
rod
uc
tio
n (
mil
to
nn
es
)
20.0%
21.0%
22.0%
23.0%
24.0%
25.0%
26.0%
27.0%
28.0%
29.0%
30.0%
31.0%
32.0%
33.0%
34.0%
35.0%
36.0%
US
Pro
du
cti
on
(%
of
To
tal)
WORLD US Production as % of World
First decline since 95/96, decline is record large
8
World Soybean Production, Thousand Tonnes
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
220,000
240,000
260,000
87/
88
88/
89
89/
90
90/
91
91/
92
92/
93
93/
94
94/
95
95/
96
96/
9797
/98
98/9
999
/00
00/0
101
/02
02/0
303
/04
04/0
505
/06
06/0
707
/08
-20,000
-15,000
-10,000
-5,000
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
Change (right scale) World total (left scale)
Record yearly decline in world soybean production, assuming normal South American yields
9
SOUTH AMERICAN SOYBEAN PRODUCTION
32.5 31.3 34.239.3
43.552.0 51.0 53.0
57.0 59.0 61.0
19.5 20.021.2
27.8
40.5
47.247.0
3.0 3.0
3.5
4.53.9
4.0
6.5
1.2 1.1
1.9
1.4
2.4
2.8
35.530.0
33.0
39.0
6.0
3.5
2.9
4.1
2.4
2.7
1.4
2.0
0
10
20
30
40
50
60
70
80
90
100
110
120
130
97/98 98/99 99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08
Pro
du
cti
on
(m
il t
on
ne
s)
0
20
40
60
80
100
120
Brazil Argentina Paraguay Other S.A. US
56.255.4
60.2
78.4
72.0
94.0
89.8
102.2
114.6
98.7
117.4
Relatively small increase in South America production is expected. Would not take much of a crop problem before production is lower than the previous year
10
Eastern Pacific Sea-Surface Temperature Anomaliesas of late October, 2007
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0J
an
-80
Ja
n-8
1
Ja
n-8
2
Ja
n-8
3
Ja
n-8
4
Ja
n-8
5
Ja
n-8
6
Ja
n-8
7
Ja
n-8
8
Ja
n-8
9
Ja
n-9
0
Ja
n-9
1
Ja
n-9
2
Ja
n-9
3
Ja
n-9
4
Ja
n-9
5
Ja
n-9
6
Ja
n-9
7
Ja
n-9
8
Ja
n-9
9
Ja
n-0
0
Ja
n-0
1
Ja
n-0
2
Ja
n-0
3
Ja
n-0
4
Ja
n-0
5
Ja
n-0
6
Ja
n-0
7
Ja
n-0
8
El Niño
El NiñoEl Niño
El Niño
La Niña
La Niña
La Niña
El NiñoEl Niño
2007 La Niña
11
What is La Niña?• La Niña is characterized by when the tropical seas of the
Pacific off the coast of Latin America cool down, while the waters turn warmer towards Australia, the Philippines and Indonesia.
• the presence of La Niña is often quoted by the National Hurricane Center to be a cause for increased Atlantic tropical cyclone activity, partly because of higher sea surface temperatures in the Atlantic basin. The hurricane season of 1995 is also likely to have been influenced by that year's La Niña conditions.
• La Niña can send weather systems into havoc over vast areas, delivering huge deluges of rain over the Far East and tropical Australia, while western parts of Latin America turn much drier than usual. This is the flip side of El Niño, although La Niña lasts for a shorter time, usually no more than a year.
12
BRAZILIAN SOYBEAN AREA, PRODUCTION, AND YIELD
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
91/92 92/93 93/94 94/95 95/96 96/97 97/98 98/99 99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09
AR
EA
IN
MIL
LIO
N H
EC
TA
RE
S
P
RO
DU
CT
ION
IN
MIL
LIO
N T
ON
NE
S
0.0
0.5
1.0
1.5
2.0
2.5
3.0
TO
NN
ES
/HE
CT
AR
E
AREA PRODUCTION YIELD Linear (YIELD)
Caution, La Nina could reduce yields for Southern Brazil
13
00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09SOYBEANS
AREA MIL HA 13.60 13.93 16.35 18.45 21.52 22.80 22.23 20.70 21.80YLD MT/HA 2.55 2.83 2.66 2.82 2.37 2.32 2.56 2.81 2.80BEG. STOCKS 0.40 0.62 0.46 0.68 3.30 3.49 1.52 2.33 2.74PRODUCTION 34.70 39.50 43.50 52.00 51.00 53.00 57.00 59.00 61.04IMPORTS 0.80 0.86 1.05 1.12 0.37 0.35 0.04 0.04 0.08SUPPLY 35.90 40.98 45.01 53.80 54.66 56.84 58.56 61.37 63.86
CRUSH 21.58 22.77 25.84 27.80 28.91 29.73 28.75 31.25 31.70EXPORTS 11.78 15.52 16.07 19.99 19.26 22.80 24.77 24.48 26.35SFR 1.93 2.22 2.41 2.72 3.00 2.80 2.70 2.90 3.10TOTAL USE 35.29 40.52 44.33 50.50 51.17 55.33 56.22 58.63 61.15
END STOCKS 0.62 0.46 0.68 3.30 3.49 1.52 2.33 2.74 2.71
SOYMEAL
BEG. STOCKS 0.44 0.46 0.36 0.62 0.86 0.77 0.82 0.86 1.42PRODUCTION 16.83 17.72 20.10 21.68 22.55 23.10 22.08 24.06 24.73IMPORTS 0.12 0.23 0.37 0.29 0.18 0.19 0.20 0.07 0.11SUPPLY 17.39 18.41 20.82 22.59 23.59 24.06 23.10 25.00 26.26
DOMESTIC 7.06 6.92 7.42 8.19 8.26 9.02 9.96 10.92 11.30EXPORTS 9.87 11.13 12.78 13.54 14.56 14.23 12.28 12.65 13.65TOTAL USE 16.93 18.05 20.20 21.73 22.82 23.25 22.23 23.58 24.95
END STOCKS 0.46 0.36 0.62 0.86 0.77 0.82 0.86 1.42 1.31
SOYOIL
BEG. STOCKS 0.20 0.25 0.11 0.17 0.20 0.28 0.27 0.31 0.32PRODUCTION 2.24 2.34 2.58 2.76 2.99 3.12 2.78 3.20 3.26IMPORTS 0.05 0.02 0.05 0.03 0.02 0.00 0.02 0.00 0.01SUPPLY 2.49 2.61 2.75 2.95 3.21 3.39 3.07 3.51 3.60
DOMESTIC 3.03 2.99 2.91 2.96 2.98 3.00 3.13 3.46 4.15EXPORTS 1.13 1.62 2.10 2.40 2.53 2.74 2.31 2.57 2.03TOTAL USE 4.16 4.61 5.01 5.37 5.51 5.74 5.45 6.03 6.18
END STOCKS 0.25 0.11 0.17 0.20 0.28 0.27 0.31 0.32 0.31
MEAL EQUIV 19.23 23.47 25.56 29.43 29.87 32.35 31.97 32.11 34.60OIL EQUIV 3.37 4.57 5.15 6.20 6.19 7.07 7.02 7.22 7.04
BRAZIL SOYBEAN COMPLEX SUPPLY/USAGE
FEB-JAN, MILLION TONNES
14
ARGENTINA SOYBEAN AREA, PRODUCTION, AND YIELD
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
91/92 92/93 93/94 94/95 95/96 96/97 97/98 98/99 99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09
AR
EA
IN
MIL
LIO
N H
EC
TA
RE
S
PR
OD
UC
TIO
N I
N M
ILL
ION
TO
NN
ES
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
TO
NN
ES/
HE
CT
AR
E
AREA PRODUCTION YIELD Linear (YIELD)
La Nina could increase risk for adverse weather and lower yield
15
00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 08/09SOYBEANS
AREA MIL HA 8.58 10.40 11.40 12.60 14.00 14.40 15.20 16.00 16.80YLD MT/HA 2.47 2.67 2.63 2.82 2.36 2.71 2.66 2.95 2.80BEG. STOCKS 0.29 0.46 0.87 1.94 2.76 3.68 2.38 2.41 3.54PRODUCTION 21.20 27.80 30.00 35.50 33.00 39.00 40.50 47.20 47.04IMPORTS 0.44 0.55 0.47 0.53 0.71 0.68 1.01 2.28 2.35SUPPLY 21.93 28.81 31.34 37.97 36.47 43.35 43.89 51.89 52.93
CRUSH 16.35 19.26 22.01 24.78 24.67 29.21 32.65 35.01 38.75EXPORTS 4.10 7.48 6.18 8.92 6.57 10.12 7.13 11.59 9.40SFR 1.01 1.19 1.20 1.50 1.55 1.65 1.70 1.75 1.90TOTAL USE 21.46 27.94 29.39 35.21 32.79 40.97 41.48 48.35 50.05
END STOCKS 0.46 0.87 1.94 2.76 3.68 2.38 2.41 3.54 2.88
SOYMEAL
BEG. STOCKS 0.33 0.15 0.27 0.26 0.38 0.48 0.33 0.39 0.26PRODUCTION 12.94 15.29 17.47 19.60 19.40 23.05 25.71 27.39 30.32SUPPLY 13.27 15.44 17.74 19.86 19.78 23.53 26.04 27.78 30.58
DOMESTIC 0.19 0.23 0.22 0.36 0.28 0.47 0.43 0.40 0.45EXPORTS 12.93 14.94 17.26 19.12 19.01 22.73 25.22 27.13 29.85TOTAL USE 13.12 15.17 17.49 19.48 19.29 23.20 25.65 27.53 30.30
END STOCKS 0.15 0.27 0.26 0.38 0.48 0.33 0.39 0.26 0.28
SOYOIL
BEG. STOCKS 0.09 0.11 0.13 0.20 0.17 0.22 0.20 0.26 0.30PRODUCTION 2.99 3.58 4.04 4.64 4.65 5.48 6.16 6.74 7.31SUPPLY 3.07 3.68 4.16 4.85 4.82 5.70 6.36 6.99 7.61
DOMESTIC 0.12 0.09 0.18 0.34 0.21 0.38 0.32 0.36 0.80EXPORTS 2.85 3.47 3.78 4.34 4.39 5.12 5.78 6.34 6.52TOTAL USE 2.97 3.56 3.96 4.68 4.60 5.50 6.10 6.69 7.32
END STOCKS 0.11 0.13 0.20 0.17 0.22 0.20 0.26 0.30 0.29
MEAL EQUIV 16.19 20.89 22.18 26.22 24.23 30.77 30.89 36.35 37.32OIL EQUIV 3.61 4.86 4.92 5.99 5.60 6.99 7.10 8.48 8.26
ARGENTINE SOYBEAN COMPLEX SUPPLY/USAGE
MAR-FEB, MILILON TONNES
16
U.S. SOYBEAN SUPPLY/USAGE BALANCE(September-August)(million bushels)
USDA Citi CitiDec Est Proj
95/96 96/97 97/98 98/99 99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 07/08 08/09
ACRES PLANTED 62495 64195 70005 72025 73730 74266 74075 73963 73404 75208 72142 75552 63669 63669 70000% HARVESTED 0.985 0.987 0.987 0.978 0.983 0.975 0.985 0.980 0.987 0.983 0.988 0.987 0.987 0.983 0.986ACRES HARVESTED 61544 63349 69110 70441 72446 72408 72975 72497 72476 73958 71251 74602 62818 62618 69020AVERAGE YIELD 35.3 37.6 38.9 38.9 36.6 38.1 39.6 38.0 33.9 42.2 43.0 42.7 41.3 41.2 43.0
CARRY-IN 335 183 132 200 348 290 248 208 178 112 256 449 573 573 161PRODUCTION 2174 2380 2689 2741 2654 2758 2891 2756 2454 3124 3063 3188 2594 2579 2968IMPORTS 5 10 5 5 3 3 2 5 6 6 4 9 6 8 8
TOTAL SUPPLY 2514 2573 2826 2946 3005 3051 3140 2969 2638 3242 3323 3647 3173 3160 3137
CRUSH 1363 1436 1597 1590 1577 1639 1700 1615 1530 1696 1739 1806 1830 1828 1835EXPORTS 855 882 900 851 990 1015 1071 1065 887 1103 940 1118 995 1000 960SEED 76 79 86 89 90 91 90 90 92 88 92 78 86 85 85FEED/RESIDUAL 31 44 43 68 58 58 73 22 17 99 103 71 77 85 90
TOTAL USAGE 2325 2441 2626 2598 2715 2803 2933 2791 2526 2986 2874 3073 2988 2999 2970
STOCKS 183 132 200 348 290 248 208 178 112 256 449 573 185 161 167STOCKS-TO-USE % 7.9 5.4 7.6 13.4 10.7 8.8 7.1 6.4 4.4 8.6 15.6 18.7 6.2 5.4 5.6
17
US Soybean Ending Stocks, Million Bushels
0
50
100
150
200
250
300
350
400
450
500
550
600
6507
1/7
2
72/
73
73/
74
74/
75
75/
76
76/
77
77/
78
78/
79
79/
80
80/
81
81/
82
82/
83
83/
84
84/
85
85/
86
86/
87
87/
88
88/
89
89/
90
90/
91
91/
92
92/
93
93/
94
94/
95
95/
96
96/
97
97/
98
98/
99
99/
00
00/
01
01/
02
02/
03
03/
04
04/
05
05/
06
06/
07C
iti
07/
08C
iti
4
6
8
10
12
14
16
18
20
22
24
26
28
30
Ending Stocks, Left Scale Stocks/Use, Right Scale
US stocks are declining to minimum levels. No signs of sufficient rationing yet. Supply tightness in the 08/09 season could become more severe if a large increase in area is not secured.
18
NET POSITION FUTURES AND OPTIONS OF LARGE SPECULATORS IN SOYBEANS
-80000
-60000
-40000
-20000
0
20000
40000
60000
80000
100000
120000
140000
160000
1800004/
18/1
995
8/29
/199
5
12/2
6/19
95
4/9/
1996
7/23
/199
6
11/5
/199
6
2/18
/199
7
6/3/
1997
9/16
/199
7
12/3
0/19
97
4/14
/199
8
7/28
/199
8
11/1
0/19
98
2/23
/199
9
6/8/
1999
9/21
/199
9
1/4/
2000
4/18
/200
0
8/1/
2000
11/1
4/20
00
2/27
/200
1
6/12
/200
1
9/25
/200
1
1/8/
2002
4/23
/200
2
8/6/
2002
11/1
9/20
02
3/4/
2003
6/17
/200
3
9/30
/200
3
1/13
/200
4
4/27
/200
4
8/10
/200
4
11/2
3/20
04
3/8/
2005
7/5/
2005
10/1
8/20
05
1/31
/200
6
5/16
/200
6
8/29
/200
6
12/1
2/20
06
3/27
/200
7
7/10
/200
7
10/2
3/20
07
Record net long: 156,188 on 12/11/2007
Record net short: 56,442 on 2/8/2005
Record spec net long position, as is the case with soybean meal. May not see a major washout, or liquidation for another year. Index funds and other investor funds keep entering the market in earnest
19
TOTAL FUTURES AND OPTIONS OPEN INTEREST IN SOYBEANS
0250005000075000100000125000150000175000200000225000250000275000300000325000350000375000400000425000450000475000500000525000550000575000600000625000650000675000700000725000750000775000800000825000
4/1
8/1
99
5
8/2
9/1
99
5
12
/26
/19
95
4/9
/19
96
7/2
3/1
99
6
11
/5/1
99
6
2/1
8/1
99
7
6/3
/19
97
9/1
6/1
99
7
12
/30
/19
97
4/1
4/1
99
8
7/2
8/1
99
8
11
/10
/19
98
2/2
3/1
99
9
6/8
/19
99
9/2
1/1
99
9
1/4
/20
00
4/1
8/2
00
0
8/8
/20
00
11
/21
/20
00
3/6
/20
01
6/1
9/2
00
1
9/1
8/2
00
1
12
/28
/20
01
4/9
/20
02
7/2
3/2
00
2
11
/5/2
00
2
2/1
8/2
00
3
6/3
/20
03
9/1
6/2
00
3
12
/30
/20
03
4/1
2/2
00
4
7/2
7/2
00
4
11
/9/2
00
4
2/2
2/2
00
5
6/2
1/2
00
5
10
/4/2
00
5
1/1
7/2
00
6
5/2
/20
06
8/1
5/2
00
6
11
/28
/20
06
3/1
3/2
00
7
6/2
6/2
00
7
10
/9/2
00
7
20
400
500
600
700
800
900
1000
1100
1200
25
/11
/01
25
/01
/02
25
/03
/02
25
/05
/02
25
/07
/02
25
/09
/02
25
/11
/02
25
/01
/03
25
/03
/03
25
/05
/03
25
/07
/03
25
/09
/03
25
/11
/03
25
/01
/04
25
/03
/04
25
/05
/04
25
/07
/04
25
/09
/04
25
/11
/04
25
/01
/05
25
/03
/05
25
/05
/05
25
/07
/05
25
/09
/05
25
/11
/05
25
/01
/06
25
/03
/06
25
/05
/06
25
/07
/06
25
/09
/06
25
/11
/06
25
/01
/07
25
/03
/07
25
/05
/07
25
/07
/07
25
/09
/07
25
/11
/07
SB -Close (Last Trade)
Soybeans
21
SOYBEAN YEARLY HIGH, LOW, AVERAGE PRICES FOR NEARBY SOYBEAN FUTURES
955
685
934 949
644
555
603
1060
906
661641 630
735 732
644
838
892
740
594572
528
594
649
1056
745
632
922
662
547519
607
504474 469
504
569544
518537 527
561527
623643
515
410437 422 418
519562
500537 539
1300
850
300
400
500
600
700
800
900
1000
1100
1200
1300
1400
CE
NT
S/B
US
HE
L
HIGH LOW AVERAGE
Source: CQG & Citi
22
Soybean Meal outlook
23
WORLD SOYBEAN/SOYBEAN MEAL IMPORT/EXPORT MATRIX(October-September) (Thousand tonnes)
2005-06 2006-07
IMPORTERS BEANS MEAL SBME* BEANS MEAL SBME* BEANS MEAL SBME*
EU-27 13940 22822 33904 15300 22600 34764 15350 24200 36403OTHER EUR 540 561 990 500 600 998 450 600 958FSU 5 801 805 40 850 882 400 900 1218CANADA 300 1342 1581 250 1385 1584 250 1450 1649MEXICO 3600 1728 4590 4000 1900 5080 3800 1950 4971O.W.HEM 950 5099 5854 1100 5400 6275 1000 5500 6295CHINA 28317 836 23348 28723 32 22867 33000 800 27035TAIWAN 2400 92 2000 2500 200 2188 2300 100 1929JAPAN 3950 1601 4741 4100 1700 4960 3950 1725 4865SOUTH KOREA 1100 1773 2648 1300 1850 2884 1200 2000 2954THAILAND 1450 2042 3195 1600 2300 3572 1525 2350 3562MALAYSIA 380 779 1081 500 900 1298 500 950 1348INDONESIA 1200 2071 3025 1600 2300 3572 1525 2400 3612PHILIPPINES 100 1272 1352 150 1500 1619 100 1500 1580OTHER ASIA 200 2179 2338 300 2202 2441 250 2400 2599MIDDLE EAST 2800 2149 4375 3080 2700 5149 3200 2850 5394EGYPT 750 441 1037 1100 300 1175 1200 300 1254MOROCCO 400 77 395 500 140 538 500 150 548ALGERIA 0 631 631 0 660 660 0 700 700OTHER AFR 20 1327 1343 20 1500 1516 20 1550 1566OTHER 380 586 888 479 837 1218 235 1250 1437TOTAL 62782 50209 100120 67142 51856 105234 70755 55625 111875
EXPORTERSARGENTINA 7300 24509 30312 9510 25938 33499 11100 28400 37225BRAZIL 25911 12869 33468 23485 12712 31383 26475 13543 34591U.S. 26417 7301 28302 30347 8036 32162 27285 7922 29614INDIA 0 3680 3680 0 3470 3470 0 3810 3810PARAGUAY 2400 850 2758 3000 950 3335 5000 1100 5075BOLIVIA 92 1000 1073 100 750 830 120 850 945URAGUAY 662 0 526 700 0 557 775 0 616
----- ----- ----- ----- ----- ----- ----- ----- ----- TOTAL 62782 50209 100120 67142 51856 105234 70755 55625 111875
2007-08
24
SOYBEAN MEAL SUPPLY/DEMAND BALANCE(October-September)(thousand tons)
USDA Citi CitiDec Proj Proj.
95/96 96/97 97/98 98/99 99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08 07/08 08/09------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
BEGINNING STOCKS 223 212 210 218 330 293 383 240 220 211 172 314 351 351 389PRODUCTION 32526 34210 38177 37795 37593 39385 40292 38213 36324 40715 41244 43027 43484 43691 43627IMPORTS 74 102 57 99 48 51 143 166 270 147 141 156 165 152 100
----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- -----TOTAL SUPPLY 32823 34524 38444 38112 37972 39729 40818 38619 36815 41073 41557 43497 44000 44194 44116
DOM. DISAP. 26608 27322 28895 30663 30059 31643 33076 32386 32260 33559 33195 34360 35300 35071 35700EXPORTS MEAL 6003 6992 9331 7119 7620 7703 7508 6013 4344 7342 8048 8786 8400 8733 8041
----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- -----TOTAL USAGE 32611 34314 38226 37782 37679 39346 40584 38399 36604 40901 41243 43146 43700 43805 43741
ENDING STOCKS 212 210 218 330 293 383 240 220 211 172 314 351 300 389 375
STOCKS TO USE 17.48 12.16 16.27 28.54 23.88 19.86 15.98 14.48 9.76 19.20 33.42 40.67 12.04 12.62 14.55MEAL EQUIVALENTS
OCT-SEP CRUSH 1363 1445 1610 1599 1572 1641 1693 1620 1523 1708 1748 1812 1830 1821 1835 (milbu)
AVG. ANNUAL 47.74 47.35 47.42 47.26 47.83 48.00 47.60 47.17 47.70 47.67 47.19 47.50 47.52 48.00 47.55 SBM YIELD
25
SOYBEAN MEAL / CORN MONTHLY NEARBY FUTURES PRICE RATIO
1.00
1.25
1.50
1.75
2.00
2.25
2.50
2.75
3.00
3.25Ja
n-8
0
Ja
n-8
1
Ja
n-8
2
Ja
n-8
3
Ja
n-8
4
Ja
n-8
5
Ja
n-8
6
Ja
n-8
7
Ja
n-8
8
Ja
n-8
9
Ja
n-9
0
Ja
n-9
1
Ja
n-9
2
Ja
n-9
3
Ja
n-9
4
Ja
n-9
5
Ja
n-9
6
Ja
n-9
7
Ja
n-9
8
Ja
n-9
9
Ja
n-0
0
Ja
n-0
1
Ja
n-0
2
Ja
n-0
3
Ja
n-0
4
Ja
n-0
5
Ja
n-0
6
Ja
n-0
7
Ja
n-0
8
Ra
tio
Source: CQG Expect the meal/corn ratio to move to 2.5. Based on a corn price of $3.15-$4.75 per bushel, soybean meal would be $288-$424 per ton
26
NET POSITION FUTURES AND OPTIONS OF LARGE SPECULATORS IN SOYMEAL
-55000
-50000
-45000
-40000
-35000
-30000
-25000
-20000
-15000
-10000
-5000
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
55000
60000
65000
70000
75000
80000
85000
90000
4/1
8/1
99
5
8/2
9/1
99
5
12
/26
/19
95
4/9
/19
96
7/2
3/1
99
6
11
/5/1
99
6
2/1
8/1
99
7
6/3
/19
97
9/1
6/1
99
7
12
/30
/19
97
4/1
4/1
99
8
7/2
8/1
99
8
11
/10
/19
98
2/2
3/1
99
9
6/8
/19
99
9/2
1/1
99
9
1/4
/20
00
4/1
8/2
00
0
8/1
/20
00
11
/14
/20
00
2/2
7/2
00
1
6/1
2/2
00
1
9/2
5/2
00
1
1/8
/20
02
4/2
3/2
00
2
8/6
/20
02
11
/19
/20
02
3/4
/20
03
6/1
7/2
00
3
9/3
0/2
00
3
1/1
3/2
00
4
4/2
7/2
00
4
8/1
0/2
00
4
11
/23
/20
04
3/8
/20
05
7/5
/20
05
10
/18
/20
05
1/3
1/2
00
6
5/1
6/2
00
6
8/2
9/2
00
6
12
/12
/20
06
3/2
7/2
00
7
7/1
0/2
00
7
10
/23
/20
07
Record net short: 47,891 on 09/12/2006
Record net long: 79,657 on 12/11/2007
Record speculator net long position, but there appears to be a large pool of investor money still moving into long commodities. A major washout may be a year away
27
TOTAL FUTURES AND OPTIONS OPEN INTEREST IN SOYMEAL
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
200000
220000
240000
260000
280000
300000
4/1
8/1
99
5
8/2
9/1
99
5
12
/26
/19
95
4/9
/19
96
7/2
3/1
99
6
11
/5/1
99
6
2/1
8/1
99
7
6/3
/19
97
9/1
6/1
99
7
12
/30
/19
97
4/1
4/1
99
8
7/2
8/1
99
8
11
/10
/19
98
2/2
3/1
99
9
6/8
/19
99
9/2
1/1
99
9
1/4
/20
00
4/1
8/2
00
0
8/8
/20
00
11
/21
/20
00
3/6
/20
01
6/1
9/2
00
1
9/1
8/2
00
1
12
/28
/20
01
4/9
/20
02
7/2
3/2
00
2
11
/5/2
00
2
2/1
8/2
00
3
6/3
/20
03
9/1
6/2
00
3
12
/30
/20
03
4/1
2/2
00
4
7/2
7/2
00
4
11
/9/2
00
4
2/2
2/2
00
5
6/2
1/2
00
5
10
/4/2
00
5
1/1
7/2
00
6
5/2
/20
06
8/1
5/2
00
6
11
/28
/20
06
3/1
3/2
00
7
6/2
6/2
00
7
10
/9/2
00
7
28
SOYBEAN MONTHLY BOARD CRUSH MARGINS
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
110.0
120.0
Jan
-80
Jan
-81
Jan
-82
Jan
-83
Jan
-84
Jan
-85
Jan
-86
Jan
-87
Jan
-88
Jan
-89
Jan
-90
Jan
-91
Jan
-92
Jan
-93
Jan
-94
Jan
-95
Jan
-96
Jan
-97
Jan
-98
Jan
-99
Jan
-00
Jan
-01
Jan
-02
Jan
-03
Jan
-04
Jan
-05
Jan
-06
Jan
-07
Jan
-08
CE
NT
S/B
US
HE
L
Source: CQG Expect sideways to lower trend for crush margins as US soybean supply tightens and soybeans become more difficult to secure. November soybean stocks at mills were already lower than expected.
29
Protein Meal Consumption & Feeding RatesThousand Tons, Tons/Thousand HPCAU
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
13,000
14,000
15,000
16,000
95/96 96/97 97/98 98/99 99/00 00/01 01/02 02/03 03/04 04/05 05/06 06/07 07/08
190
200
210
220
230
240
250
260
270
280
290
300
310
CS, CSM, SFM, CM 48% DDGS 48% SOYMEAL/HPCAU Right Scale
Increasing supply of DDGS due to growth in ethanol production. So far, little impact on displacing soybean meal
30
US Soybean meal Commitments, Around October 25, Million Tonnes
0.98
1.451.56
1.16
1.38
1.00
1.93
3.02
2.22
1.78
1.30
2.30
1.89
2.152.20
1.73
2.04
2.48
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
2.6
2.8
3.0
3.2
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
31
Soybean Meal
100
150
200
250
300
350
19
/08
/01
19
/10
/01
19
/12
/01
19
/02
/02
19
/04
/02
19
/06
/02
19
/08
/02
19
/10
/02
19
/12
/02
19
/02
/03
19
/04
/03
19
/06
/03
19
/08
/03
19
/10
/03
19
/12
/03
19
/02
/04
19
/04
/04
19
/06
/04
19
/08
/04
19
/10
/04
19
/12
/04
19
/02
/05
19
/04
/05
19
/06
/05
19
/08
/05
19
/10
/05
19
/12
/05
19
/02
/06
19
/04
/06
19
/06
/06
19
/08
/06
19
/10
/06
19
/12
/06
19
/02
/07
19
/04
/07
19
/06
/07
19
/08
/07
19
/10
/07
19
/12
/07
SBM-Close (Last Trade)
32
Soy Complex
0
50
100
150
200
250
300
350
400
450
500
25/1
1/01
20/0
1/02
17/0
3/02
12/0
5/02
07/0
7/02
01/0
9/02
27/1
0/02
22/1
2/02
16/0
2/03
13/0
4/03
08/0
6/03
03/0
8/03
28/0
9/03
23/1
1/03
18/0
1/04
14/0
3/04
09/0
5/04
04/0
7/04
29/0
8/04
24/1
0/04
19/1
2/04
13/0
2/05
10/0
4/05
05/0
6/05
31/0
7/05
25/0
9/05
20/1
1/05
15/0
1/06
12/0
3/06
07/0
5/06
02/0
7/06
27/0
8/06
22/1
0/06
17/1
2/06
11/0
2/07
08/0
4/07
03/0
6/07
29/0
7/07
23/0
9/07
18/1
1/07
0
5
10
15
20
25
30
35
40
45
50
SBM-Close (Last Trade)
SB -Close (Last Trade)
SBOil - Close (Last Trade)
33
SOYBEAN MEAL YEARLY HIGH, LOW, AVERAGE PRICES FOR NEARBY SOYBEAN MEAL FUTURES
288
197
259246
159 163
194
325
268
192200 195
238
214204
267
295
245
156
188196 191
203
336
232
204
283
181
152 150143
118
133 136
168181
161 160 161
177
162153
193205
125 121
143 147 143
161 156147
157163
400
240
100
150
200
250
300
350
400
$/T
ON
HIGH LOW AVERAGE
2007/08 Citi Est.
Source: CQG & Citi, 2007-08 Est.
34
Corn outlook
35
Nearby Average Soybean/Corn Price Ratio vs. Soybean/corn Stocks to Use
1.40
1.50
1.60
1.70
1.80
1.90
2.00
2.10
2.20
2.30
2.40
2.50
2.60
2.70
2.80
2.90
3.00
3.10
3.20
3.30
3.40
3.50
0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 1.10 1.20 1.30 1.40 1.50 1.60 1.70
Soybean stocks/usage versus Corn Stocks/usage
96
97
98
9901
2
3
4
5
6
7
Soybean stocks/usage is 5.5, Corn stocks/usage is 13.7the ratio of the soybean/corn stocks/usage is 0.40 (x axis)the average soybean/corn price ratio is 2.80. Corn prices are expected to range from $3.15-$4.75 putting the seasonal range for soybeans at $8.82-$$13.30. The September low for nearby futures of $8.80 is expected to hold with prices trending higher towards $13.00
Citi Est
36
SOYBEAN/CORN MONTHLY NEARBY FUTURES PRICE RATIO
1.50
1.60
1.70
1.80
1.90
2.00
2.10
2.20
2.30
2.40
2.50
2.60
2.70
2.80
2.90
3.00
3.10
3.20
3.30
3.40
3.50
3.60
3.70
3.80
3.90
4.00Ja
n-8
0
Jan
-81
Jan
-82
Jan
-83
Jan
-84
Jan
-85
Jan
-86
Jan
-87
Jan
-88
Jan
-89
Jan
-90
Jan
-91
Jan
-92
Jan
-93
Jan
-94
Jan
-95
Jan
-96
Jan
-97
Jan
-98
Jan
-99
Jan
-00
Jan
-01
Jan
-02
Jan
-03
Jan
-04
Jan
-05
Jan
-06
Jan
-07
Jan
-08
Ra
tio
Source: CQG
Expect the soybean/corn ratio to trend higher next year. During the marketing year, will expect spikes above 3.0. The new Energy Bill supports ethanol and will make it more difficult to secure more soybean acres
37
(000 ACRES)
Oct Citi1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
CORN 79537 80165 77386 79551 75752 78894 78603 80929 81779 78327 93616 88000SORGHUM 10052 9626 9288 9195 10252 9589 9420 7486 6454 6522 7704 7800OATS 5068 4892 4673 4477 4403 4995 4597 4085 4246 4168 3760 3800BARLEY 6706 6337 5194 5864 4967 5008 5348 4527 3875 3452 4020 4200WINTER WHEAT 47985 46449 43331 43393 41078 41766 45384 43350 40433 40575 44987 48500DURUM 3310 3805 4035 3937 2910 2913 2915 2561 2760 1870 2149 2650OTHER SPRING 19117 15567 15348 15299 15629 15639 13842 13763 14036 14899 13297 14650RICE 3125 3345 3531 3060 3334 3240 3022 3347 3384 2838 2748 2850SOYBEANS 70005 72025 73730 74266 74075 73963 73404 75208 72032 75522 63669 70000PEANUTS 1434 1521 1534 1537 1541 1353 1344 1430 1657 1243 1225 1220SUNFLOWER 2888 3668 3553 2840 2633 2581 2344 1873 2709 1950 2075 2050COTTON 13898 13393 14874 15517 15769 13958 13480 13659 14245 15274 10847 9500HAY Harvested 61084 60076 63220 59854 63521 63942 63383 61966 61729 60807 61789 61000EDIBLE BEANS 1870 2014 2023 1758 1436 1930 1406 1354 1630 1630 1527 1500TOBACCO Harvested 836 718 647 472 432 427 411 408 297 339 355 300SUGARBEETS 1459 1498 1561 1564 1371 1427 1365 1346 1300 1367 1266 1200CANOLA/RAPESEED 671 1115 1081 1555 1494 1460 1082 865 1159 1044 1183 1000
TOTAL - JAN/TO DATE* 329045 326214 325008 324139 320597 323085 321350 318157 313725 311827 316217TOTAL - JUNE 331330 324903 324529 326810 322916 323094 322705 319055 315792 314107 316067TOTAL - MARCH 330602 326671 320725 325530 324767 321293 322845 320487 318528 313214 317892 320220AREA ADJUSTMENTSDOUBLE CROPPED SOY 7182 6794 4637 4586 4064 4127 3875 4374 2550 3718 5126 6800CRP 32794 30437 29869 31408 33608 33964 34110 34707 34902 36003 36790 34553ADJUSTED AREA TOTAL 354657 349857 350240 350961 350141 352922 351585 348490 346077 344112 347731 347973*January Crop Production -4801 383 721 -820 2781 -1337 -3095 -2413 -1965 3620 242Source: Citi/USDAMAR-JAN Prv Year -2374 -5489 522 628 696 -240 -863 371 -511 4241 4003
U.S. ACREAGE OF 15 MAJOR CROPSPLANTED UNLESS OTHERWISE INDICATED
38
U.S. ACREAGE OF MAJOR CROPS
342000
344000
346000
348000
350000
352000
354000
2000 2001 2002 2003 2004 2005 2006 2007
AR
EA
IN
TH
OU
SA
ND
AC
RE
S
SOURCE: USDA & Citi
Citi Est
The capacity to bring new land into production is limited.
39
40
41
42
43
CORN STOCKS TO USE RATIO VS. CROP YEAR AVERAGE PRICES FOR CORN1989-2006
150
200
250
300
350
400
2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 16.0 17.0 18.0 19.0 20.0 21.0 22.0 23.0 24.0 25.0 26.0 27.0
STOCKS TO USE AS PERCENTAGE
CE
NT
/BU
SH
EL
95/96
96/97
91/92
90/91
94/95
92/93
99/00
97/98
98/99
00/01
03/04
02/03
93/94
01/02
89/90
04/05
U
05/06
CITI07-08
06/07
USDA 07-08
Source: USDA, CQG, & Citi
Ethanol keeps shifting the price curve upwards. The price curve is likely higher than the line running through 06/07.
44
NET POSITION FUTURES AND OPTIONS OF LARGE SPECULATORS IN CORN
-160000
-140000
-120000
-100000
-80000
-60000
-40000
-20000
0
20000
40000
60000
80000
100000
120000
140000
160000
180000
200000
220000
240000
260000
280000
300000
320000
340000
360000
380000
4/1
8/1
99
5
8/2
9/1
99
5
12
/26
/19
95
4/9
/19
96
7/2
3/1
99
6
11
/5/1
99
6
2/1
8/1
99
7
6/3
/19
97
9/1
6/1
99
7
12
/30
/19
97
4/1
4/1
99
8
7/2
8/1
99
8
11
/10
/19
98
2/2
3/1
99
9
6/8
/19
99
9/2
1/1
99
9
1/4
/20
00
4/1
8/2
00
0
8/1
/20
00
11
/14
/20
00
2/2
7/2
00
1
6/1
2/2
00
1
9/2
5/2
00
1
1/8
/20
02
4/2
3/2
00
2
8/6
/20
02
11
/19
/20
02
3/4
/20
03
6/1
7/2
00
3
9/3
0/2
00
3
1/1
3/2
00
4
4/2
7/2
00
4
8/1
0/2
00
4
11
/23
/20
04
3/8
/20
05
7/5
/20
05
10
/18
/20
05
1/3
1/2
00
6
5/1
6/2
00
6
8/2
9/2
00
6
12
/12
/20
06
3/2
7/2
00
7
7/1
0/2
00
7
10
/23
/20
07
Record net long: 346,048 on 02/27/2007
Record net short: 129,284 on 02/08/2005
45
The cash picture
46
Futures Soybeans
1080
1100
1120
1140
1160
1180
1200
1220
1240
JAN8 MAR8 MAY8 JUL8 AUG8 SEP8 NOV8 JAN9 MAR9
47
Futures Soy Meal
280
290300
310
320330
340
350
360370
380
JAN8 MAR8 MAY8 JUL8 AUG8 SEP8 OCT8 DEC8 JAN9
48
Futures Corn
440
445
450
455
460
465
470
MAR8 MAY8 JUL8 SEP8 DEC8
49
Cash Soybeans
950
1000
1050
1100
1150
1200
1250
1300
Jan Mar May July Sept Nov
US Flat
Brazil Flat
50
Cash Soy Meal
250
270
290
310
330
350
370
Jan Mar May July Sept Nov
US Flat
Arg Flat
51
Cash Corn
400
450
500
550
600
Jan Mar May July Sept Nov
US Flat
Arg Flat
52
Thank you!
53
Soybean Oil VD Light Crude mineral Oil
13
23
33
43
53
63
73
83
93
103
25
/11
/01
25
/01
/02
25
/03
/02
25
/05
/02
25
/07
/02
25
/09
/02
25
/11
/02
25
/01
/03
25
/03
/03
25
/05
/03
25
/07
/03
25
/09
/03
25
/11
/03
25
/01
/04
25
/03
/04
25
/05
/04
25
/07
/04
25
/09
/04
25
/11
/04
25
/01
/05
25
/03
/05
25
/05
/05
25
/07
/05
25
/09
/05
25
/11
/05
25
/01
/06
25
/03
/06
25
/05
/06
25
/07
/06
25
/09
/06
25
/11
/06
25
/01
/07
25
/03
/07
25
/05
/07
25
/07
/07
25
/09
/07
25
/11
/07
SBOil - Close (Last Trade)
Crude Oil -Close (Last Trade)
54
Freight
0.00
2,000.00
4,000.00
6,000.00
8,000.00
10,000.00
12,000.00
14,000.00
09
/05
/99
09
/08
/99
09
/11
/99
09
/02
/00
09
/05
/00
09
/08
/00
09
/11
/00
09
/02
/01
09
/05
/01
09
/08
/01
09
/11
/01
09
/02
/02
09
/05
/02
09
/08
/02
09
/11
/02
09
/02
/03
09
/05
/03
09
/08
/03
09
/11
/03
09
/02
/04
09
/05
/04
09
/08
/04
09
/11
/04
09
/02
/05
09
/05
/05
09
/08
/05
09
/11
/05
09
/02
/06
09
/05
/06
09
/08
/06
09
/11
/06
09
/02
/07
09
/05
/07
09
/08
/07
09
/11
/07
Freight-Close(Last Trade)
55
