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Teucrium Corn ETF (CORN)

  • Tue, Nov. 10, 12:53 PM
    • The corn production forecast from the USDA is lifted 99M bushels, with the average yield up 1.3 bushels per acre to 169.3 bushels. Projected use is cut 50M bushels. It adds up to stocks of 1.76B bushels vs. trade forecasts for 1.597B.
    • Soybean stocks rise to 465M bushels vs. 436M expected.
    • Wheat stocks rise to 911M bushels vs. 877M expected.
    • Corn, beans, and wheat are all lower by 1.5-2% following the report.
    • Also dinged by lower prices on the farm is Deere (DE -0.9%).
    | Tue, Nov. 10, 12:53 PM | 2 Comments
  • Fri, Oct. 16, 11:51 AM
    • El Nino is arriving ahead of schedule, writes Kevin Ferry, noting the heavy rain and mudslides north of Los Angeles - reports most had not expected to see until early next year.
    • Scientists believe this will be the largest El Nino since 1997/98, with the difference now being there's been no run-up in corn and bean prices ahead of the event.
    • This also has implications for fixed-income, as there's nothing like a series of lock limit-up days in the grains to get the masses chattering about inflation.
    • Out-of-the-money lotto tickets on the grains may be worth a look, concludes Ferry.
    | Fri, Oct. 16, 11:51 AM | 16 Comments
  • Fri, Sep. 11, 12:27 PM
    • The numbers are bearish on their face, with corn ending stocks of 1.592B bushels vs. 1.713B last month and estimates for 1.487B. Crop yield of 167.5 bushels per acres vs. estimates of 165.
    • Soybean stocks of 450M bushels vs. 470M last month and estimates for just 372M. Crop yield of 47.1 bushels per acre vs. estimates of 45.7.
    • Wheat stocks of 875M bushels up from 850M last month and inline with forecasts.
    • Full report
    • Beans and corn initially tumbled on the numbers, but have recovered, with beans off 1% and corn higher by 1%. Wheat is little-changed.
    | Fri, Sep. 11, 12:27 PM | 1 Comment
  • Wed, Aug. 12, 3:14 PM
    • U.S. corn production is estimated at 13.7B bushels on yields of 168.8 bushels per acre, says the USDA. Trade forecasts were for 13.3M bushels and 164.4 bushels/acre as analysts had priced in a wet early growing season. The USDA last month forecast 13.5B bushels and 166.8 bushels/acre.
    • Soybean production is forecast to be 3.9B bushels on yields of 46.9 bushels per acre versus trade estimates of 3.7B bushels on yields of 44.6 bushels/acre.
    • Stockpile estimates were also above forecast - 1.7B bushels at August's end for corn versus consensus of 1.4B, and 470M bushels for beans versus consensus of 305M.
    • Wheat is also lower after the USDA estimated world inventories at the end of the 2015-16 season at 221.5M metric tons vs. trade at 218.6M.
    • Near-month corn is lower by 4.7%, beans by 6%, and wheat by 2.6%.
    | Wed, Aug. 12, 3:14 PM | 3 Comments
  • Tue, Jun. 30, 12:16 PM
    • Corn acreage of 88.897M acres, according to the USDA, is lower than trade forecasts for 89.3M acres. June 1 stocks of 4.447M bushels vs. 4.555M forecast.
    • Soybean stocks of 625M bushels vs. 670M expected. Acres of 85.139M vs. 85.171 expected.
    • Wheat stocks of 753M bushels vs. 718M expected. Acres of 56.079M vs. 55.867M expected.
    • Corn and beans are each up about 2% from flat before the report posted. Wheat is up marginally.
    | Tue, Jun. 30, 12:16 PM | 1 Comment
  • Tue, Mar. 31, 1:08 PM
    • Corn (CORN -4%) inventories of 7.745B bushels as of March 1 are up 10.5% from a year ago and stand against trade estimates for 7.609B. Acres planted drop 1.398M from a year ago.
    • Wheat (WEAT -3.5%) stocks of 1.124B bushels are up from 1.057B a year ago and stand against estimates for 1.141B. Acres planted drop 1.648M from a year ago.
    • Soybean (SOYB +0.4%) inventories of 1.334B bushels are up from 994M a year ago and stand against estimates for 1.348B. Acres planted gain 934K from a year ago.
    • Sources: USDA, Arlan Suderman, Bloomberg
    • ETFs: JJG, GRU
    | Tue, Mar. 31, 1:08 PM | 2 Comments
  • Mon, Mar. 30, 10:33 AM
    • A report on Tuesday from the USDA is expected to show a 3% Y/Y rise in planted soybean acreage this spring vs. a 2% decrease for corn - the move coming as farmers deal with a 50% decline in corn prices since 2012.
    • "Economics rule," says one farmer, noting he can break even or make a small profit on beans, but would likely lose money on corn.
    • Not exactly in a bull market itself, but still at relatively lofty levels, soybeans could face some price pressure from the switch, and big speculators of late have boosted bets on a slide in bean prices. “We’ve got record large soybean stockpiles and the crops in both hemispheres this year were just enormous,” says an analyst. “It’s a perfect storm that’s starting to brew in the beans.”
    • Source: WSJ
    | Mon, Mar. 30, 10:33 AM | 11 Comments
  • Nov. 10, 2014, 12:14 PM
    • It's lower yields at work, with the USDA now expecting 173.4 bushels per acre vs. 174.2 last month and the trade guess of 175.2.
    • The bean crop is now estimated at 3.958B bushels vs. 3.927B last month and trade's expectation of 3.967B.
    • Wheat ending stocks of 644M bushels compares to last month's 654M.
    • Corn fired, but has quickly fallen back - now up marginally on the session after initially jumping around 2%. In the green earlier, beans are now lower by 1%, and wheat also erases early gains, now flat on the session.
    | Nov. 10, 2014, 12:14 PM | Comment!
  • Oct. 10, 2014, 12:20 PM
    • The USDA estimate for this season's corn yield of 174.2 bushels per acre is up from 171.7 bushels one month ago, and compares to trade estimates of 174.7. Production of 14.475B bushels compares to trade estimates of 14.506B bushels. Ending stocks of 2.081B bushels vs. estimate of 2.13B.
    • Soybean yields of 47.1 bushels is up from 46.6 last month, and vs. estimates of 47.6. The crop size of 3.927B bushels stands against estimates of 3.976B, and last month's estimate of 3.913B. Ending stocks of 450M bushels vs. estimate of 472M.
    • Wheat ending stocks of 654M bushels drops from 698M last month and compares to estimates of 704M.
    • Bottom line: Already big corn and bean crops got bigger.
    • Corn and beans are off a few cents, while the price of wheat jumps nearly a dime per bushel on the low stocks estimate.
    | Oct. 10, 2014, 12:20 PM | 2 Comments
  • Oct. 2, 2014, 6:37 PM
    • Ethanol futures plunged 28% in September as falling domestic demand left U.S. producers with the largest inventories since March 2013, sending stock prices for some ethanol makers reeling recently following big gains earlier in the year; shares of Green Plains (NASDAQ:GPRE), one of the biggest U.S. producers, slid 16% in September, while Pacific Ethanol (NASDAQ:PEIX) plunged 40%.
    • Ethanol prices have fallen for much of this year because the price of corn plummeted due to a record crop last year and expectations for an even larger one this year; industry margins fell to ~$0.22/gal. in late September, down from an all-time high of $2.04/gal. in April, but "ethanol margins have largely bottomed out for the short term and will likely rebound in the next three to six months due to exports," says Citi analyst Aakash Doshi.
    • Producers are cutting output, with U.S. ethanol production falling to a six-month low of 881K bbl/day in the week ended Sept. 26 EIA says; transportation snags this winter also could send prices climbing again.
    | Oct. 2, 2014, 6:37 PM | 5 Comments
  • Oct. 1, 2014, 11:20 AM
    • Contrarian antennae may be perking up as Goldman - following brutal multi-month runs lower in all of the grains - cuts its price forecast for soybeans, corn, and wheat.
    • First up is beans (SOYB -0.2%), which Goldman says are overpriced relative to corn. Given the forecast for ending stocks, a 2.6:1 ratio for beans to corn, or $8 per bushel, is appropriate. Goldman's previous forecast called for beans at $10.50.
    • Corn (CORN -0.1%) is cut to $3 per bushel from $4 amid strong U.S. crop yields and a lower export forecast. Wheat (WEAT -0.9%), says Goldman, deserves a 50% premium to corn given the current inventory situation, and this works out to $4.50 per bushel (from $5.60 previous).
    • ETFs: JJG, GRU
    | Oct. 1, 2014, 11:20 AM | Comment!
  • Sep. 22, 2014, 2:58 PM
    | Sep. 22, 2014, 2:58 PM | 7 Comments
  • Sep. 19, 2014, 11:12 AM
    • It's new contract lows across the board in the grains with Dec. corn -1% to $3.34 per bushel, Dec. wheat -2.2% to $4.77, and Nov. beans -1% to $9.61.
    • Related ETFs: CORN -1.2%, WEAT -2.1%, SOYB -1.5%, JJG -1.5%.
    • For wheat it's a 4-year low following last week's USDA report estimating a record worldwide harvest of 720M metric tons. The USDA also said wheat exports of 314.5 tons in the week ended Sept. 11 were less than half the previous week.
    • The same supply report also predicted record U.S. harvests for both corn and beans.
    | Sep. 19, 2014, 11:12 AM | 1 Comment
  • Aug. 18, 2014, 4:30 PM
    • Contrarians looking for a bottom in the long slide in corn could do worse than hearing a bell ringing in the WSJ headline from this weekend: "U.S. Farmers are up to their ears in corn."
    • "We're going to drown in corn this year," leads the article, quoting Decatur's Jeff Brown, a 5th-generation farmer.
    • More? "We're going to see corn in piles all over the Midwest, and it's going to take forever to eat through it all," says commodity broker Jamey Kohake, who is advising clients to sell rallies and not hold any corn through the winter.
    • September corn fell 1.7% today to $3.60 per bushel. Two years ago, corn was selling for more than $8.
    • CORN -1.6%
    • ETFs: JJG, GRU
    | Aug. 18, 2014, 4:30 PM | 1 Comment
  • Jun. 30, 2014, 1:04 PM
    • A measure of corn inventories came in higher than expected today sending corn futures to their sharpest drop in close to a year.
    • The USDA says inventories were 3.854B bushels on June 1 vs. 3.723B forecast and 2.766B a year ago.
    • High corn prices has been a concern in the food sector (GIS, K, POST, KO, PEP, PPC, TSN, CPB, SJM) where sellers have warned on their ability to pass on the higher costs on to consumers.
    • USDA crop report
    • Related EFTs: CORN, JJG, GRU
    | Jun. 30, 2014, 1:04 PM | 1 Comment
  • May 9, 2014, 2:45 PM
    • The corn harvest will hit a record 13.935B bushels this year, says the USDA in its latest report, bringing U.S. stockpiles to 1.726B bushels, higher than analyst forecasts. Global stockpiles will jump 8% to 181.7M metric tons thanks in part to big crops in Ukraine and Brazil.
    • Analysts were taken by surprise by the big U.S. supply figure given farmer intentions of planting 4M fewer acres than last year, but the USDA is banking on normal weather, seeing the harvest at 165.3 bushels/acre, up 6.5 bushels from a year ago. "These are big, bearish numbers," says a futures broker, but "we still have to go out and produce the crop."
    • July corn is off 7 cents to $5.09 per bushel. CORN -2%
    • July wheat is off 7.25 cents to $7.28 per bushel after the USDA pegs global inventories at 187.4M metric tons, up from 186.5M for the current season. WEAT -0.8%
    • July soybeans are higher by 17.5 cents to $14.87 per bushel after the USDA cuts its stockpile estimate to 130M bushels from 135M. The agency sees production this crop year at 3.635B bushels from 3.289B a year ago. SOYB +0.5%
    • ETFs: JJG, GRU
    | May 9, 2014, 2:45 PM | 9 Comments
CORN Description
The investment objective of the Fund is to have the daily changes in percentage terms of the Shares’ net asset value (“NAV”) reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for three futures contracts for corn (“Corn Futures Contracts”) that are traded on the Chicago Board of Trade (“CBOT”), specifically (1) the second-to-expire CBOT Corn Futures Contract, weighted 35%, (2) the third-to-expire CBOT Corn Futures Contract, weighted 30%, and (3) the CBOT Corn Futures Contract expiring in the December following the expiration month of the third-to-expire contract, weighted 35%, less the Fund’s expenses. (This weighted average of the three referenced Corn Futures Contracts is referred to herein as the “Benchmark,” and the three Corn Futures Contracts that at any given time make up the Benchmark are referred to herein as the “Benchmark Component Futures Contracts.
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