iPath Dow Jones-UBS Cocoa Total Return Sub-Index ETN

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  • Feb. 17, 2011, 12:47 PM
    Commodity bull Josh Brown thinks the agriculture story is getting somewhat crowded. He notes a recent paean to the group, well done, but the kind of story that gets written close to tops. JJA +1.7%. CORN +2.0%. BAL +6.2%. JO +1.8%. SGG -1.1%. JJG +1.3%.
    | Feb. 17, 2011, 12:47 PM | 1 Comment
  • Feb. 4, 2011, 9:31 AM

    Goldman Sachs takes issue with Bernanke's insistence that easy money has anything to do with higher commodity prices. "By focusing on core inflation, (they) are exporting looser monetary policy to EM (and) forced to import higher food and energy prices."

    | Feb. 4, 2011, 9:31 AM | 7 Comments
  • Feb. 3, 2011, 12:41 PM

    The only kind of high prices most find acceptable are for stocks and real estate. Jim Rogers makes the case that high commodity prices are absolutely necessary to ensure continued supplies. "Are the politicians going to work 12 hour days in the field for nothing?"

    | Feb. 3, 2011, 12:41 PM | 6 Comments
  • Feb. 3, 2011, 8:22 AM

    Companies worried about rising commodity prices are stockpiling everything from rubber tires to fabric purchases, but are they insulating themselves from sticker shock or just making the problem worse? (see also)

    | Feb. 3, 2011, 8:22 AM | 7 Comments
  • Feb. 2, 2011, 11:31 AM

    “We are seeing a fundamental level of price inflation, higher than the 1980s and 1990s," says General Mills (GIS) CEO Ken Powell. As for food companies passing along higher costs, “you have to play all your other cards first," says Nestle (NSRGY.PK) CEO Paul Bulcke.

    | Feb. 2, 2011, 11:31 AM | 11 Comments
  • Jan. 31, 2011, 10:23 AM

    "Go long agriculture and water and go to the beach," says BlackRock CEO Larry Fink, "put those investments in the bottom drawer for 10 years." Noting Israel's recent gas discovery, Fink believes energy will be less profitable. "They're finding lots of ways to find new energy." PHO +0.9%.

    | Jan. 31, 2011, 10:23 AM | 9 Comments
  • Jan. 27, 2011, 10:09 AM

    Unconcerned that China and India are tightening monetary policy, Jim Rogers sees commodities as a win/win investment. “If the world economy gets better, commodities are going to make a fortune. If the world economy does not get better, commodities are the place to be because they are going to print more money."

    | Jan. 27, 2011, 10:09 AM | 4 Comments
  • Jan. 24, 2011, 7:46 AM

    Cocoa prices spike 7% in London after the man claiming Ivory Coast's Presidency calls for a one month ban on exports. Ivory Coast accounts for about 40% of world cocoa production. Natural gas (GAZ) and cocoa (NIB) are about the only commodity ETFs showing red over the last year.

    | Jan. 24, 2011, 7:46 AM | 1 Comment
  • Jan. 18, 2011, 10:16 AM

    Macroman notes that Shanghai has fallen below its 200 day moving average and considers the worrying implications for commodities, whose fortunes have tracked Chinese shares. A divergence in performance, starting in mid-November, has widened significantly.

    | Jan. 18, 2011, 10:16 AM
  • Jan. 11, 2011, 3:47 PM

    With the price of nearly every commodity on the planet putting in astonishing runs and sitting at or near multi-year or all-time highs, Deloitte Touche Tohmatsu brandishes extrapolation skills, arguing food will become much more expensive over the next decade.

    | Jan. 11, 2011, 3:47 PM | 3 Comments
  • Jan. 5, 2011, 7:18 AM

    The bounce back in food prices from the GFC is complete as the FAO's index of commodities surpasses the all-time high it made in June 2008. Sugar and grains are the main culprits, but another key staple, rice, remains well below record levels.

    | Jan. 5, 2011, 7:18 AM | 3 Comments
  • Dec. 15, 2010, 2:36 PM

    Anthony Ward, nicknamed Choc Finger, unloads his fund's $1B of cocoa stocks. Fears Ward was trying to corner the market were raised this summer as prices rose to a record, but markets seek out and punish such hubris. Cocoa has fallen 30% since July and is the worst agricultural performer this year.

    | Dec. 15, 2010, 2:36 PM | 2 Comments
  • Dec. 10, 2010, 8:19 AM

    In echoes of 2008, commodities, many at multi-year or all time highs, appear to be an accepted asset class. "We are seeing investors flock to commodity resources," notes an analyst, "that pattern will continue regardless if prices move higher or lower." If they move lower?

    | Dec. 10, 2010, 8:19 AM | 6 Comments
  • Jul. 25, 2010, 10:15 AM

    London-based hedge fund manager Anthony Ward has "chocolate lovers crying into their Cadbury wrappers" and candy makers on edge after cornerning the market in cocoa, buying a market-moving 7% of annual global production and helping drive cocoa prices to a 30-year high.

    | Jul. 25, 2010, 10:15 AM | 1 Comment
  • Jul. 19, 2010, 1:52 PM

    Looks like an attempted cocoa corner as British financier Anthony Ward buys 241K tons of beans in a £658M ($1B) trade - the biggest single cocoa trade in 14 years, for more than the entire supply of cocoa in Europe. Prices have more than doubled since 2007 to 33-year highs; September futures are diving in New York, -5.5%.

    | Jul. 19, 2010, 1:52 PM | 3 Comments
NIB Description
The Dow Jones-UBS Cocoa Subindex Total ReturnSM is a sub-index of the Dow Jones-UBS Commodity Index Total ReturnSM and is intended to reflect the returns that are potentially available through an unleveraged investment in the futures contracts on physical commodities comprising the index as well as the rate of interest that could be earned on cash collateral invested in specified Treasury Bills. The Dow Jones-UBS Cocoa Subindex Total ReturnSM is a single-commodity sub-index currently consisting of one futures contract on the commodity of cocoa, which is included in the Dow Jones-UBS Commodity Index Total ReturnSM.
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