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iPath DJ-UBS Livestock Total Return Sub-Index ETN (COW)

  • Mar. 1, 2011, 11:06 AM
    Australia's agriculture bureau sounds a contrary signal, saying food costs could tumble in 2011 as high prices draw out more supply. Adverse weather and government policies are the issue, not the ability to produce more food says the bureau's chief analyst. JJA -0.4%. JJG -0.3%. SGG -2.4%.
  • Feb. 23, 2011, 2:40 PM
    Pounded yesterday and down further this morning, the grains stage a reversal to close green for the day. Might they lead equities?  JJG +2.4%. CORN +3.3%. GRU +2.1%.
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  • Feb. 22, 2011, 11:21 AM
    Gold and oil catch bids, but traders are using the events in Libya as an excuse to sell commodity markets, many of which have had remarkable runs. The grains and cotton are particularly hard hit. CORN -3.6%. JJG -3.0%. BAL -4.1%. JJC -1.8%.
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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%.
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  • Feb. 16, 2011, 10:24 AM
    The value of irrigated farmland in the Kansas City Fed's district jumps nearly 15% in Q4 from a year earlier. One red flag: cash rental rates rise just 6%, making much of the 15% pop a speculative bet, and maybe a reason banks are tightening lending standards. Full report here.
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  • Feb. 10, 2011, 11:12 AM
    As corn crosses $7/bushel, higher feed costs are likely to show up in the price of chicken within weeks followed by packaged goods shortly after, says a UI economist. A year or more can go by before pork and beef prices are affected. TSN -1.0%. CORN +0.9%. CAG -0.7%.
  • Feb. 10, 2011, 9:22 AM
    "Whenever you get the market as tight as we are now, hoarding becomes widespread," says an FAO economist as countries across the globe increase grain imports and/or place limits on exports. A chance that stockpiles can be replenished in 2011 is called into question by China's drought.
  • Feb. 9, 2011, 3:55 PM
    China issues a 10 point plan of subsidies and other farm support as it deals with soaring food prices, drought in its major wheat-growing region, and a general setback to plans to become self-sufficient in grains. A net exporter of corn just a few years ago, China imported 1.57M tons in 2010. JJG +1.9%. CORN +2.9%.
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  • Feb. 9, 2011, 1:09 PM
    Those hoping for a slowdown or reversal in food inflation won't find support from Syngenta's (SYT +4.4%) latest report. The crop protection and seed company lifts its outlook, seeing nothing to stop growing demand for grain as the world increases meat consumption.
  • Feb. 9, 2011, 9:38 AM
    March Corn prices look set to take out the $7 level after the USDA projects lower than expected ending stocks of 675M bushels, just 5% of expected usage - a level not seen since 1995. Premarket: CORN +2.43%. Full report here.
  • Feb. 8, 2011, 1:26 PM
    An epic drought in China's major wheat growing region catches the eye of the FAO which issues a rare alert over the issue. Not limited to crops, the FAO notes shortages of drinking water for both people and livestock. March wheat +1.6%. Grains ETF: JJG is flat.
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  • 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. 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, 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. 1, 2011, 10:34 AM
    Russian talk of resuming grain exports might just be that. Last summer's drought cut production by 40% and still leaves much acreage too crusty to plant. With food security now a major political issue, don't expect any grain to leave the country. Grain ETFs (GRU) (JJG) are up about 70% since the export ban last summer.
  • 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%.
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COW Description
The Dow Jones-UBS Livestock Subindex Total Return is a sub-index of the Dow Jones-UBS Commodity Index Total Return and reflects the returns that are potentially available through an unleveraged investment in the futures contracts on physical commodities comprising the index plus the rate of interest that could be earned on cash collateral invested in specified Treasury Bills. The index is currently composed of two livestock commodities contracts (lean hogs and live cattle) traded on U.S. exchanges.
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