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RBS Rogers Enhanced Agriculture ETN (RGRA)

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  • Sep. 30, 2013, 3:49 PM
    • Corn (CORN -2.4%) and Soybeans (SOYB -3.2%) tumble - with corn hitting a 3-year low - after the USDA reports estimated corn stocks of 824M bushels, off 17% from a year ago, but far higher than trade estimates for 687M. Bean stocks are estimated at 141M bushels, also off 17% from a year ago, but 13% above estimates. Stocks still remain low, but these are old crop numbers, and forecasters are looking forward to a big crop this fall.
    • Wheat (WEAT -2.7%) stocks of 1.85B bushels were slightly below expectations.
    • Lower-than-expected feed usage and export demand were behind the big corn number - high prices had pig farmers substituting corn for wheat.
    • Relevant grain ETFs: JJA, RJA, AGF, DBA, FUD, UAG, DAG, AGA, ADZ, JJS, TAGS, USAG, RGRA, JJG, GRU.
    | 2 Comments
  • Aug. 12, 2013, 12:26 PM
    • The grain pits party after the USDA lowers its corn production estimate to 13.76B bushels - still a whopper of a number, but off from 13.95B in July. Ending stocks are cut to 1.837B bushels.
    • Bean production is cut to 3.255B bushels from 3.42B as acres planted are cut 500K and yield is lowered to 1.9 bushels/acre.
    • No change is made to the wheat production estimate, but 25M bushels of extra exports cuts ending stocks by the same amount.
    • December corn erases a sizable early loss, now up $0.15 to $4.69/bushel. CORN +1.5%.
    • SOYB +3.4%, WEAT +0.3%.
    • Grain ETFs: JJG +1.8%, GRU +2.5%.
    • Other related: JJA, RJA, AGF, DBA, FUD, UAG, DAG, AGA, ADZ, JJS, TAGS, USAG, RGRA.
    | 4 Comments
  • Apr. 25, 2013, 3:19 PM
    The flow of key farm products (DBA) to the world from North and South America, highlighted by congestion at Brazilian ports and limited selling of crops by U.S. farmers, will keep global grain supplies tight despite expectations for big harvests later this year, Bunge (BG +6.5%) says after its Q1 report showed a 16% jump in agribusiness sales to $10.77B.
    | Comment!
  • Jan. 11, 2013, 12:13 PM
    The inaugural midday release of the USDA's January crop report doesn't disappoint, with corn reversing early losses and now sharply green as Dec. 1 stocks come in at 8.03B bushels vs. expectations of 8.21B. Ending stocks are estimated at a slim 602M bushels vs. expectations of 667M. Beans are down after production came in higher than expected. Wheat jumps on lower-than-anticipated planted acres.
    | Comment!
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RGRA Description
The RBS Rogers Enhanced Agriculture Exchange Traded Notes (“RBS ETNs”) track the RICI Enhanced SM Agriculture Total Return Index (the “Index”) which provides exposure to 20 commodities in the futures market, plus the rate of interest that could be earned on cash collateral invested in Treasury Bills. The Index, designed in cooperation with prominent stock market and commodities investor Jim Rogers and RBS, attempts to track price changes for agriculture commodities.
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