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ELEMENTS Rogers International Commodity Agriculture ETN (RJA)

- NYSEARCA
  • Sep. 7, 2012, 7:14 AM
    China's feed demand needs to be met by imports no matter what the price," says FCStone's Nathan Broders. With the drought no longer driving corn prices, it's now about demand, and China's appetite is going nowhere. Rabobank's Daron Hoffman believes the USDA's estimate of China's corn crop is too optimistic, and therefore its view on Chinese imports too light.
    | Sep. 7, 2012, 7:14 AM | Comment!
  • Sep. 4, 2012, 1:08 PM
    Long corn? If you bought the December crop 7 weeks ago you're even, notes an analyst. This despite falling crop ratings, the USDA cutting its harvest numbers, and numerous private tours confirming the poor state of the crop. Always take caution with a bull market that's stopped reacting to bullish news.
    | Sep. 4, 2012, 1:08 PM | 1 Comment
  • Aug. 24, 2012, 3:29 PM
    Pro Farmer estimates following this week's crop tour have corn yield at 120.25 bu/acre vs. the USDA estimate of 123.4. Beans 34.8 bu/acre vs. USDA at 36.1 ("The crop from Ohio to Nebraska needs a drink right now to realize these yield estimates"). Iowa (nation's largest producer): "Early start to the growing season turned into a mid-season nightmare for corn trying to pollinate." Market reaction will have to wait until Sunday night.
    | Aug. 24, 2012, 3:29 PM | 5 Comments
  • Aug. 21, 2012, 4:34 PM
    As panic hits the pits, Wells Fargo's Sameer Samana makes a contrarian call, arguing it's a good time to cover bullish grain bets. The weather is improving, he says, and low yields are priced in. "There seem to be fewer catalysts for price appreciation." Yet as Commerzbank notes, it's too late in the season for better weather to help the corn crop.
    | Aug. 21, 2012, 4:34 PM | 7 Comments
  • Aug. 21, 2012, 3:18 PM
    "For the first time in this rally, there is a feel of commercial panic," says a broker after a 2nd day of the Pro Farmer crop tour adds to worries over the security of physical grain supplies (day 1 report here). "You cannot load soybean futures in a ship and send to China (or) feed to chickens and hogs ... panic is in the physical ownership." Price records are falling everywhere. JJG +2.2%.
    | Aug. 21, 2012, 3:18 PM | 8 Comments
  • Aug. 20, 2012, 12:16 PM
    Grains rally as the Pro Farmer Midwest Crop Tour gets underway and early reports suggest the USDA's low estimated corn and bean yields could be optimistic. DTN's Katie Micik reports her Ohio route averaged 104.4 bu/acre (corn) vs. the USDA state estimate of 126. Pam Smith: "You know the corn is bad when you can see the scouts." CORN +1.4%, SOYB +1%.
    | Aug. 20, 2012, 12:16 PM | 5 Comments
  • Aug. 13, 2012, 4:32 PM
    China plans to release corn and rice from state reserves to cool inflation and ease import needs. The amount isn't yet known, but is estimated to be around 2M tons (the country consumes 10-15M tons monthly). The grains were sharply lower today as traders mostly sell Friday's news of a short crop. Corn -2.2%, Beans -3.1%, Wheat -3.2%.
    | Aug. 13, 2012, 4:32 PM | 1 Comment
  • Aug. 10, 2012, 2:46 PM
    Off 2.2% today in the wake of a crop report confirming what everybody already knew (a very short crop), corn may also be fading on a rumor the White House could be open to waving the ethanol requirement for fuel.
    | Aug. 10, 2012, 2:46 PM | 4 Comments
  • Aug. 10, 2012, 8:53 AM
    More on the crop report: Corn yields in Iowa (the largest producer) are estimated at 141 bu/acre, notes Arlan Sunderman, while an industry tour had it at 117. He also spots the USDA upping China's corn production to 200 MMT from 195 last month, and dropping Chinese imports to 2 MMT from 5 MMT ... "but when has the USDA been right about Chinese imports."
    | Aug. 10, 2012, 8:53 AM | 5 Comments
  • Aug. 10, 2012, 8:43 AM
    The USDA's highly anticipated crop report pegs the corn harvest at 10.779B bushels, 150M less then expected. The yield of 123.4 bushels/acre (vs. 127.4 est.) is the lowest since 1995. Ending stocks are pegged at a tiny 650M bushels, down from 1.18B. Traders sell the news, Sept. corn flat now after being a dime higher before the report.
    | Aug. 10, 2012, 8:43 AM | 1 Comment
  • Aug. 1, 2012, 8:18 AM
    A revision to the mean type of guy for most of his career, Jeremy Grantham continues a Malthusian turn in his old age, warning of decades of food shortages (last year's warning focused on metals, but all of a sudden the world seems oversupplied with those). Being a breadbasket, the U.S. will not be affected too badly, but poorer importers will see trouble.
    | Aug. 1, 2012, 8:18 AM | 3 Comments
  • Jul. 24, 2012, 12:29 PM
    The grain rally falls off the tracks as both corn (down $0.40) and beans (down $0.70) are locked limit down at the CBOT.  At $7.74 bushel, corn is off 5% on the session. Wheat isn't yet limit down, but is off 6.3%. Smithfield (SFD) hurriedly revisits its decision. JJG -5.5%.
    | Jul. 24, 2012, 12:29 PM | 1 Comment
  • Jul. 19, 2012, 3:28 PM
    Interesting action in the Chicago pits today, where old crop (Sept) corn soared another $0.18 to a record $8.13, but new crop (Dec, March) fell, the spread between the two shooting higher late in the session. The divergence suggests at least some optimism for a reasonable crop to come in, no? CORN -2.3% as the action in the new crop months overwhelmed the record price move.
    | Jul. 19, 2012, 3:28 PM | 5 Comments
  • Jul. 17, 2012, 4:54 PM
    "I see no basis for limiting exports," says a senior Russian official, even as an analyst says poor weather could sharply cut the wheat harvest, and in turn, overseas sales. Russia's 2010 ban on wheat exports shocked consumers, setting off a near doubling in the price.
    | Jul. 17, 2012, 4:54 PM | 2 Comments
  • Jul. 17, 2012, 8:55 AM
    Some sentiment numbers for the contrarians to chew over: 81% of clients are bearish on the euro for the next 6 months, according to JPMorgan (euro chart). Corn bulls rise to 95%, according to Jake Bernstein's Daily Sentiment Index (corn chart). Bond bulls are at 87% (bond chart). (h/t Thomas Thornton)
    | Jul. 17, 2012, 8:55 AM | 2 Comments
  • Jul. 12, 2012, 1:01 PM
    The latest U.S. Drought Monitor isn't pretty, showing substantial declines in "abnormally dry" and "drought-moderate" areas and a commensurate jump in those areas labeled "drought-severe" and "drought extreme," with "drought exceptional" creeping in as well. Corn rebounds from yesterday's sell the news action following the USDA report, +3.9%.
    | Jul. 12, 2012, 1:01 PM | 3 Comments
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RJA Description
This offering is designed to track the performance of the Rogers International Commodity Index – Agriculture Total Return, an index designed to provide investors with exposure to commodities in the agriculture sub-sector.
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