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January 18, 2019 | Grain Hedge Insights | Kevin McNew | Views: 378

Bearish EU Barley Corn, Wheat Productions Estimates

Estimates are made around a decline in planted rapeseed acres and assumption that yields will return to trend

Bearish EU Barley Corn, Wheat Productions Estimates

2019/20 EU Barley, Corn & Wheat Production Estimates: Bearish

Agriculture consulting group Strategie Grains released its 2019/20 production estimates for the European Union (EU) grains production.  Strategie Grains lowers their 2019/20 EU soft wheat production, by 600,000 MT to 146.4 MMT,  +15% YoY. EU corn production is estimated at +4% YoY and barley production +11% YoY. These early estimates are made around a decline in planted rapeseed acres and the assumption that yields will return to trend as European weather returns to a normalized pattern following last year’s record temperatures and extended drought. 

What does this mean for the U.S. farmer? While it’s still winter in the EU and growing season has not started, the initial supply assessment is bearish U.S. wheat and U.S. feed grain exports. In particular, the prospect of increased milling wheat and feed wheat supplies into the regional and global export grids can present challenges to SRW and low-protein HRW exports.            


Brazil and Argentina Corn Exports Close to 2017 Levels    

Brazil corn exports have recovered to near or above last year's high levels since November.  Brazil shipped 4 MMT tons of corn in December, +14% YoY. MTD Brazilian corn exports are estimated at 1.8 MMT with .5 MMT of corn currently loading at Brazilian ports and an additional 0.4 million tons are waiting to load. Total January corn exports may approach 2.7 MMT, above last year's 2.5 MMT. In December, Argentina corn shipments increased to 1.2 MMT from November's 1.0 MMT, primarily sailing to Algeria, Saudi Arabia, Malaysia, Vietnam and Chile. MTD Argentina corn exports total 0.4 MMT and the line-up report indicates that total January exports may be at 1.0 MMT tons.

What does this mean for the U.S. farmer? Argentina and Brazil returning to a normalized export program for the moment is slightly bearish the U.S. corn export program.  With dry and hot weather in Brazil the market should start to focus more on corn growing conditions than the export pace.


The risk of trading futures, hedging, and speculating can be substantial. FBN BR LLC (NFA ID: 0508695)

January 17, 2019 | Grain Hedge Insights | Kevin McNew | Views: 740

USDA Recalls Workers

About 2,500 FSA employees who have been furloughed by shutdown have been called back to work without pay

USDA Recalls Workers

USDA Recalls Workers to Help With Farm Loans & Taxes

The U.S. Department of Agriculture will reopen about 980 Farm Service Agency (FSA) offices for three days starting on Thursday to help process farm loans and tax documents during the partial federal government shutdown. About 2,500 FSA employees who have been furloughed by the partial shutdown have been called back to work without pay, the department said in a statement on Wednesday. It said the offices would be open Thursday, Friday and Tuesday before closing again. 983 of the agency's 2,124 offices will be open; at least one office will be open in each state.

What does this mean for the U.S. farmer? Given that January is the heart renewal season for agricultural loans, the temporary hours should provide some relief.  FBN members should contact their local FSA offices for hours.  


French Wheat Prices Muted By Slow Exports

With France being the EU’s top wheat exporter, latest data showed that soft wheat exports remained well below last season's, with shipments of 8.6 MMT so far in 2018/19, -26% YoY.  Expectations that dwindling supplies in Russia would create export demand for EU and U.S. wheat were also tempered by confirmation of the Russian agriculture ministry's outlook for 2018/19 grain shipments. Aside of Algeria, French wheat exports depend on gaining market share from sales into Morocco, Egypt and other North African countries.   

What does this mean for the U.S. farmer?  The lack of French wheat competitiveness does not translate well for SRW and low-protein HRW.  If the French FOB and Matif futures prices need to decline to make French wheat competitive versus Black Sea wheat this can limit the price appreciation of U.S. HRW and SRW futures.      


Brazil Consultant Celeres Cuts Soy Production By 5 MMT

Celeres gets in on the action and reduces Brazil’s soy crop to 117.2 MMT from 122.1 MMT on dryness and hot temperatures. Céleres also cut its projection of the first corn harvest of the crop cycle to 28 MMT from 29 MMT due to below-average rains.

The risk of trading futures, hedging, and speculating can be substantial. FBN BR LLC (NFA ID: 0508695)

January 16, 2019 | Grain Hedge Insights | Kevin McNew | Views: 1046

Heat & Dryness Lower Brazil Corn Production

Could be positive news for American producers

Heat & Dryness Lower Brazil Corn Production

Heat & Dryness Lower Brazil Corn Production

Impacts of dryness on first corn crop vegetation density in the South and Southeast lowers 2018/19 Brazil corn production fractionally to 85.8 MMT.  National-level yields are reduced <1% to 5.26 tons per hectare. Production is 8.2 MMT below USDA’s latest estimate in December, which places total corn plantings at 17.5 million hectares and yield at 5.40 tons per hectare. The last week saw some marginal improvement for drought impacted regions of Brazil.  Most geographies also received some precipitation, accumulated totals for the week were again meaningfully below average everywhere except the South. While the magnitude of the dryness and geographical extent will be critical in determining impacts, low precipitation totals raise the prospect of further downside risks to yields in some core areas.

What does this mean for the U.S. farmer? Hot and dry weather during key periods of crop development leads to lower corn condition scores and lower yields.  With Brazil production being reduced at some point this could be positive for the American producer. Possible impacts: support for U.S. listed futures prices, and possible export opportunities.  

US/Chinese Trade Negotiations: “No Progress on Key Issues”    

United States Trade Representative Robert Lighthizer did not see any progress made on structural issues during U.S. talks with China last week, Republican U.S. Senator Chuck Grassley said on Tuesday plans emerged for higher-level discussions at the end of January. The meeting came after mid-level U.S. and Chinese officials met in Beijing to discuss China's offers to address U.S. complaints about intellectual property theft and increase purchases of U.S. goods and services. The two sides are trying to reach a deal that averts a scheduled March 2 escalation of U.S. tariffs on $200 billion worth of Chinese goods. Progress on key structural issues include intellectual property, stealing trade secrets and putting pressure on corporations to share information have been slow to materialize and represent the biggest hurdles.

What does this mean for the U.S. farmer?  Financial markets do not like uncertainty. While the agricultural news from the trade negotiations has generally been positive, China approving 5 GMO crops for import and some soybean export volume, the market is trading the headlines.  Expect periods of acute volatility until a deal is finalized.

The risk of trading futures, hedging, and speculating can be substantial. FBN BR LLC (NFA ID: 0508695)


January 15, 2019 | Grain Hedge Insights | Kevin McNew | Views: 747

China Has Culled 916,000 Hogs Due to ASF

Country has reported about 100 outbreaks of the highly contagious disease

China Has Culled 916,000 Hogs Due to ASF

China Has Culled 916,000 Hogs Due to African Swine Fever

China has culled 916,000 pigs as of Jan. 14 due to outbreaks of African swine fever since the first case was reported in early August last year, the country's agriculture ministry said on Tuesday. China has reported about 100 outbreaks of the highly contagious disease in 24 provinces and regions since it was first confirmed in the northeast of the country. China, home to the world's largest hog herd, has reported more than 90 cases of the highly contagious disease since it was first detected in the northeast part of the country in August last year.   

What does this mean for the U.S. farmer? While approximately 1 million head of hogs is a small number of animals for the Chinese, the impacts are broad as the Chinese have been importing more pork.  Trade negotiations between the U.S. and China have included U.S. pork.

NOPA’s December Crush Estimated at 170 MBU  

U.S. soybean crushings in December were likely the largest on record for that month as soy plants continued their recent strong crushing pace, according to analysts polled ahead of a monthly National Oilseed Processors Association (NOPA) report.  If realized, the processing volume would be the third-largest monthly crush on record and the most robust December crush ever, topping the 166.305 MBU crushed in December, 2017. It would also be +1.8% from November's crush of 166.959 million bushels. Soyoil supplies among NOPA members at the end of December were projected at 1.571 billion pounds, up from 1.484 billion pounds at the end of November and 1.518 billion pounds for the same month in 2017.  If realized, the +5.9% increase would represent the first soybean oil stocks rise in eight months.

What does this mean for the U.S. farmer?  The soy crush is very much a localized business and it’s no secret that the commercial processor has enjoyed robust margins for the marketing year.  Solid demand for meal and oil may help local prices but are not to be relied upon.


Global Agricultural Weather

Continued moderate precipitation will benefit winter crops across Ukraine and surrounding regions of Russia through the next 10 days.  As temperatures decline, winter-kill is not a large threat as most of the region has protective snow-pack.  Unfavorable warmth will persist across Brazil’s core crop regions through at least the next 10 days.  A frigid arctic air mass is expected to overtake much of the Central and Midwest U.S. in the 6-10 day time frame, which could raise concerns of winter-kill damage in some winter wheat regions.


The risk of trading futures, hedging, and speculating can be substantial. FBN BR LLC (NFA ID: 0508695)

January 14, 2019 | Grain Hedge Insights | Kevin McNew | Views: 374

China Soybean Imports Decline in December

Imports plunged 40.1% from a year earlier

China Soybean Imports Decline in December

China Soybean Imports Decline By 40% in December

China's December soybean imports plunged 40.1% from a year earlier, customs data showed on Monday, as it cut purchases from the United States, its second-largest supplier, because of the trade war between the two countries. Imports last month dropped to 5.72 million tonnes which was the lowest for the month since December 2011.  For all of 2018, imports fell for the first time since 2011. Soybean imports during 2018 fell by 7.9% to 88.03 million tonnes. China, the world's top soybean buyer, usually sources the bulk of its oilseed imports from the US in the final quarter of the year when the US harvest comes to market.  Soybean imports from the US in November fell to 0. Chinese buyers have been relying on bean stocks in Brazil, its top supplier of the oilseed, in the fourth quarter due to the Sino-US trade war.

What does this mean for the U.S. farmer?  The market has seen increased Chinese export activity from the U.S. over the last couple of weeks but the volume is just ahead of the new-crop Brazil and Argentina harvests.  With the Brazilian soy crop being reduced from 120 mmt to 116 mmt there is room for U.S. exports. However, expect the Chinese traders to pull on Brazilian soybeans over the US.  We continue to monitor Brazil/US FOB spreads for signals.

U.S. Government Shutdown Sends Agricultural Traders Looking for Data   

To fill the void on data, traders and farmers are relying on private crop forecasters, satellite imagery firms and brokerages offering analyses on trade and supplies. Some have been scouring Twitter for tidbits on shifting weather patterns and rumors of grain exports, but say it is difficult to replace the USDA.  An increase in private companies using government-collected satellite images to track farmed fields in recent years helps shine a light on global crop conditions even while government agencies are dark. 

What does this mean for the U.S. farmer?  Absent the USDA’s WASDE reports, the federal government is still releasing pertinent data which continues to influence the direction of the agricultural cash and futures markets.  While the WASDE is the fundamental benchmark, the secondary market has an abundance of sources that are providing strategic market guidance and insights. Contact your FBN FMA for help navigating these opaque markets.        


The risk of trading futures, hedging, and speculating can be substantial. FBN BR LLC (NFA ID: 0508695)

January 11, 2019 | Grain Hedge Insights | Kevin McNew | Views: 512

EU Expands Wheat Acres

Wheat sowings expanded due to dry weather preventing rapeseed plantings

EU Expands Wheat Acres

EU Expands Wheat Acres; Reduces Rapeseed Area   

Farmers in the largest four European Union wheat producers have expanded wheat sowings, partly because dry weather prevented rapeseed plantings.  In the EU’s largest wheat producer, France, winter soft wheat sowings for the 2019 crop +3.5% YoY to 5.03 million hectares, the farm ministry estimated.  In Germany, the second-largest producer, winter wheat plantings +4.6% YoY to 3.02 million hectares.  Rapeseed acres ares estimated at -18.1% YoY. Britain's wheat area will increase +4% YoY to 1.87 million hectares. In Poland, the fourth-largest producer, the winter wheat area is likely to expand about + 5% YoY to over 2 million hectares, with less spring grain to be planted.  

What does this mean for the U.S. farmer?  Simply put, more competition amid greater global wheat supplies can limit the appreciation of SRW and HRW prices. Will have to monitor crop development in the EU and follow U.S. and EU foreign exchange rates to gauge competitiveness of U.S. wheat in the global export grids.    

China Raises 18/19 Corn Crop Production By 20%

China will produce 257.33 million tonnes of corn in the 2018/19 crop year, the agriculture ministry said on Friday, +20% from last month's forecast of 215.04 million tonnes. The ministry on Friday also raised its forecast for corn consumption in the year that began in October to 285.28 million tonnes, up by 34.48 million tonnes from its previous estimate. China's 2018/19 corn ending stocks deficit was seen at 26.5 million tonnes against the previous forecast of 33.31 million tonnes.  

What does this mean for the U.S. farmer?  Hard to determine at the moment as China does not import U.S. corn or DDGs.  Speculation and rumors have been rampant that the U.S./Chinese trade negotiations will include some type of import program for U.S. corn and DDGs.  At the moment there are no details about a corn export program to China.

Europe Wheat Weather: Dry in Eastern Europe and Wet in the West

High pressure established over northwestern Europe in the first days of the year, leading to dry and partially sunny weather there (Iberia, most of France and United Kingdom). The lowland areas in Central Europe received some moderate rain and eastern Europe (east of about central Poland) is now covered with a moderately deep snow cover of about 10 to 40 cm depth. Recent precipitation continues to favor improved soil moisture during the dormancy.  


The risk of trading futures, hedging, and speculating can be substantial. FBN BR LLC (NFA ID: 0508695)

January 10, 2019 | Grain Hedge Insights | Kevin McNew | Views: 517

Another Brazilian Ag Group Cuts Soy Production

Extreme heat and a dry spell in southern areas blamed for the smaller projection

Another Brazilian Ag Group Cuts Soy Production

Another Brazilian Ag Group Cuts Soy Production  

Ag Rural reduced its Brazilian soybean production estimate to 116.9 MMT as they pointed to blaming extreme heat and a dry spell in southern areas for the smaller projection.  Over the last few weeks it has become apparent that unfavorable weather conditions in key growing regions have basically erased chances of another soy production record in Brazil, which reported its largest output on record last year at 119.3 million tonnes. AG Rural is predicting a 4% YoY decline in yields this year even as acreage expanded by 720,000 hectares.  With FCStone reducing their estimates to 116 MMT and the USDA still at 122 MMT we look to see if the USDA makes any demand adjustments to the Brazilian balance sheet in the next reported WASDE.    

Egypt Purchases Russian Wheat

Yesterday December 9, 2019 Egypt's state grain buyer, the General Authority for Supply Commodities, bought 415,000 tonnes, or 15.3MBU, of Russian wheat in international purchase tender.  The delivery periods were for the last week of February and for the first week of March. On a FOB basis, U.S. SRW for the February delivery time was the most competitive but shipping costs Russian and Romanian wheat was more competitive.  

What Does This Mean For the U.S. Producer?  While the U.S. offer of SRW was so low it can be classified as a statistical outlier, it appears that U.S. wheat is becoming become more competitive in the world export grid.  This could to help direct future business away from the black sea region and to the U.S.


The risk of trading futures, hedging, and speculating can be substantial. FBN BR LLC (NFA ID: 0508695)

January 09, 2019 | Grain Hedge Insights | Kevin McNew | Views: 532

Brazil Dryness Causes Soy Ratings to Slide

Soybeans in southern Brazil have taken a notable turn for the worse

Brazil Dryness Causes Soy Ratings to Slide

Brazil Dryness Causes Soy Ratings to Slide; Still Too Early for Corn

Soybeans in No. 2 soybean- and corn-producing state Paraná in Brazil's south have recently taken a notable turn for the worse.  As of Monday, some 58% of the crop was in good condition compared with 80% on Dec. 17. During the current week in the past three years, at least 87% of the state's soybeans were rated in good condition.  

Below-normal rainfall has also been prominent recently in top grower Mato Grosso in Brazil's Center-West. The key northern production region of the state has received only 80% of normal precipitation over the last 60 days.  But much of that dryness occurred in the last four weeks or so, potentially after the critical pod-filling period.

Mato Grosso farmers planted the soybean crop at a record-fast pace, completing most of it by early November. It is also noteworthy that soil moisture was at a five-year high for the time of year.  State agency IMEA is likely to publish its first soybean harvest report of the season on Friday, January 11, 2019. Precipitation deficits in the top-producing states have led to some production estimates.  FC Stone reduced production to 116 MMT while a Reuters survey is at 120 MMT. This is compared to the government estimates: USDA at 122 MMT and CONAB at 120 MMT.

USDA Will Delay Release of January WASDE Report

Chinese and U.S. teams ended trade talks in Beijing on Wednesday that lasted longer than expected and officials said details will be released soon, raising hopes an all-out trade war that could badly disrupt the global economy can be avoided. The talks were extended into an unscheduled third day, showing both sides were "serious", China's foreign ministry said. If no deal is reached by March 2, Trump has said he will proceed with raising tariffs to 25% from 10% on $200 billion worth of Chinese imports, at a time when China's economy is slowing significantly. Beijing has retaliated in turn to U.S. tariffs.

USDA Committed to E-15 by Summer

The U.S. Environmental Protection Agency said on Tuesday it would complete a rule to boost sales of higher-ethanol blends of gasoline by the summer driving season, despite a partial government shutdown. The Trump administration hoped to have the rule published by February and approved by June, but the EPA recently told lawmakers that the timeline would be delayed because of the partial government shutdown. The EPA currently bans the higher ethanol blend, called E15, during summer because of concerns it contributes to smog on hot days - a worry biofuels advocates say is unfounded. E15 gasoline contains 15% ethanol, versus the 10% found in most U.S. gasoline. The proposal is expected to be coupled with a slew of reforms to the credit-trading market that underpins the nation's renewable fuel policy.


The risk of trading futures, hedging, and speculating can be substantial. FBN BR LLC (NFA ID: 0508695)

January 09, 2019 | Coach’s Corner | Greg Martinelli | Views: 716

Build the Sales Team Culture You Want

Where do you start when you want to change, build or rebuild this aspect of your agribusiness?

Build the Sales Team Culture You Want

One of the most interesting benefits of training sales teams all over the U.S. is experiencing the wide variety of sales team cultures. You might think that salespeople are salespeople and sales teams are sales teams. However, nothing could be further from the truth.

I experience a wide range of sales team cultures from: the heralded heroes who keep the company afloat to the scapegoats that are the cause of all that is wrong in their company. It causes me to wonder: “How does this happen?” and “How can I improve or create the culture I want for my team?”

What is the sales team culture in your company? Do any of the situations below sound familiar?

  • The Elitists: This is very common. Since salespeople work directly with the customers who are the source of all revenue for the company, they are often highly regarded in the company as the source of bringing that revenue stream into the company. So, manager’s talk about, support, and “pull all the stops” out for the sales team. This gives the sales team a feeling they might be above everyone else in the company. Feeling they are the breadwinners in the company, a sales team can soon become arrogant, which generates a few of the individuals below.
  • The Abuser. This is the salesperson that feels they are so important that they can take out their frustrations on their co-workers: the office, the production staff, the drivers, etc. Often, this happens when something goes wrong: missed delivery, pricing error, poor product quality, lost customer, angry customer, etc. The abuser is the first to sling blame
  • The ROAD: Retired on active duty. This individual is granted immunity like they are part of the reality show, “Survivor." They were on top of the leader board, years ago. Management loved them and everyone treats them as earthly gods from the past. This is fine from a respect standpoint, but not fine from being accountable to grow the business like every other salesperson has to. Which leads me to the next type of individual.
  • The Free Pass. Salespeople are granted free passes based on their results. He has so much business, he doesn’t have to attend company functions, meetings, fill out reports, put her orders in online. Everyone does special tasks for the salesperson with the free pass. And this person would never log a sales call in the CRM program.
  • The “I brought the big account with me so I’m not part of your company." That’s a long title to a very specific salesperson. This one was hard to hire as they probably had a solid career at another company. As they join your company, they bring their customers with them. This salesperson actually feels like an independent contractor. Sometimes, they don’t wear company logos, use company business cards, etc. They identify as themselves.
  • The Scapegoats. In a few instances, I run into sales teams that are actually regarded as the problem of all that is wrong in a company. As strange as it may seem, the culture toward the sales team is very negative. These worry me the most as it is typically one of the unhealthiest cultures to experience. For whatever reason, the management or the rest of the company has great disdain for the sales team. Potential reasons:
    • They work from home, thus, we have no idea what they do. Adding to this opinion is the knowledge that the sales team is taking customers golfing, attending trade shows at resorts, etc.
    • The company is in disarray, which causes a loss of customers. Since it’s the sales team’s role to get sales, they are blamed for the lack of sales
    • Pay discrepancies or the feeling there is a pay discrepancy. Ever see a $14/hour employee process a $20,000 commission check? Deserving or undeserving, this situation can cause some resentment.
    • Recognition discrepancies. When a big account is sold, we bring that salesperson on stage and give her awards. We put his picture in the newsletter. While sitting in the audience or sitting back in their office cubicle are the multitude of office workers and operations people that made it possible to sell that account. They may or may not receive recognition, unless they make a mistake. Then they will get lots of attention.

So, what do we do to change, build or rebuild our sales team culture? Leadership + management + a heavy dose of accountability!

It takes good old fashion leadership functions. Here are a few:

  • Accountability: This is where I would start. No one gets a free pass.  Everyone pulls their weight until the day they stop receiving a paycheck. “Been there 30 years and once was the #1 salesperson in the country?” Great, that means you know how to sell. So, go get something sold. “You don’t like filling out CRM?” No one does, but it’s a job requirement just like OSHA reports, compliance reports, etc. We do our jobs around here
  • It’s everyone’s fault: Fix the delivery issues, fix the invoicing errors, answer the 800# in 3 rings, learn how to make our products the way they are supposed to be made, quit making the same errors over and over again. A salesperson’s words will not fix broken products and services
  • Respect 360 degrees: Everyone respects everyone’s role. No matter what you do, your role is important to the business; Selling, driving, administering, sweeping, marketing, leading. This means, we treat everyone with respect. No yelling, bossing, storming into the office and blaming, no screaming on the phone nor angry emails laced with accusations
  • Fairness: This is a tough one as every person has their own opinion of fairness. Each person has a role and the business can only pay a certain amount for that role. If you don’t like the pay, the freedom or the authority of the role you are in, then change your role. If you want big commission checks, then pick up a set of car keys and become a salesperson. If you don’t like the fact that someone in the office messed up your sale and now your income will be reduced, ask for a new role that is straight salary. However, neither change mentioned above will be as easy, relieving nor wonderful as you think it will be.  

There are several more key strategies for building and rebuilding teams that I use when working with agribusinesses. However, I’ll leave you with this one and it might be the most important: Start with yourself. No matter what your role is, reread this article and determine what changes you need to make to foster a healthy sales team culture!

Good luck and enjoy the many benefits of a positive sales team culture!

January 08, 2019 | Grain Hedge Insights | Kevin McNew | Views: 483

China Approves Five GMO Crops for Import

Move is seen as setting the stage for large purchases of soybeans from the US

China Approves Five GMO Crops for Import

China Approves 5 GMO Crops for Import in Effort to Ease Tension with US

The Chinese ministry of agriculture has given the green light to import five types of genetically modified crops, a move seen as setting the stage for large purchases of soybeans from the US. The approved crops were two types of GM canola, two varieties of soybeans, and one of corn. The US has long insisted that China reform its GMO approval process to be more transparent and rooted in science, not politics. A trade negotiation team from the US is currently meeting with Chinese trade officials in Beijing this week. If these talks progress positively, President Trump has stated that he would meet with Chinese Vice President Wang Qishan at the World Economic Forum in Davos, Switzerland at the end of the month.

USDA Will Delay Release of January WASDE Report

Due to the government shutdown, the USDA announced that they will be delaying the release of this month’s World Agricultural Supply and Demand Estimate. The USDA also stated that they would continue to delay the release whether or not funding resumed and the shutdown ended before Jan 11, the intended publication date. Little progress has reportedly been made in Congress on the passing of a funding bill to end the shutdown. President Trump remains staunch in his wish to secure funding for increased security at the southern border, including the border wall. The government shutdown has also caused the USDA to suspend daily and weekly export sales announcements, as well as the upcoming quarterly stocks report and winter seedings report.

High Winds Expected Over Much of Midwest Today

The National Weather Service has issued a wind advisory for much of the Midwest today, stretching from the North Dakota-Canada border, all the way east to central Ohio. In Iowa, the forecast calls for sustained winds at 25-35 mph with gusts coming out of the northwest at nearly 50 mph. Similar conditions are expected in North Dakota, which may blow around recent snow and make travel difficult. Further to the east, Indiana will see high winds and a chance for some snow accumulation later today. The areas forecast for the wind advisory could see wind chill temps fall as low as single digits.


The risk of trading futures, hedging, and speculating can be substantial. FBN BR LLC (NFA ID: 0508695)

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