Opening Grain Market Comments 5-15-12

Markets are called better behind a better overnight session; while outside markets are mixed and could lead to a little pressure with ideas that the grains open a little softer then where the overnight left off at.

In the overnight session corn was up 5, beans where up 18 on old crop, new crop beans where up 15, KC wheat was up 8-9 cents, CBOT wheat was firmer by 8, and MPLS wheat was 6 higher.  At 8:50 outsides are mixed; EU wheat is up about 1 %, equities are near unchanged with the DOW up 5 points, crude is off about a dime, gold is off 8.00 an ounce, and the US dollar looks like it is making another move up with the cash index at 80.903.

Yesterday we had a crop progress report; that basically showed the majority of the row crops planted with good emergence and a good wheat crop.  We really lack weather premium right now as headlines lately have been great big crops coming.

Basis remains firm for corn and beans; perhaps firming a little bit.  Yesterday we saw open interest in soybeans go up which indicates good commercial interest and end user pricing; not bad thing to happen.

One thing that has been on the headlines lately is the issues in EU.  If it leads to more macro liquidation then the grains could struggle; if not it feels like basis and demand are strong enough that the grains have a chance to bounce from these areas.

I have heard talk of higher protein getting harvested down south.  I seen a train of 13.76 pro yesterday and heard most of 12.5.  Overall higher protein isn’t exactly the best thing.  It acts as a replacement for spring wheat if it is high enough and then it doesn’t get feed and doesn’t help our export program out.  So I think a higher pro crop down south hurts demand a little bit and I think demand is really what wheat needs if we want to have a bull story at some point down the road.  I would also have to think that a higher pro crop means yields are off a little from what was expected……typically pro and yields go hand in hand in a reverse relationship.

One thing we need to watch going forward is the inverse in the grains.  Most have a big inverse between old crop and new crop so if you are storing grain your cost is very high.  It is a good demand sign when things are worth more today then they are tomorrow so to speak but it is also a huge risk when marketing grain as a general rule you don’t want to sit on product threw an inverse.  Every day that goes by we get closer to new crop and the risk becoming greater as along as the inverse is out there.  Bottom line the markets are close to saying if you want to own the grain own it on paper as it doesn’t make sense to sit through the inverse.

Please give us a call if there is anything we can do for you.

July 2010 all over again?

Recently the wheat market strength has had me thinking back to July of 2010.  A time when we saw wheat nearly double in a months time.

If memory serves me correct wheat and some of the other grains like corn made their low prices right before the June 30th report.  Then on the heals of a small Russia Crop, everyone bearish (very bearish) prices, and the funds massively short wheat we saw a rally in CBOT from a 4.25 low in late June to a high of 8.41 on August 6th.

The way that rally ended was most impressive and still stands in my memory.  CBOT wheat hit limit up on the 5th of August and then went nearly limit or limit up the next night only to close that session limit down when everything was said and done.

The best part of the wheat rally is what followed as it was really the start of the commodity rally in general.  The small Russia crop for wheat lead to less feed competition and helped out our corn exports and it also helped out our wheat exports.  When went from no profits in grains to good profits in a hurry.  It lead to many selling a little early as we had been down on prices since the 2008 collapse; but it really started and since lead to another leg up for the grain prices and commodity outlook.

Flash back to the here and now; we have some similarities now; funds are shorter today then they where back in 2010 which gives this rally a chance to be more then explosive and it is once again lead by weather and possible smaller crops.



Can this lead to another leg up for the grain prices?  After all since the 2010 rally wheat has been able to hold very close to the 5.50-6.00 level.  Can this wheat rally give us the support that allows 5.00 corn to now be the low for years to come?  Can it lead wheat back to the highs in 2010-2011?  Will we see butterfly effects that include new all time highs for corn and beans?

Maybe this rally in wheat is just to get things back in line; after all without it would we have had any wheat planted this fall?   Now perhaps getting wheat back in line helps keeping things in balance; helps us not see a huge swing in acres next year.

When it comes to marketing i am not going to get super bullish and not make sales.  But I am also going to remember 2010 and try to spread my risk out; scaling into sales slowly in hopes of a big bull market and I am going to remember prices just a few weeks ago for wheat.  With that in mind maybe I will look at buying some put protection and trying to create min price levels for my grain.

And that protection; i might want to get sooner then later as I don't know if this will be July 2010 all over again or just another correction in a bear market.

Comfortable Changes

Below is a rough draft for a newsletter article that I did up.  Won't come out for a few weeks; but here is a sneak preview..........

Comfortable Changes

Ok…… I do really struggle writing an article for newsletters because of the fact that our grain markets are ever changing and by the time a newsletter gets put together, proofed, and sent out our markets may have changed dramatically.  No one really knows the future the only thing we know is that there be will change.  Our markets are called futures markets just for that reason; that we don’t know what is going to happen with them in the future.

All we know is that there will be change; and plenty of change in prices is what we have experience in the past few years.  Did you know that since our bull markets started in June of 2010 we have had well over 100 (I stopped counting at 100 with 10 months left) moves of 30 cents or more in a couple day period in the KC Wheat contract.  It was just a few weeks ago that we seen beans up about a dollar a bushel in a week or so; follow by down about a dollar a bushel a week or so later.  After a bullish crop report we seen beans move 85 cents from their highs to their lows.  Not mentioning the swings we have had for the other grains like spring wheat, sunflowers, and corn.  Bottom line is our markets are always changing.  So much so that I could never write an article for a couple weeks in the future without expecting some major changes.

Ok I think everyone knows that our markets are always changing.  That we determined and is well known.  What is more important is what we do with those changes; are we able to manage them.  In grain marketing with grain price outlook do we make decisions that are fearful or greedy?  Do we put our self in a situation where we are forced to make bad sales at the wrong time?  Do we fail to make sales when our gut is telling us to sell at nice profitable levels?

Each of you know your answers to the above questions; but with our every changing markets are you able to adapt in a comfortable way?  Do you have a marketing plan that leaves you comfortable at night?  A pro-active risk management strategy that allows you to be successful in the future whether the crop prices for corn, wheat, soybeans, and sunflowers go up, down, or sideways? 

At the end of the day the message is simply get comfortable in our changing market.  For some of you that might mean writing a marketing plan which is something we would be happy to help you with .  For others it might mean simply having a solid crop insurance plan.  Others it might mean making scattered profitable sales to help avoid the extremes price swings that we seem to have.  Many of you might use put options to help protect downside risk in our markets.  Some of you might feel you need to re-own grain sales in case you sell to soon or use min-price contracts.  We can help you with all of these.  Bottom line is your Midwest Cooperatives Grain Marketing team is here to help you find your comfort zone in our ever changing market.  Don’t forget we have all sorts of tools to help you in your grain price risk management; such as the min price contracts, weekly marketing meetings, helping of writing grain marketing plans with the ability to tie in everything from finance to inputs to the sale of grain, and a Country Hedging Branch Office.

So there you go; that is my preach. Get yourself comfortable!

Market Comments 5-29-12 - Opening Calls?

Presently around 9:00 we have our markets trading mixed.

Old crop corn is trading about unchanged, while new crop corn is 4 weaker, Old crop beans are up 12 cents, new crop beans are up about a dime, KC wheat is off about 7 cents, MPLS wheat is 2 lower, and CBOT wheat is off a dime.  Volume is very light and has been during the non traditional hours; so it will be interesting to see how exactly our markets react once the pit session opens up at 9:30.  Outside markets should be a little supportive but adding to the mixed weaker tone is weather that seen some moisture in areas that needed some and some thoughts of some hedge pressure with wheat harvest starting to roll in some areas down south.  Presently we have European wheat off about 1%, crude is up about 60 cents a barrel, equities are firmer with the DOW up 96 points, Gold up about 10 an ounce, and the US dollar is softer with the Cash Index at 82.241.

It appears that a Japanese company Marubeni is buying Gavilon; not sure if it has any local effects.  But I do know that we have done some corn business with them in the past and I am sure it will be updated credit terms.  It sounds like they will be trying to get more China corn business in one of the stories I seen.

From what I am reading it doesn’t appear all areas that needed it got moisture coverage; but enough got it to pressure the markets a little bit.  At least until the next forecast comes out.  This should really tell us we are now deep into a weather market and mother nature along with money flow and the funds which should be linked to the outside markets control where we go or don’t go from here.

Many of the places down south and to the east still haven’t received needed rain; such as parts of the Delta and parts of the Ohio Valley; but forecasts do some for some.  I have also seen comments that parts of MN and Iowa have went from drought to flash flooding talks.   Bottom line is weather will likely remain volatile and influence our markets potential with big swings.

I did see some new crop Kansas wheat trains out this a.m.  It was a 60.7 # with 12.2 pro.  I asked my buyer on yields and pro versus last year.  He said pro was 2-3 tenths lighter then last year and yields seem to run between 35-55.  Overall that would be slightly disappointing but not a complete train wreck either.

Technically wheat did a good job bouncing off of support like it was suppose to on Friday; but now we need to see it follow threw to the upside.  We don’t want to see the markets give up Friday’s gains and presently it looks like the market is trying to despite the supportive outside markets.

Basis has been on the defensive and that hasn’t helped the old crop corn story; but cheaper prices don’t hurt demand either.

Please give us a call if there is anything we can do for you.

Thanks

Morning Highlights for Monday June 18 2012 from Country Hedging's Chris Steinhoff

Crude oil is down 70 cents…gold is $5.50 lower, silver is 30 lower…Greece situation is still quite fluid but they did have elections…Who is next inline for a bailout??? Nikkei , Hang Seng and Shanghai were firm…Dow, Nasdaq and S&P futures are lower…

Corn…rains are light in Indiana and the forecast doesn’t look real good this week..meanwhile the ECB looks very good in many areas

                …some ECB corn will begin pollination soon and some of that corn is under stress

                …weather is becoming critically dry in parts of the ECB

                …last Friday Informa raised their acres to 96.759 million.

                …farmer movement is slow, but at some point the inverse will disappear

                …keep hearing reports of small ethanol plants shutting down until margins improve…...corn origination is difficultn

Old crop trading up 5, new crop trading up 10

Beans…mainly higher overnight as dry corn weather = dry soybean weather

                …higher on the Greek election? Sure let’s go with that.

                …China demand? Seems to be kinda slow lately, as they try to sell reserves

                …informa acres guess is 75.959

                …supplies are tight in SA too

Trading 10 to 15 better…

Wheat…US SRW and HRW harvest moves forward adding to US supplies

                …there are scattered concerns throughout the world like Argentina, Aus, Russia etc etc

                ..Iraq bought some wheat over the weekend, but not from the US

                ..india and iran are in talks for some wheat business

Trading 3 to 8 higher…

Christopher Steinhoff
Market Analyst
800-328-6530
651-355-6558
651-355-3723 fax

www.countryhedging.com

Overnight Highlight's from Country Hedging's Tregg Cronin 7-23-2012

Below is from Country Hedging's Tregg Cronin

Outside Markets: Dollar Index up 0.176 at 83.654; NYMEX-WTI down $2.61 at $89.20; Brent Crude down $2.90 at $103.93; Heating Oil down $0.0676 at $2.8567; Gold down $10.80 at $1571.70; Copper down $0.0915 at $3.3570; The Yen is firmer, but all other major currencies are weaker; Most all of the softs are weaker; S&P’s are down 15.50 at 1343.00, Dow futures are down 151.00 at 12,622.00 and Treasuries are firmer.

Financial markets are getting rocked this morning as investors grow weary of Spain’s worsening economic picture and as their borrowing costs push to new Eurozone records over 7.50% on the 10-year.  Six more Spanish banks are said to be getting ready to tap bailout facilities in coming days.  RBC Capital Markets said in a statement they have advocated staying away from Spanish and Italian markets and they see no reason to change this view.  This will push borrowing costs higher and increase the likelihood of an emergency EU-Summit and further bailout funding.  Energy markets are responding in kind as well, slashing off significant premium following the strong runs they had last week.  The CRB-Index should trade sharply lower today after hitting the highest levels since May.

Rain totals over the weekend were heaviest in SD/MN/MT and more rain fell south east of the Ohio river.  Totals were heaviest in S-SD where the southern part of the state saw localized totals up to 2.5”.  This rain was needed very badly, especially ahead of the extreme heat the next 3-days.  More rain is falling across SD this morning.  5-day forecasted precip maps show much of the northern corn belt to receive a good soaker the next 1-3 days.  Heaviest totals should be in MN/WI/N-IL/N-IN/MI/OH.  Temps the next 3-days will be over 100* for almost everyone south of I-80.  6-10 days maps show chances of scattered precip around, but no soaking event.  The 11-15 has some rain in the WCB and in WI, but again no concentrated event.  Temps are expected to remain normal/above, but nothing extreme like this week.  90’s will be common place in the WCB.  The 11-15 sees some additional ridging to occur bringing average rains to MT, the Dakotas and north of I-80, but dry to the south.  Less than ideal, but the rains this week should help stabilize things.

Some pretty heavy profit taking hitting our space overnight, thanks in large part to the outside markets and a general sell mentality, but the maps taking on a bit more favorable tone is probably also contributing.  As many have said, rains cans till help the soybeans at this point and the corn in the west, but the temps the next 3-days will do their best to push things backwards further.  Condition ratings are expected to drop another 3-5% on both corn and beans.  The constant talk of demand destruction already taking place isn’t making anyone happy either.  These crops are still in the discovering phase, however, and until we discover how small this crop is, it will be difficult to take prices considerably lower to where end users are willing to step up.  Big ranges last night: corn 33c, beans 56c, wheat 37c.

In headlines, JP Morgan said July rain has improved yield prospects across eastern Australian canola and wheat areas.  JP is estimating total winter crop production in the three eastern states is now estimated at 19.7MMT vs. ABARES latest guess at 18.4MMT.  Western Australia is equally as important, however, as the majority of the exporting facilities are located on the west side of the island.  The Chinese Customers Administration said June soybean imports were up 31% y/y to 5.62MMT.  June corn imports were 528,647MT and wheat imports were 216,742MT.  Jordan finally bought the 100,000MT of wheat they retendered for twice at $343/MT from Ukraine for Aug/Sept delivery.  Also, Ukraine was reported to have harvested 15.86MMT of grain as of July 20^th, about 72% of the total are seeded.  Yields were 2.22MT/ha.  This compares with 19.33MMT last year and a yield of 2.89MT/ha.  Spring planted acres were up 17.1%.  The Financial Times carried a story about US meat companies importing Brazilian maize due to its competitiveness.  Link below.

Open interest changes during Friday’s session included an increase of 4,400 wheat, corn up 9,780, beans up 680, meal up 180, and soy oil down 5,260.  Chinese markets were mixed with beans up 9.25c, meal down $3.80, soy oil down 122c, corn up 0.25c and wheat down 11c.  Malaysian palm oil was down 52 ringgits, Paris Milling wheat is currently down 19c, Rapeseed down 16c and UK feed wheat is off 19.0c.  There was some heavy length added by the speculative funds in corn and wheat last week, and I’ll have a better breakdown in tonight’s comments.  Also worth noting spec funds are now long natural gas, something which hasn’t been the case since 2007.

Things are likely to be weaker the majority of today, and then we’ll get a look at crop conditions after the close and see if this crop is still slipping.  There are some very good looking fields in the upper corn belt, and the weekend’s rains as well as those forecasted should go a long way to stabilizing some of those.  The more confidence a guy has in his crop, the more aggressive he should be taking advantage of these record prices.  The market is not going to pay you to store the crop this year, so keep that in mind.

http://www.ft.com/intl/cms/s/0/41ce586c-d29d-11e1-abe7-00144feabdc0.html#axzz21Ra2DwYK

     

Tregg Cronin
Market Analyst
800-328-6530
651-355-6538
651-355-3723 fax
www.countryhedging.com
Country Hedging, Inc.
The Right Decisions for the Right Reasons

Overnight Highlights from CHS Hedging's Tregg Cronin 11-19-12

Outside Markets: Dollar Index down 0.097 at 81.069; NYMEX-WTI up $1.11 at $88.02; Brent Crude up $1.21 at $110.16; Heating Oil up $0.0408 at $3.0276; Gold up $7.70 at $1722.00; Copper up $0.0405 at $3.4980; All major currencies are firmer; All the softs except cotton are better, led by Coffee up 1.18%; S&P’s are up 8.75 at 1368.50, Dow futures are up 67.00 at 12,637.00 and Treasuries are being offered this morning.

Global equity markets are firm this morning, led by European markets which are up over 1.0%.  The main themes seem to be tied to constructive comments surrounding the fiscal cliff talks in Washington.  One of the main sticking points is still the tax rates on the top earners, although few comments have made mention of anything tied to entitlement programs, the real source of the growing deficit.  Also supportive overnight was  a Spanish official saying Spain may need less than €40 billion for its banks from the ESM.  Today’s economic news will include existing homes sales (4.75 million/0%).  Notable earnings this morning will include Tyson Foods which analysts are estimating at $0.44/share.  Krispy Kreme is due this afternoon and seen at $0.08/share.

Some very limited precip over the weekend in the eastern parts of the south.  The 5-day forecasted precip map is devoid of moisture in the Midwest, but the PNW is expected to see very good rains in ID/CA/OR/WA and W-MT to the tune of 0.50” to as much as 8.6” in OR.  Not much change in the NOAA extended maps yesterday with below normal precip seen for all areas south of I-70 while MT/ND and parts of SD could see some limited moisture.  Temps are expected to remain above normal the next 15-days.  The weather continues to look pretty good for the S. American growing regions. Some rains are seen in Argentina and S. Brazil, but will not be heavy enough to resurrect issues with excess moisture seen in Sept and Oct. Yet will also insure that these areas do not slip into too dry of a pattern. The tropical rainfall in N. Brazilian growing regions will continue to feed crops moisture there.

Ag’s are enjoying a nice bounce overnight which was present from 7:00pm as bargain hunters and technical traders claiming “oversold” seem to be finding their way to our space.  A solid export sales report Friday in the complex continues to offer underlying support, and farmer movement of new beans has been notably absent.  Chatter from the country makes it sound like resellers in the East have basis length from harvest, but the same doesn’t seem to be true in the West as elevators hurry to get piles picked up and shipped.  There was no weekend tender by Egypt, much to the chagrin of wheat bulls.  This isn’t to say Egypt won’t buy US-SRW when they come back, it’s just each week that flips over is one week off the window the US will be the only suitable supplier.

There was some tender business overnight, however, as South Korea’s Nonghyup group reaches for as much as 110,000MT of soymeal for April delivery.  Egypt’s FIHC is also seeking 30,000MT of sunflower oil and 30,000MT of soybean oil.  A wire said African wheat buyers have turned to India as of late, and it’s odd few have made mention of just how much wheat has been sold out of state reserves.  Recent prices were said to be around $348/MT C&F.  Other articles talked of Brazil’s shipping lineup being around 1.5MMT long, and Asian buyers turning increasingly toward the US.  CIF bids going home Friday were +92Z, up 20c w/w.  Winter wheat conditions in Ukraine are being rated as “fairly good” by the USDA-FAS.  Plantings are right at year ago levels.  The wheat harvest in Western Australia is being estimated at 35% complete by one of the regions’ largest grain handlers at around 3.2MMT.  Farmers in Victoria are said to be “happy with the start of harvest.”  Canola and barley are said to be faring the best.

Open interest changes Friday included wheat down 2,540 contracts, corn down 1,710, soybeans down 1,750, soymeal up 4,090, soyoil down 5,510.  There are 272,000 contracts of corn remaining in the December with FND 10-days away.  Overnight, Malaysian Palm Oil was up 30 ringgit to 2,459 on an expected pick up in export demand.  Chinese markets were firmer with beans up 5.25c, meal up $4.20, soy oil up 25c, corn up 4.50c, palm up 26c, and wheat down 0.75c.  For reasons undisclosed, China’s government said it will suspend soybean auctions from state reserves this week.  Paris Milling Wheat is up 0.47%, Rapeseed up 0.30%, Corn up 0.30%, UK feed wheat up 0.57% and Canola is up 0.73%.

Things look as though we’ll be firmer today, and prices are probably due for a bounce considering the losses sustained last week.  Demand has shown no signs of slowing down on soybeans, and combined March 1 stocks of South American and United States soybeans will still be the tightest on record.  Domestic demand for corn remains fairly strong, and analysts remain optimistic on export demand moving forward.  Wheat needs to pick up some business or we fall relative to corn to find feed demand.  Short week with low volume.

Trade as of 7:10

Corn up 5-6

Soy up 10-15

Wheat 3-4

  

Overnight Highlights 11-26-2012 from CHS Hedging's Tregg Cronin

Outside Markets: Dollar Index up 0.034 at 80.270; NYMEX-WTI down $0.52 at $87.76; Brent Crude down $0.42 at $110.98; Heating Oil down $0.0094 at $3.0677; Gold down $0.80 at $1750.50; Copper up $0.0065 at $3.5345; Most currencies are weaker this morning aside from the Yen; Softs are mixed, led lower by Coffee; S&P’s are down 7.00 at 1398.50, Dow futures down 56.00 at 12,905.00 and Treasuries are firmer, up 0.42%.  

European equity markets are softer this morning as are US equity futures.  Chatter in most financial outlets centers around ongoing discussions over Greek bailout terms and the increase in Black Friday shopping.  Sales over the 3-day haul were said to be up 12.8% over last year which is in-keeping with the consumer optimism as of late vs. the more pessimistic nature of businesses.  Also of note, Argentina’s 5-yr Credit Default Swaps surged another 924bp overnight to 4,047bp (See chart below).  It is looking increasingly likely they will default which could end up leading to a jump in export taxes.  For comparison purposes, the cost of insuring Spanish debt is only 320bp vs. Argentina’s 4,047bp.  US economic data today will include US Chicago Fed Index seen at 6.2.

Pretty dry the last 3-days, although some snow was seen in WY/MT.  Looks like another dry week this week with the exception of some rain in the MS-Delta and across the PNW.  NOAA’s extended maps do look like a warm up is on the way, however, with above normal temps seen in the 6-10 centered over the southern plains.  Precip should remain below normal for HRW states, however.  The 8-14 holds better chances for above normal precip.  Dry in Argentina over the weekend, although some rains did fall in S-Brazil.  A system is seen Wednesday and into Thursday for Argentina and S-Brazil to the tune of 0.50-1.50”.  Coverage over Argentina is seen at 80-90%.  More rain is seen in Argentina early next week and will remain an area of concern.  Brazil looks to be in real good shape.

Receiving a nice bounce in the grains overnight, rising steadily through the European open.  Encouragingly, corn has managed to push back above the $7.50 level for both December and March corn, and January soybeans are trading right at resistance of $14.28 ¼.  Trade above, and a close above that level will be technically positive, and could signal a near term bottom.  Supportive inputs seem to be more optimism about US grain and oilseed exports, which we saw better evidence of last week, and a real lack of farmer movement as price remains below marketing objectives.  While weather in South America remains mostly beneficial, the threat of a too-wet Argentina and a potential default is probably also keeping traders cautious about putting the SA crop “in the bag.”

Overnight headlines included Iraq issuing a tender for 50,000MT of wheat with a bidding deadline of Dec 3.  All major origins are open, including Kazakh, Russ and Romanian.  Jordan is tendering for 100,000MT of wheat with a deadline of Dec 11.  We also heard news Germany has been sending wheat cargoes into Brazil and the UK due to quality issues with the UK and Argentine wheat crops.  This needs to be monitored, and speaks to the torrential rainfall in Argentina.  India said it is considering fresh wheat exports to clear stockpiles ahead of new crop harvest.  State grain companies have already contracted to ship 1.3MMT with a quota of 2MMT.  800,000MT has been shipped already.  India is definitely helping bridge the gap.  Major grain handler CBH said Western Australia production is seen at 8.5-9.3MT with around 50% of it harvested to date.  Haven’t seen an update on river gauge levels in STL, but most still looking for restrictions on the river by Dec 15.

Open interest changes Friday included wheat down 5,120 contracts, corn up 800, soybeans down 100, meal down 370, and oil down 630.  Very quiet day Friday despite option expiration.  We missed closing above $7.50 basis December corn, the largest area of open interest.  Chinese markets were very quiet overnight with beans unchanged, meal up $1.60, oil up 66c, corn up 3.75c, palm up 74c and wheat up 0.75c.  Malaysian Palm Oil was up 37 ringgit at 2,432.  Paris Milling wheat is up 0.47%, Corn up 0.39% Rapeseed up 0.16%, UK feed wheat up 1.01% and Canola is up 0.63%.

Call things firmer to start the week with more traders excited about the prospect for improved US exports in coming weeks.  Would caution getting too optimistic, considering over half of the export sales last week was Japan in a much talked about purchase.  Other destinations need to step up as well, and we still aren’t connecting on much swing wheat business in the Middle East.  Where is Egypt…?

Tregg Cronin
Market Analyst
800-328-6530
651-355-6538
651-355-3723 fax

www.chshedging.com

CHS Hedging, Inc.
The Right Decisions for the Right Reasons