Obesity: raising price of sugary snacks may be more effective than soft drink tax

Source: https://www.bmj.com


Increasing the price of sugary snacks such as biscuits, cakes, and sweets could be more effective at cutting obesity levels than increasing the price of sugar sweetened drinks, says a study published in The BMJ.1

The modelling study estimated the potential effect on body mass index (BMI) and the prevalence of obesity from a 20% price increase for high sugar snacks. It found that the effect on prevalence (2.7 percentage points) was double the level from a similar price increase on sugar sweetened drinks (1.3 percentage points).

Snack Tax May Be More Effective Than a Sugary Drink Tax to Tackle Obesity

Source: https://www.enn.com


Taxing high sugar snacks such as biscuits, cakes, and sweets might be more effective at reducing obesity levels than increasing the price of sugar sweetened drinks, suggests a study published by The BMJ.

Taxing high sugar snacks such as biscuits, cakes, and sweets might be more effective at reducing obesity levels than increasing the price of sugar sweetened drinks, suggests a study published by The BMJ.

The researchers from the Universities of Oxford, Cambridge and Exeter and the London School of Hygiene and Tropical Medicine say this option ‘is worthy of further research and consideration as part of an integrated approach to tackling obesity.’

Obesity rates are increasing across the world. In the UK, obesity is estimated to affect around 1 in every 4 adults and around 1 in every 5 children aged 10 to 11, with higher rates among those living in more deprived areas.

The use of taxes to lower sugar and energy intake have mainly focused on sugar sweetened drinks. But in the UK, high sugar snacks, such as biscuits, cakes, chocolates and sweets make up more free sugar and energy intake than sugary drinks.

Asia-Pacific Sugar Derived Surfactant Market Segment By Manufacturers | Procter and Gamble and Clariant

Source: https://bigfashiontrends.com


This report studies the Sugar Derived Surfactant Market in Asia-Pacific, analyzes and research the Sugar Derived Surfactant development status and forecast In China, Japan, Korea, Taiwan, Southeast Asia, India, Australia. Sugar Derived Surfactant industry report focuses on the top players in Asia-Pacific industry, shown below. The report covers Sugar Derived Surfactant Asia-Pacific sales and Asia-Pacific Sugar Derived Surfactant market growth rate [2019 to 2024]. Asia-Pacific Sugar Derived Surfactant market Status, Prospect (2019-2024) also mentioned in this report. Asia-Pacific Sugar Derived Surfactant market report also includes, Asia-Pacific Sugar Derived Surfactant Industrial Chain, Sourcing Strategy and Downstream Buyers – [on Asia-Pacific Sugar Derived Surfactant market scenario]

Scope of the Asia-Pacific Sugar Derived Surfactant Market Report:

This report focuses on the Sugar Derived Surfactant in Asia-Pacific market industry. This report on Sugar Derived Surfactant industry categorizes the Asia-Pacific Sugar Derived Surfactant market based on manufacturers, type and application. Sugar Derived Surfactant Market Segment by Manufacturers. on Asia-Pacific Sugar Derived Surfactant industry scenario.

Request a sample copy of the report – https://marketdesk.us/report/asia-pacific-sugar-derived-surfactant-market-2018-99s/#requestForSample

Key Manufacturers in Asia-Pacific Sugar Derived Surfactant Market

Cargill, Kao Corporation, Unilever, Inc., Lonza, Procter and Gamble, Solvay, Stepan Company, Incorporated, Church and Dwight Co. and Clariant

Asia-Pacific Sugar Derived Surfactant Market Segment by Type, covers

Alkyl polyglycosides APGs
Decyl glucoside and sucrose cocoate

Asia-Pacific Sugar Derived Surfactant Market Segment by Applications, can be divided into

Biotechnology
Cosmetic
Personal care
Medicine
Agriculture
Environment protection
Others

Fundamentals of the Asia-Pacific Sugar Derived Surfactant Market report:

• Thorough knowledge about Sugar Derived Surfactant industry segments in Asia-Pacific that represent largest growth proficiency

• In-depth insight of the major players and contributors impacting this Asia-Pacific Sugar Derived Surfactant industry

• Comprehensive knowledge about the technological innovations contributing to the Asia-Pacific Sugar Derived Surfactant industry revenue and growth

• Sugar Derived Surfactant Asia-Pacific industry Region-wise in-depth analysis which will predict concrete growth

• Vital Asia-Pacific Sugar Derived Surfactant market dynamics

• Endorsement to companies which will establish their grip on the Asia-Pacific Sugar Derived Surfactant industry

Enquire before purchasing this report – https://marketdesk.us/report/asia-pacific-sugar-derived-surfactant-market-2018-99s/#inquiry

There are 11 Topics to deeply describe the Asia-Pacific Sugar Derived Surfactant industry.

Topic 1, to describe Asia-Pacific Sugar Derived Surfactant Introduction, product scope, Sugar Derived Surfactant industry overview, Asia-Pacific market opportunities, Sugar Derived Surfactant industry risk, Asia-Pacific Sugar Derived Surfactant industry driving force;

Topic 2, covers top manufacturers of Sugar Derived Surfactant in Asia-Pacific region, with sales, Sugar Derived Surfactant industry revenue, and price of Sugar Derived Surfactant, in 2017 and 2018;

Topic 3, displays Asia-Pacific Sugar Derived Surfactant market competing situation among the top manufacturers in Asia-Pacific region, with sales, revenue, and Asia-Pacific Sugar Derived Surfactant industry share in 2018 and 2019;

Topic 4 and 5, to show the Asia-Pacific market of Sugar Derived Surfactant by type and application, with sales Sugar Derived Surfactant industry share and Asia-Pacific market growth rate by type, application, from 2019 to 2024; on Asia-Pacific Sugar Derived Surfactant industry scenario.

Topic 6, Asia-Pacific Sugar Derived Surfactant industry forecast, by type and application, with sales and Sugar Derived Surfactant industry revenue, from 2019 to 2024;

Topic 7, to investigate the Asia-Pacific Sugar Derived Surfactant industry evolution potential except for Asia-Pacific , covering China, India, Southeast Asia, Latin America etc on Asia-Pacific Sugar Derived Surfactant industry scenario.

Topic 8, 9, 10 and 11, Sugar Derived Surfactant report to describe Asia-Pacific sales channel, distributors, traders, dealers in Asia-Pacific, Asia-Pacific Sugar Derived Surfactant industry effect factors, appendix, and data source.

Sugar prices set to increase as millers’ stocks decline

Brace yourself for tough times ahead as sugar prices are bound to shoot up given that the level of the stock continues to drop, creating inadequacy in the market. According to the Sugar Directorate, stocks have fallen from 16,000 tonnes to 14,000 in the last two weeks.

This comes even as the shelf price of the sweetener has stabilised with a two kilo retailing at 250 shillings from 270 shillings last month.

Baseless case against India’s sugar subsidies

Source: https://www.thehindubusinessline.com


Australia, Brazil and Guatemala have falsely argued that India has breached the subsidy limit under WTO rules

At a time when the sugar sector in India is in deep distress, at the WTO, a few countries have accused it of providing subsidy support to the extent of the entire value of production of sugarcane. What explains this paradox, what are the main claims against India at the WTO and what is the reality about India’s sugar subsidies? Let us examine these questions.

At the WTO, Australia, Brazil and Guatemala have initiated dispute proceedings against India. The crux of their claim is that through its sugar-related policies, India provides domestic subsidies exceeding 10 per cent of the value of production of sugar — the ceiling of product-specific support under the WTO’s rules on agriculture.

After an unsuccessful consultation process to resolve the contested issues, the WTO established a panel on August 15 this year to examine the compatibility of India’s sugar policies with the WTO provisions on agriculture. It would take 6-9 months for the WTO panel to give its findings in the dispute. What are some of the alleged subsidy schemes that the panel will examine?

Support measures

Besides certain export subsidy measures, the three countries have challenged various domestic support measures of India such as the Fair and Remunerative Price (FRP), the State Advised Price (SAP), interest subvention, production subsidy, buffer stock subsidy, minimum domestic sale price of sugar and state-level measures.

Confining attention to our domestic support, Australia has claimed that on account of just one measure — the FRP policy — India has provided around 74,700-crore subsidies. As this accounted for 99 per cent of the value of sugarcane production in 2015-16, India is alleged to have exceeded its permissible limit of 10 per cent. If budgetary support from other challenged measures are considered, the support to the sugarcane sector would exceed the total value of production.

How do these claims of allegedly high subsidies stack up against the prevailing conditions of sugarcane farmers in India?

It cannot be denied that sugarcane farmers in India are currently facing severe distress due to massive cane arrears on account of the FRP. During 2018-19, arrears at the all-India level were 19,129 crore. The human cost of these arrears is faced by millions of Indian cane farmers and their families.

India’s contention is that it provides no market price support to the sugarcane sector on account of the FRP policy. What explains the divergence between the claims on sugar subsidies by the three complaining countries and India?

The divergence between India and Australia on product specific support is mainly due to two factors: First, the nature of support under the FRP; and second, the formula used for calculating the support. Let us examine these in detail.

According to India, while the government announces an FRP for sugarcane, this is paid by the sugar mills and not by the government. Further, there is no procurement of sugarcane by the government. In India’s view, both these factors strongly suggest that no subsidy is provided through the FRP policy. A very similar line of reasoning has also been provided by Pakistan in the WTO regarding the support its sugarcane sector.

Outdated methodology

The view of the three complainant countries is that even if the government does not procure sugarcane, the entire produce is eligible to benefit from the FRP. Hence, the FRP constitutes a price-support measure. Further, the subsidy should be calculated by comparing the current administered price with the so-called External Reference Price (ERP), which is based on the international prices of sugarcane during 1986-88.

Although the methodology for calculating the subsidy based on the price-based measure has been specified in the WTO rules, it is clearly biased against the subsidy-granting country in at least two ways. First, it seems rather outdated to compare today’s prices (2,750/tonne) with that prevailing three decades ago (156.16/tonne). Second, relying on the findings of a previous WTO dispute — on Korea’s beef imports — the complainants used the entire sugar production for calculating the subsidy. This, again, is problematic, as the findings of the Korea beef cases is not automatically applicable in other situations of subsidy. India’s defence finds support from the US, which argued in the Dispute Settlement Body’s meeting that reports of the WTO panel and the Appellate Body do not carry precedental value. This highlights the constraining provisions of the market price support methodology and therefore, the need to reform it.

In case of an adverse ruling by the panels and the Appellate Body, India would have to modify all the measures which are found to be inconsistent with the WTO rules. In absence of present policies, the sugarcane sector, that employs over 50 million farmers, may face an imminent collapse.

Other options

The relevant question arises whether it is feasible for India to explore other provisions of WTO Agreement on Agriculture (AoA) to notify actual budgetary support due to the FRP/SAP policy, instead of using the market price support methodology. Under the AoA, an alternate method is feasible, provided the FRP/SAP is based on a price gap.

The benefit of this approach is that it will reflect the actual level of support to the sugar sector as opposed to exorbitant claims made by complainant members. Further, this approach would provide considerable policy space for the sugar sector without breaching the 10 per cent ceiling. To illustrate, the total budgetary domestic support to sugar sector was only 0.98 per cent of the total value of sugar in contrast to alleged support of 99 per cent of value of sugarcane in 2015-16. Our policymakers need to think seriously along these lines.

In conclusion, Australia, Brazil and Guatemala are using the WTO dispute mechanism to penetrate India’s huge domestic market. These complainant members have exported more than 70 per cent of their respective sugar production in recent years. Combined exports of these three countries comprise about 53 per cent of total global exports of sugar in 2017-18. While India would certainly defend itself ably at the WTO, the policymakers should be prepared with a contingency plan in case the country gets an adverse verdict.

Sharma is Associate Professor and Dobhal is Research Fellow at the Centre for WTO Studies. Views are personal

Sugar Coated Tablets market Split by Product Types, with Sales, Revenue, Price, Market Share Analysis during the Forecast Year 2024

Source: https://amarketinganalytics.com


The global Sugar Coated Tablets market is valued at million US$ in 2018 is expected to reach million US$ by the end of 2024, growing at a (compound annual growth rate) CAGR of x% during 2019-2024.

First of all, the Sugar Coated Tablets industry report comprises a whole market and seller circumstance other than a SWOT examination of the top players Pfizer, Novartis, Bayer, XINHUA PHARMACEUTICAL. Certainly, the details given are quite extending, unsurprising, and the result of incisive research.

Furthermore, this report focuses on Sugar Coated Tablets volume and value at the global level, regional level, and company level. Also, from a global perspective, this report represents an overall Sugar Coated Tablets market size by analyzing historical stats and future forecast. Regionally, this report focuses on several key regions: North America, Europe, Asia-Pacific, Africa, South America, etc.

Click here to get the sample report @
https://market.biz/report/global-sugar-coated-tablets-market-icrw/414197/#requestforsample

Market by Type:

Colored Sugar Coated Tablets
Colorless Sugar Coated Tablets

Market by Application:

Cardiovascular Diseases
Gastrointestinal Disease
Neurological Diseases
Immune Disease

Similarly, at the company level, this report focuses on the production volume, ex-factory price, revenue, and market share for each Sugar Coated Tablets manufacturer covered in this report.

The following manufacturers are covered:

Pfizer,Novartis,Bayer,XINHUA PHARMACEUTICAL,Harbin Pharmaceutical,Eisai,NCPC,GSK,Gebro,Yangze River Pharmacelltcal.

Finally, the report concludes with strategic recommendations section that focuses on some effective strategic decisions which can be taken up by Sugar Coated Tablets companies to increase their market shares.

Any more questions?

Enquire Here, Get customization or check discount for report @
https://market.biz/report/global-sugar-coated-tablets-market-icrw/414197/#inquiry

There are 13 chapters to deeply display Sugar Coated Tablets market.

Chapter 1, to describe Sugar Coated Tablets Introduction, product scope, industry overview, business opportunities, market risk, market driving force.

Chapter 2, to analyze the top manufacturers of Sugar Coated Tablets, with sales, revenue, and price of Sugar Coated Tablets, in 2018 and 2019.

Chapter 3, to display the competitive landscape among the top vendors, with sales, revenue, and industry share in 2018 and 2019.

Chapter 4, to discuss the world market by regions, with sales, revenue, and market share of Sugar Coated Tablets, for each region, from 2013 to 2018.

Chapter 5, 6, 7 and 8, to analyze the major regions, with sales, revenue and market share by top countries in these regions.

Chapter 9 and 10, to show the market by type and end-user/application, with sales market share and growth rate by type, end-user/application, from 2013 to 2018.

Chapter 11, Sugar Coated Tablets market forecast, by regions, type, and application, with sales and revenue, from 2019 to 2024.

Chapter 12 and 13, to describe Sugar Coated Tablets sales channel, distributors, traders, dealers, appendix and data source.

Thank You.


Teresa Miller

Teresa Miller has long experience in market research. She analyzes autonomously qualitative data, trends, strategies, and competition aiming at increasing competitiveness.

India Remains Under Fire for Sugar Market Distortion Subsidies

Source: http://nevadanewsandviews.com


(Chuck Muth) – Australia, Brazil and Guatemala have filed a complaint with the World Trade Organization (WTO) alleging that India’s policies subsidizing its sugar industry are distorting the global market and creating a worldwide glut that is artificially deflating market prices.

“India is dumping its extra sugar on the world, threatening to further drag down prices that are already at the lowest in almost a year,” reported Marvin Perez for Bloomberg on September 2.  “India’s government is spending Rs 62.68 billion ($873 million) to subsidise exports in an effort to cut the nation’s record stockpiles.”

Mr. Perez followed up a week later…

“Sugar prices have slumped to the lowest in 11 months, defying forecasts for a shift in the global market to a deficit from a surplus.  India, which often is a swing producer, again takes the spotlight as rivals lambaste the Asian nation’s export subsidies.”

Perez noted that Indian “subsidies are just another blow to the market that’s already suffering from oversupply.”

India, at a WTO hearing in mid-August, denied the allegations.

But in a September 6 opinion column defending India’s sugar policies, Sachin Kumar Sharma and Adeet Dobhal of the Centre for WTO Studies ironically detailed the extent of India’s meddling in the sugar market…

“Besides certain export subsidy measures, the three countries have challenged various domestic support measures of India such as the Fair and Remunerative Price (FRP), the State Advised Price (SAP), interest subvention, production subsidy, buffer stock subsidy, minimum domestic sale price of sugar and state-level measures.”

Compounding the problem is that sugar subsidies beget sugar subsidies, further distorting an already terribly distorted market.

Teresa Ellera of the Sun-Star in the Philippines reported last week that workers belonging to the General Alliance of Workers’ Association (GAWA) are “demanding government subsidies for rice and sugar farmers” to combat the influx or artificially cheap sugar imports.

As long as foreign governments continue to manipulate and distort the global sugar market, the U.S. needs to keep in place its policy of import limits and tariffs to protect American sugar farmers and producers from those “cheating” the system.

Mr. Muth is president of Citizen Outreach and publisher of Nevada News & Views.  His views are his own.

Sugar prices drop in February as production increases

Cheap, duty free sugar which had been held for investigation for mercury was released into the market for consumption, and coupled with increased competition from cheap sugar imports in the market, helped reduce the prices of sugar in February.

Subscribe to NTV Kenya channel for latest Kenyan news today and everyday. Get the Kenya news updates, discussions and other exciting shows.

Sugar Sets The Stage For An Encore

Source: https://seekingalpha.com


New lows for 2019 for sugar.

The sweet commodity heads for the 10 cents level.

Memories of September 2018.

Three reasons sugar could repeat last year’s action.

CANE for those who do not trade futures.

I do much more than just articles at Hecht Commodity Report: Members get access to model portfolios, regular updates, a chat room, and more. Get started today »

After trading to a high at 14.24 cents per pound in October 2018, the price of sugar has been dissolving like a cube in a hot cup of coffee. The price of the sweet commodity hit its lowest level of 2019 and since last year at this time last week when it traded to a low at 10.86 cents per pound. In September 2018, the price found a bottom at 9.83 cents, the lowest level in a decade. The decline below the 10 cents level triggered a swift recovery that took it to over 14 cents.

Sugar can be a wild commodity when it comes to price volatility. Since the early 1970s, the price has traded as low at 2.29 cents and as high as 66 cents. The most recent significant low came last September at just under 10 cents. The high came in 2011 when the sweet commodity peaked at 36.08 cents per pound.

Brazil is the leading free-market producer of sugarcane in the world. While lots of Brazilian sugar is absorbed by internal ethanol production, the South American nation is the leading exporter of sugar.

Since last October the price has been making lower highs and lower lows, and it may be on its way for a test of levels below 10 cents per pound. The most direct route for investment or trading positions in sugar is via the futures and futures options that trade on the Intercontinental Exchange. The Teucrium Sugar ETF (NYSEARCA:CANE) product provides an alternative for those who do not venture into the futures arena but wish to take exposure to the sweet and volatile commodity.

New lows for 2019 for sugar

Active month October sugar futures on the Intercontinental Exchange reached the high for 2019 at 13.96 cents in late February. Since then, the price of sugar has made lower highs and lower lows.

Source: CQG

As the daily chart highlights, the price of sugar futures has continued to decline throughout most of 2019, reaching the most recent low at 10.86 cents per pound on September 5. Open interest, the total number of open long and short positions in the sugar futures market has risen steadily since early July. The metric moved from 838,771 on July 1 to 1,079,648 contracts at the end of last week. The open interest metric had risen to a new record high during the first week of September. Both price momentum and relative strength indicators have declined into oversold territory. Daily historical volatility at 14.02% has declined as the descent of the price of the sweet commodity has been slow and steady.

The sweet commodity heads for the 10 cents level

The price of sugar is heading for 10 cents per pound once again. Last year, the price fell to a low at 9.83 cents in September, which was the first time that sugar futures fell below the 10 cents level in a decade.

Source: CQG

As the monthly chart shows, sugar approached the 10 cents per pound level in 2015 but stopped short at 10.13 cents. Before last year’s low, the last time the price was below 10 cents was back in 2008 when it hit a low at 9.44 cents. In 2007, the sugar futures market declined to 8.36 cents.

Sugar is now heading for 10 cents at the same time of the year it did in 2018.

Memories of September 2018

In September 2018, the nearby sugar futures contract on the Intercontinental Exchange worked its way to 9.83 cents during the week of September 24.

Source: CQG

The weekly chart illustrates the decline in 2018 and an abrupt turnaround that caused a rally of 44.9% when the soft commodity reached a peak at 14.24 cents during the week of October 22. The one-month recovery came following the rise in open interest to the previous record level at over 1.058 million contracts. On the weekly chart, sugar has declined into oversold territory when it comes to both price momentum and relative strength metrics. Weekly volatility is below 17%. As the price was falling in 2018, the measure of price variance fell to below 20%. The rally from September through October last year lifted the volatility measure to over 50%.

Last June through September was a bearish time for the sugar market, and in 2019, the same pattern has developed. There are lots of similarities between the price action in the soft commodity this year compared to last.

Three reasons sugar could repeat last year’s action

We are now at the time of the year that markets the first anniversary of the decline of sugar to below the 10 cents per pound level. Three factors are making the fall of 2019 look a lot like the same time in 2018. Technically, the price of sugar is in oversold territory on the weekly, quarterly, and many of the long-term charts. The oversold condition could be a sign that speculative shorts in sugar are pushing the price lower.

Another reason that sugar could bounce from around the 10 cents level is that it is at or close to the bottom end of its pricing cycle. Over the past ten years, sugar futures have traded in a range from last year’s low at 9.83 cents to a high at 36.08 cents per pound. At under 11 cents, sugar is a lot closer to the lows than the highs with demand expanding each day. Population growth around the world increases the demand for sugar, even though more health-conscious diets have decreased the consumption of the sweet commodity. Each year supplies depend on the weather in critical growing regions. When it comes to sugar, in South America, sugarcane is the primary ingredient in ethanol. Demand for the biofuel is a significant factor when it comes to the price path of sugar. Abundant supplies and inventories over past months and years do not guaranty the future availability of sugarcane. Therefore, the price is always subject to sharp moves during weather events.

Finally, since the world’s leading producer and exporter of sugarcane is Brazil, the soft commodity is sensitive to the exchange rate between the Brazilian real and US dollar. Sugar futures use the US currency as a benchmark, and local production costs are in Brazilian currency terms. Therefore, a fall in the real tends to weigh on the price of sugar futures while a rise in the currency is often a supportive factor.

Source: CQG

The monthly chart illustrates that in 2011 when sugar reached over 36 cents per pound, the Brazilian real versus US dollar peaked at over $0.65. Both sugar and the Brazilian currency are at either side of one-third the value as eight years ago with the real trading at $0.24465 on September 9 and sugar futures at just below 11 cents per pound.

Last year from September through October the real rallied from $0.23625 to $0.28035 when sugar recovered from 9.83 cents to 14.24 per pound. The Brazilian currency moved higher as the nation elected a business-friendly government under President Jair Bolsonaro. The recent decline in the real came on the back of fires in the Amazon and economic turmoil in neighboring Argentina. With the real at the bottom end of its trading range, the downside in the currency could be limited with significant upside potential. A recovery in the real would likely cause the price of sugar futures to move higher.

CANE for those who do not trade futures

The most direct route for investment in sugar is via the futures and futures options that trade on the Intercontinental Exchange. The Teucrium Sugar ETF product provides an alternative that tends to outperform the price of sugar during price declines and underperforms during rallies. CANE holds a portfolio of three of the most liquid sugar futures contracts. The nearby futures contract often exhibits the highest degree of price variance when it comes to short-term moves, which creates the underperformance on the upside and a better result on a percentage basis when the price declines. The most recent top holdings of CANE include:

Source: Yahoo Finance

CANE has net assets of $8.75 million and trades an average of 21,879 shares each day. The ETF charges an expense ratio of 1.0%. The last significant rally in the sugar market came in late July when the price rose from 11.39 to 12.30 cents from July 23 through July 30. The price appreciated by 7.99% over the period. The price then fell from the July 30 high to its most recent low at 10.86 cents on September 5, a drop of 11.7%.

Source: Barchart

Over the same periods, the price of CANE rose from $6.62 to $6.99 per share and then fell to a low at $6.33 per share. The rise of 5.59% underperformed the futures on the upside, and the decline of 9.44% outperformed on the downside.

If September through October is going to be anything like 2018 in the sugar futures market, a long position in the sugar market or the CANE ETF could sweeten your portfolio over the coming weeks.

The Hecht Commodity Report is one of the most comprehensive commodities reports available today from the #2 ranked author in both commodities and precious metals. My weekly report covers the market movements of 20 different commodities and provides bullish, bearish and neutral calls; directional trading recommendations, and actionable ideas for traders. I just reworked the report to make it very actionable!

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: The author always has positions in commodities markets in futures, options, ETF/ETN products, and commodity equities. These long and short positions tend to change on an intraday basis.