4-5 Eddie Tofpik


14-15 Howard Jenkins


Just What… is Going On??? China’s pig herd loss is expected to


reach 50% for 2019, leading to even lower pork production…


6-7


Alan Bush In A Historical First Gold Now Produces A “Positive Yield”


22-23


Will it be déjà vu in sugar? It has been a pretty torrid time for


sugar traders over the past year. The market has seen a mere 286 point range since the beginning of November with a predominantly downward trend. However, traders are pointing to the fact that the market was in a very similar position a year ago.


One of the major criticisms of gold ownership is that it produces no income except for central banks that have been able to loan it out. Now for the first time ever, gold provides a “positive return” at zero when compared to the negative yields in many countries in Europe and in Japan.


8-9 Marc Ostwald India: Incremental


16-19 Lee Heyman


Meghan Sapp Brian Nolk How much are we really


talking about here? The global sugar market remains in a rut, Europe’s sugar industry is literally shriveling under the heat of the sun and the pressure of low prices, India’s industry continues to drown the rest of the world in sugar while from Brazil to Africa to Asia producers are just trying to survive. .


White Swan with Black Legs Lee Heyman of ADM Investor Services International Limited takes a look at the equity markets to try and assess what has happened this year and his thoughts as we enter the last quarter. Can the equity market break out?


20-21


Fire Fighting While financial markets’ concerns about the global economic outlook centre above all on China, the Eurozone and the UK, it is India which has arguably proved to be the biggest disappointment in 2019.


10-13 Rohan Ziegelaar


Erin Burns 24-27


Erik Norland Can Equity Index Futures Hedge High-Yield Debt Risks?


28


Drought Down Under It seems that every time we talk about Australia and agriculture it’s in regards to drought. January 2017 to August 2019 have seen some of the driest conditions for parts of Australia’s grain belt. Graziers in NNSW and Queensland have been experiencing drought conditions for a while longer.


Power to the People Aluminium smelting is the most energy intensive of LME metals, using between 12 and 16MWh of power per Mt, with power costs often 25%-30% of the market price.


About ADMISI 30-31


The Ghost In The Machine Library


3 | ADMISI - The Ghost In The Machine | September/October 2019


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