63160 Commodity Markets Review May 11, 2011 DECPG, The World Bank Non-energy commodity prices rose 2.0 Agriculture prices increased 1.5 percent in percent in April due to supply concerns and April, with the strength mainly in grains, up 5.8 depreciation of the dollar—down 1.6 percent percent. Maize and sorghum prices jumped 9-10 against a broad group of currencies. However percent due to late planting in the U.S. because prices for many commodities fell in early May of wet weather, while wheat prices rose 6 on concerns about slowing demand and a sharp percent due to drought that has affected winter gain in the value of the dollar. Silver, cotton, and crops in the U.S., Europe and China. Tea prices sugar (and crude oil) fell most. rose 9 percent on arrival of premium new teas in Crude oil prices jumped 7.0 percent in India, while rubber prices increased 8 percent on April, up for a ninth straight month, hitting a weather-related supply constraints. Cocoa, sugar high for the year of $119.6/bbl at month-end. In and cotton recorded declines on improving early May oil prices then plunged 13 percent on supply conditions. In early May, prices fell for concerns about demand and sharp reversal in the most agriculture commodities, but stocks of dollar, accelerated by program trading on futures major grains remain low and prices could rise and options markets. Supply risks remain, should the 2011/12 crop outlook deteriorate. however, given continuing political unrest in Metals and minerals prices rose 2.2 percent North Africa and the Middle East, and OPEC’s in April, following a sharp decline in March, muted response to production losses in Libya but the strength was concentrated iron ore, tin and Yemen--in part because of the difficulty and aluminum where supplies are relatively replacing light/sweet crude. Product stocks have tight. For aluminum, a significant portion of declined, especially for gasoline, and refinery inventories are tied up in financing deals. The demand for crude is picking up to meet summer largest gain in April was for the precious metal demand following seasonal maintenance. silver, up 19 percent, on strong investment Natural gas prices in Europe rose 10.6 demand. In early May, metals prices fell sharply percent in April, as contract gas prices on concerns about demand and inflation. ratcheted upwards in a lagged response to higher However base metal prices had already come off oil prices. In contrast, European spot gas prices their early-April highs because of rising stocks, have eased on mild weather and adjustment to weak Chinese imports, and concerns about the loss of Libyan piped gas. Natural gas prices policy tightening in China. The largest drop in in the U.S. rose 6.8 percent on higher demand early May was for silver, plunging 26 percent from cool weather and injections into storage. following its meteoric rise this year. Major Price Indices Agriculture Prices - Sub-Indices Indices of Nominal US$ Prices (2000=100) Indices of Nominal US$ Prices (2000=100) 400 375 350 Metals and Minerals 350 Raw Materials 325 300 300 Beverages 275 Food 250 250 Energy 225 Agriculture 200 200 175 150 150 Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Prepared in the Development Economics Prospects Group (DECPG) by Shane Streifel, John Baffes and Betty Dow. Katherine Rollins is task assistant. 1 Major Movers April1 Soybean meal prices fell 3.6 percent as soybean Silver prices soared 19.1 percent on strong harvesting progresses well in South America, investment demand reflecting various macro, and as China announced that it will release state financial, and geopolitical concerns, and is up 46 reserves to combat domestic food price inflation. percent this year—the most of all commodities. Palmkernel oil prices decreased 3.9 percent Phosphate rock, potassium chloride, TSP and following sharp declines in import demand as urea fertilizer prices increased 14.1, 8.9, 8.4 users switch to less expensive oils. and 3.8 percent, respectively, due to strong Cotton prices fell 5.7 percent on slowing global demand. demand by the textile industry and expectations Natural gas (Europe) prices rose 10.6 percent of increased production in 2011/12. mainly due to higher oil prices, as imported gas Sugar prices declined 7.2 percent on news of a is indexed to petroleum prices with a lag. bumper crop in Thailand, far outweighing a Maize and sorghum prices jumped 9.9 and 8.8 likely shortfall in Brazil. percent, respectively, because of wet weather in Cocoa prices dropped 8.1 percent following the the U.S Midwest where only 9 percent of the announcement that Côte d’Ivoire will resume crop had been planted at end-April (versus 23 exports. percent in a normal year). April Percent Changes in Price (Nominal US $) Tea prices rose 9.4 percent mainly reflecting -20 0 20 40 60 80 soaring Kolkata auction prices with the arrival of Silver new premium teas. Phosphate rock 135.6 Coconut oil prices increased 8.5 percent owing Natural gas, Europe to tight copra supplies in the Philippines, the Maize 103.3 Tea, avg 3 auctions world's largest coconut oil producer. Potassium chloride Rubber prices increased 8.0 percent due to Sorghum 93.8 strong demand and the impact of flooding on Coconut oil 122.1 TSP supplies in Malaysia and Thailand. Rubber RSS3 Crude oil prices rose 7.0 percent due to supply Crude oil, average spot Natural gas, US losses in Libya and Yemen, declining stocks, Wheat, US, HRW and the difficulty replacing light/sweet crude. Iron ore, spot Natural gas (U.S.) prices increased 6.8 percent Tin Aluminum on higher demand from cool spring weather, and Gold start of the storage injection season. Urea, bulk Wheat prices rose 6.1 percent as dry conditions Lead Beef persist for winter crops in the U.S., China, and LNG Europe, while wet weather has delayed planting Coffee, arabica of spring wheat in the U.S. and Canada. DAP Sawnwood Malaysia Apr '11/Mar '11 Iron ore prices increased 5.9 percent due to re- Groundnut oil stocking in China and supply constraints among Zinc Apr '11/Apr '10 major exporters. Logs, Malaysia Soybeans Tin prices increased 5.8 percent owing to strong Soybean oil demand and on-going supply tightness. Copper Coffee, robusta Aluminum prices rose 4.8 percent on higher Nickel energy costs, and as a large volume of stocks are Rice, Thai, 5% tied up in warehouse financing deals. Coal, Australia Palm oil Gold prices increased 3.9 percent on continued Soybean meal investment demand and concerns about inflation Palmkernel oil 86.2 and other financial risks. Cotton, A Index 145.9 Sugar, world Cocoa 1 Percent change of average April 2011 prices compared to average March 2011 prices in nominal U.S. dollars (graph includes 12-month changes in grey). 2 COMMODITY PRICE DATA Annual averages Quarterly averages M onthly averages Jan-Dec Jan-Dec Jan-Apr Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Feb Mar Apr Commodity Unit 2009 2010 2011 2010 2010 2010 2010 2011 2011 2011 2011 Energy Coal, Australia a/ $/mt 71.84 98.97 127.49 95.19 99.49 93.55 107.63 128.99 128.36 26.1 1 3 123.00 Crude oil, avg, spot a/ $/bbl 61.76 79.04 103.87 77.06 78.18 75.51 85.42 99.75 97.91 108.65 1 1 6.24 Crude oil, Brent a/ $/bbl 61.86 79.64 109.44 76.65 78.69 76.41 86.79 104.90 103.96 1 1 4.44 123.07 Crude oil, Dubai a/ $/bbl 61.75 78.06 104.23 75.86 77.98 74.04 84.37 100.40 100.25 108.58 1 1 5.70 Crude oil, West Texas Int. a/ $/bbl 61.65 79.43 97.95 78.67 77.85 76.08 85.09 93.95 89.53 102.92 109.96 Natural gas Index a/ 2000=100 153.5 156.1 168.2 170.3 147.5 155.1 51 1 .6 165.4 163.3 162.7 176.6 Natural gas, Europe a/ $/mmbtu 8.71 8.29 9.68 8.84 7.51 8.26 8.54 9.45 9.36 9.37 10.36 Natural gas, US a/ $/mmbtu 3.95 4.39 4.20 5.15 4.32 4.28 3.80 4.18 4.07 3.97 4.24 Natural gas LNG, Japan a/ $/mmbtu 8.94 10.85 1 6 2.1 10.32 10.95 1 .22 1 10.91 1 1 .96 12.02 12.40 12.75 Non Energy Commodities Agriculture Beverages Cocoa b/ c/kg 288.9 313.3 328.7 329.7 321 .0 305.9 296.6 334.3 347.2 339.3 1 31 .7 Coffee, Arabica b/ c/kg 317.1 432.0 630.4 353.7 392.0 468.5 513.9 620.0 634.7 643.9 661 .7 Coffee, robusta b/ c/kg 164.4 173.6 245.8 150.8 1 .0 61 183.2 199.4 241.5 241.1 260.4 258.8 Tea, auctions (3), average b/ c/kg 272.4 288.5 291.9 279.0 276.4 295.1 303.5 288.7 288.2 275.8 301 .7 Tea, Colombo auctions b/ c/kg 313.7 329.0 351.5 335.1 31 6.2 322.1 342.4 356.3 355.9 357.1 337.2 Tea, Kolkata auctions b/ c/kg 251 .5 280.5 247.2 215.8 274.0 320.6 1 31 .7 229.2 229.9 196.5 301 .3 Tea, Mombasa auctions b/ c/kg 252.0 256.0 277.1 286.1 238.9 242.7 256.3 280.6 278.8 273.8 266.7 Food Fats and Oils Coconut oil b/ $/mt 725 ,1 1 24 2,077 834 955 1 59 ,1 1,546 2,073 2,256 1,925 2,088 Copra $/mt 480 750 1,390 557 634 769 1,038 1,379 1,503 1,280 1,421 Groundnut oil b/ $/mt ,1 1 84 1,404 1 2 ,71 1,359 1,352 1,301 1,604 1,723 1,730 1,650 1,680 Palm oil b/ $/mt 683 901 1,226 808 813 875 1 08 ,1 1,251 1,292 ,1 1 80 ,1 1 49 Palmkernel oil $/mt 700 1 84 ,1 2,073 922 1,034 1 61 ,1 ,61 1 9 2,131 2,296 1,977 1,899 Soybean meal b/ $/mt 408 378 429 369 342 378 424 437 442 418 403 Soybean oil b/ $/mt 849 1,005 1,340 917 875 984 1,242 1,349 1,365 1,307 ,31 1 4 Soybeans b/ $/mt 437 450 563 417 409 452 522 565 570 553 556 Grains Barley b/ $/mt 128.3 158.4 200.8 143.6 146.9 61 1 .9 81 1 .1 198.1 196.5 202.6 208.9 Maize b/ $/mt 165.5 185.9 291.9 162.7 157.7 81 1 .7 241.5 282.8 292.9 290.5 319.3 Rice, Thailand, 5% b/ $/mt 555.0 488.9 504.5 535.3 452.4 457.0 510.8 1 51 .2 524.0 492.8 484.3 Rice, Thailand, 25% $/mt 458.1 441.5 461.1 477.0 399.1 41 8.5 471.4 465.4 473.0 455.5 448.3 Rice,Thai, A.1 $/mt 326.4 383.7 410.7 400.7 333.8 376.9 423.1 1 41 .3 420.5 408.3 409.0 Rice, Vietnam 5% $/mt 0.0 428.8 480.9 433.2 366.1 41 .1 1 504.7 479.8 478.6 464.0 484.3 Sorghum $/mt 51 1 .1 165.4 263.8 156.9 142.6 153.6 208.6 255.2 253.2 266.1 289.6 Wheat, Canada $/mt 300.5 312.4 452.0 279.0 260.9 326.1 383.6 449.0 474.1 432.5 460.9 Wheat, US, HRW b/ $/mt 224.1 223.6 331.9 195.4 177.4 237.9 283.6 330.5 348.1 316.7 336.1 Wheat US SRW $/mt 186.0 229.7 319.3 193.5 186.9 253.4 284.9 320.8 338.8 303.1 314.9 Other Food Bananas EU $/mt ,1 1 45 1,002 1,262 ,01 1 4 1,029 933 1,033 1,251 1 1 ,31 1,246 1,294 Bananas US b/ $/mt 847 868 979 781 862 922 909 964 1,002 996 1,027 Fishmeal $/mt 1,230 1,688 1,749 1,660 ,81 1 4 1,663 ,61 1 3 1,740 1,793 1,796 1,776 Meat, beef b/ c/kg 263.6 335.1 41 3.6 31 4.2 342.4 330.9 353.2 409.5 404.8 41 4.0 425.9 Meat, chicken (Revised) b/ c/kg 188.8 189.2 188.8 183.9 190.2 193.6 189.3 188.2 187.5 189.8 190.5 Meat, sheep c/kg 427.6 531 .4 644.7 447.6 486.8 572.5 61 8.7 637.1 641 .4 642.4 667.7 Oranges b/ $/mt 909 1,033 838 1,009 1,084 ,1 1 63 878 824 885 852 881 Shrimp, Mexico b/ c/kg 945 1,004 1,246 827 945 n.a. 1 .7 221 1,246 1,246 1,246 1,246 Sugar EU domestic b/ c/kg 52.44 44.1 8 45.33 46.38 42.66 43.29 44.38 44.69 44.61 45.78 47.26 Sugar US domestic b/ c/kg 54.88 79.25 85.99 84.31 69.62 78.20 84.86 86.56 87.39 87.51 84.28 Sugar, world b/ c/kg 40.00 46.93 60.45 51 .82 34.93 42.98 58.01 62.70 64.97 57.85 53.70 Raw M aterials Timber Logs, Cameroon $/cum 421.5 428.6 458.1 431.4 408.0 426.3 448.5 451.6 450.8 462.6 478 Logs, Malaysia b/ $/cum 287.2 278.2 328.9 253.6 253.5 293.5 312.1 326.2 328.6 334.8 337.0 Plywood c/sheets 564.6 569.1 590.4 557.2 566.3 572.3 580.5 588.5 588.7 592.2 596 Sawnwood, Cameroon $/cum 748.9 812.7 845.7 804.1 787.1 81 .8 1 847.8 833.1 831.5 840.1 883 Sawnwood, Malaysia b/ $/cum 805.5 848.3 927.8 787.8 832.6 879.8 892.9 921.6 927.8 929.2 946.2 Woodpulp $/mt 614.6 866.8 897.1 780.9 875.5 912.9 897.8 889.4 885.8 903.3 920.0 Other Raw M aterials Cotton A Index b/ c/kg 138.2 228.3 462.1 178.8 199.3 205.2 330.1 456.9 470.0 506.3 477.6 Rubber, Singapore, RSS3 b/ c/kg 192.1 365.4 576.3 318.6 372.7 337.5 432.8 573.2 625.9 541.9 585.3 Rubber, Singapore, TSR20 c/kg 180.0 338.1 518.1 309.8 302.3 314.4 425.9 525.1 558.1 483.9 497.1 continued on next page a/ Included in the energy index (2000=100) b/ Included in the non-energy index (2000=1 00) c/ Steel not included in the non-energy index d/ base metals plus iron ore e/ Includes aluminum, copper, lead, nickel, tin and zinc $ = US dollar ¢ = US cent bbl = barrel cum = cubic meter dmtu = Dry Metric Ton Unit kg = kilogram mmbtu = million British thermal units mt = metric ton toz = troy oz n.a. = not available n.q. = no quotation 3 COMMODITY PRICE DATA Annual averages Quarterly averages M onthly averages Jan-Dec Jan-Dec Jan-Apr Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Feb Mar Apr 2009 2010 2011 2010 2010 2010 2010 2011 2011 2011 2011 Fertilizers DAP b/ $/mt 323.1 500.7 605.5 464.8 458.2 494.1 585.6 601.7 603.8 605.5 617.1 Phosphate rock b/ $/mt 21 1 .7 123.0 164.4 102.1 125.0 125.0 140.0 158.3 160.0 160.0 182.5 Potassium chloride b/ $/mt 630.4 331.9 384.1 334.0 316.1 334.2 343.2 374.2 375.0 380.0 413.8 TSP b/ $/mt 257.4 381.9 498.7 31 6.9 357.4 389.6 463.8 486.3 490.0 494.0 535.6 Urea, E. Europe, bulk b/ $/mt 249.6 288.6 350.1 281 .0 237.2 279.2 357.0 353.4 358.1 327.8 340.4 M etals and M inerals Aluminum b/ $/mt 1,665 2,173 2,545 2,1 63 2,096 2,090 2,343 2,501 2,508 2,556 2,678 Copper b/ $/mt 5,150 7,535 9,605 7,232 7,027 7,243 8,637 9,642 9,868 9,503 9,493 Gold $/toz 973 1,225 1,408 ,1 1 09 ,1 1 96 1,227 1,367 1,384 1,373 1,424 1,480 Iron ore, contract, fob Brazil b/ ¢/dmtu 01 1 .0 n.a. n.a. 1 .0 31 n.a. n.a. n.a. n.a. n.a. n.a. n.a. Iron ore, spot, cfr China $/dmt 80.0 145.9 178.8 31 1 .0 159.2 137.4 155.9 178.6 187.2 169.4 179.3 Lead b/ c/kg 71 1 .9 21 4.8 262.8 222.1 195.0 203.2 239.0 260.4 258.7 262.4 270.1 Nickel b/ $/mt 14,655 21,809 26,754 19,959 22,476 ,1 21 91 23,609 26,870 28,252 26,710 26,408 Silver c/toz 1,469 2,020 3,454 1,693 1,838 1,901 2,647 3,179 3,086 3,595 4,280 Steel products index c/ 2000=100 227 230 256 21 1 241 232 234 251 246 265 272 c/ $/mt Steel cr coilsheet, Japan, Reinstated 783 81 6 875 725 838 850 850 867 850 900 900 c/ $/mt Steel hr coilsheet, Japan, Reinstated 683 71 6 775 625 738 750 750 767 750 800 800 Steel, rebar, Japan, Reinstated c/ $/mt 486 563 61 0 546 621 533 550 600 600 600 640 c/ Steel wire rod, Japan, Reinstated $/mt 969 71 2 703 751 767 678 653 684 690 700 760 Tin b/ c/kg 1,357 2,041 3,049 1,721 1,786 2,055 2,601 2,986 3,153 3,059 3,236 Zinc b/ c/kg 165.5 216.1 238.5 228.9 202.6 201 .3 231 .5 239.3 246.5 234.1 236.2 NEW World Bank commodity price indices for low and middle income countries( 2000 =100) Energy 21 4.3 271 .2 351 .9 266.1 267.7 259.5 291 .3 339.5 333.7 365.4 389.1 Non Energy Commodities 208.8 266.5 339.9 250.4 253.7 260.1 302.0 339.7 350.7 333.7 340.4 Agriculture 197.8 231 .3 300.2 21 6.6 21 5.4 228.6 264.7 300.4 1 31 .0 295.5 299.8 Beverages 21 9.9 253.8 305.2 242.5 246.9 259.2 266.4 304.8 312.7 312.1 306.4 Food 205.1 224.1 283.6 21 3.1 201 .0 222.0 260.4 284.9 292.6 277.4 279.9 Fats and Oils 21 6.2 244.4 31 6.8 224.7 21 9.8 241 .1 292.1 321.0 328.2 307.2 303.9 Grains 21 4.9 21 5.8 293.0 205.1 186.6 21 2.5 259.1 289.4 299.8 287.4 304.0 Other Food 81 1 .6 204.9 231 .6 205.1 189.4 205.3 21 9.7 233.2 239.3 229.1 226.6 Raw Materials 168.7 237.5 337.9 1 21 .9 234.4 229.2 274.4 335.7 354.8 331 .0 344.7 Timber 138.9 143.5 159.8 132.7 138.6 149.4 153.3 158.7 159.8 160.7 163.1 Other Raw Materials 201 .4 340.3 532.8 298.6 339.1 31 6.5 406.9 529.3 568.1 517.3 543.2 Fertilizers 293.0 280.0 348.1 259.0 253.3 278.5 329.3 343.5 346.8 335.9 361 .8 Metals and Minerals d/ 221 .9 337.2 420.2 31 8.6 332.2 322.5 375.4 419.9 432.6 1 41 .9 421 .1 Base Metals e/ 208.9 297.8 373.6 287.0 280.9 286.5 336.8 373.4 382.0 370.9 374.2 a/ Included in the energy index (2000=100) b/ Included in the non-energy index (2000=1 00) c/ Steel not included in the non-energy index d/ base metals plus iron ore e/ Includes aluminum, copper, lead, nickel, tin and zinc $ = US dollar ¢ = US cent bbl = barrel cum = cubic meter dmt = dry metric ton dmtu = dry metric ton unit kg = kilogram mmbtu = million British thermal units mt = metric ton toz = troy oz n.a. = not available n.q. = no quotation 4 Selected Commodity Prices, Nominal US dollars, 2006-2011 5 Selected Commodity Prices, Nominal US dollars, 2006-2011 Cont’d 6 Selected Commodity Prices, Nominal US dollars, 2006-2011 Cont’d 7 Description of Price Series Coal (Australia), thermal, f.o.b. piers, Newcastle/Port Kembla, 6,300 kcal/kg (11,340 btu/lb), less than 0.8%, sulfur 13% ash beginning January 2002; previously 6,667 kcal/kg (12,000 btu/lb), less than 1.0% sulfur, 14% ash Crude oil, average spot price of Brent, Dubai and West Texas Intermediate, equally weighed Crude oil, U.K. Brent 38` API, f.o.b. U.K ports, spot price Crude oil, Dubai Fateh 32` API, f.o.b. Dubai, spot price Crude oil, West Texas Intermediate (WTI) 40` API, f.o.b. Midland Texas, spot price Natural Gas Index, composite index weighted by consumption volumes for Europe, US and Japan liquefied natural gas (LNG) Natural Gas (Europe), average import border price, including UK. As of April 2010 includes a spot price component. Between June 2000 - March 2010 excludes UK Natural Gas (U.S.), spot price at Henry Hub, Louisiana Natural gas LNG (Japan), import price, cif, recent two months' averages are estimates Cocoa (ICCO), International Cocoa Organization daily price, average of the first three positions on the terminal markets of New York and London, nearest three future trading months Coffee (ICO), International Coffee Organization indicator price, other mild Arabicas, average New York and Bremen/Hamburg markets, ex-dock Coffee (ICO), International Coffee Organization indicator price, Robustas, average New York and Le Havre/Marseilles markets, ex-dock Tea , average three auctions, arithmetic average of quotations at Kolkata, Colombo and Mombasa/Nairobi Tea (Colombo auctions), Sri Lankan origin, all tea, arithmetic average of weekly quotes Tea (Kolkata auctions), leaf, include excise duty, arithmetic average of weekly quotes. Tea (Mombasa/Nairobi auctions), African origin, all tea, arithmetic average of weekly quotes Coconut oil (Philippines/Indonesia), bulk, c.i.f. Rotterdam Copra (Philippines/Indonesia), bulk, c.i.f. N.W. Europe Groundnut oil (any origin), c.i.f. Rotterdam Palm oil (Malaysia), 5% bulk, c.i.f. N. W. Europe Palmkernel Oil (Malaysia), c.I.f. Rotterdam Soybean meal (any origin), Argentine 45/46% extraction, c.i.f. Rotterdam beginning 1990; previously US 44% Soybean oil (Any origin), crude, f.o.b. ex-mill Netherlands Soybeans (US), c.i.f. Rotterdam Barley (Canada), feed, Western No. 1, Winnipeg Commodity Exchange, spot, wholesale farmers' price Maize (US), no. 2, yellow, f.o.b. US Gulf ports Rice (Thailand), 5% broken, white rice (WR), milled, indicative price based on weekly surveys of export transactions, government standard, f.o.b. Bangkok Rice (Thailand), 25% broken, WR, milled indicative survey price, government standard, f.o.b. Bangkok Rice (Thailand), 100% broken, A.1 Super from 2006 onwards, government standard, f.o.b. Bangkok; prior to 2006, A1 Special, a slightly lower grade than A1 Super Rice (Vietnam), 5% broken, WR, milled, weekly indicative survey price, Minimum Export Price, f.o.b. Hanoi Sorghum (US), no. 2 milo yellow, f.o.b. Gulf ports Wheat (Canada), no. 1, Western Red Spring (CWRS), in store, St. Lawrence, export price Wheat (US), no. 1, hard red winter, ordinary protein, export price delivered at the US Gulf port for prompt or 30 days shipment Wheat (US), no. 2, soft red winter, export price delivered at the US Gulf port for prompt or 30 days shipment Bananas (Central & South America), major brands, c.i.f. Hamburg Bananas (Central & South America), major brands, US import price, free on truck (f.o.t.) US Gulf ports Fishmeal (any origin), 64-65%, c&f Bremen, estimates based on wholesale price, beginning 2004; previously c&f Hamburg Meat, beef (Australia/New Zealand), chucks and cow forequarters, frozen boneless, 85% chemical lean, c.i.f. U.S. port (East Coast), ex-dock, beginning November 2002; previously cow forequarters Meat, chicken (US), broiler/fryer, whole birds, 2-1/2 to 3 pounds, USDA grade "A", ice-packed, Georgia Dock preliminary weighted average, wholesale Meat, sheep (New Zealand), frozen whole carcasses Prime Medium (PM) wholesale, Smithfield, London beginning January 2006; previously Prime Light (PL) Oranges (Mediterranean exporters) navel, EEC indicative import price, c.i.f. Paris Shrimp , (Mexico), west coast, frozen, white, No. 1, shell-on, headless, 26 to 30 count per pound, wholesale price at New York Sugar (EU), European Union negotiated import price for raw unpackaged sugar from African, Caribbean and Pacific (ACP) under Lome Conventions, c.I.f. European ports Sugar (US), nearby futures contract, c.i.f. Sugar (world), International Sugar Agreement (ISA) daily price, raw, f.o.b. and stowed at greater Caribbean ports Logs (West Africa), sapele, high quality (loyal and marchand), 80 centimeter or more, f.o.b. Douala, Cameroon beginning January 1996; previously of unspecified dimension Logs (Malaysia), meranti, Sarawak, sale price charged by importers, Tokyo beginning February 1993; previously average of Sabah and Sarawak weighted by Japanese import volumes Plywood (Africa and Southeast Asia), Lauan, 3-ply, extra, 91 cm x 182 cm x 4 mm, wholesale price, spot Tokyo Sawnwood (Cameroon), sapele, width 6 inches or more, length 6 feet or more, f.a.s. Cameroonian ports Sawnwood (Malaysia), dark red seraya/meranti, select and better quality, average 7 to 8 inches; length average 12 to 14 inches; thickness 1 to 2 inch(es); kiln dry, c. & f. UK ports, with 5% agents commission including premium for products of certified sustainable forest beginning January 2005; previously excluding the premium Woodpulp (Sweden), softwood, sulphate, bleached, air-dry weight, c.i.f. North Sea ports Cotton (Cotton Outlook "CotlookA index"), middling 1-3/32 inch, traded in Far East, C/F beginning 2006; previously Northern Europe, c.i.f. Rubber (Asia), RSS3 grade, Singapore Commodity Exchange Ltd (SICOM) nearby contract beginning 2004; during 2000 to 2003, Singapore RSS1; previously Malaysia RSS1 Rubber (Asia), TSR 20, Technically Specified Rubber, SICOM nearby contract DAP (diammonium phosphate), standard size, bulk, spot, f.o.b. US Gulf Phosphate rock (Morocco), 70% BPL, contract, f.a.s. Casablanca Potassium chloride (muriate of potash), standard grade, spot, f.o.b. Vancouver TSP (triple superphosphate), bulk, spot, beginning October 2006, Tunisian origin, granular, fob; previously US origin, f.o.b. US Gulf Urea, (Black Sea), bulk, spot, f.o.b. Black Sea (primarily Yuzhnyy) beginning July 1991; for 1985-91 (June) f.o.b. Eastern Europe Aluminum (LME) London Metal Exchange, unalloyed primary ingots, high grade, minimum 99.7% purity, settlement price beginning 2005; previously cash price Copper (LME), grade A, minimum 99.9935% purity, cathodes and wire bar shapes, settlement price Gold (UK), 99.5% fine, London afternoon fixing, average of daily rates Iron ore (Brazil), VALE Carajas sinter feed, annual contract price, f.o.b. Ponta da Madeira, 66.5 - 67.9% Fe. Unit in dry metric ton unit (dmtu) denotes mt 1% Fe-unit. This annual pricing basis has terninated. Iron ore (any origin) fines, spot price, c.f.r. China, 62% Fe beginning December 2008; previously 63.5% Lead (LME), refined, 99.97% purity, settlement price Nickel (LME), cathodes, minimum 99.8% purity, settlement price beginning 2005; previously cash price Silver (Handy & Harman), 99.9% grade refined, New York Steel products price index, 2000=100, (Japanese), composite price index for eight selected steel products based on quotations f.o.b. Japan excluding shipments to the US, including China after 2002, weighted by product shares of apparent combined consumption (volume of deliveries) at Germany, Japan and the United States. The eight products are as follow: rebar (concrete reinforcing bars), merch bar (merchant bars), wire rod, section (H-shape), plate (medium), hot rolled coil/sheet, cold rolled coil/sheet and galvanized iron sheet for building which replaces galvanized sheet for appliances. Tin (LME), refined, 99.85% purity, settlement price Zinc (LME), high grade, minimum 99.95% purity, settlement price beginning April 1990; previously special high grade, minimum 99.995%, cash prices Sources include: Africa Tea Brokers Ltd Weekly Market Report, Bloomberg, Canadian Grain Commission, Canadian Wheat Board, Cotton Outlook, Coal Week International, Fertilizer International, Fertilizer Week, FRuiTROP, INFOFISH, INTERFEL Fel Actualités hebdo, International Cocoa Organization, International Coffee Organization, International Rubber Study Group, International Tea Committee, International Tropical Timber Organization, Internatonal Sugar Organization, ISTA Mielke GmbH Oil World, Japan Lumber Journal, Japan Metal Bulletin, Meat Trades Journal, MLA Meat & Livestock Weekly, Platts International Coal Report, Platts Metals Week, Singapore Commodity Exchange, Sopisco News, Sri Lanka Tea Board, Statistisches Bundesamt, US Department of Agriculture, US NOAA Fisheries Service, VALE and World Gas Intelligence. 8