{"id":39855,"date":"2017-06-25T19:06:23","date_gmt":"2017-06-26T02:06:23","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=39855"},"modified":"2017-06-25T19:06:50","modified_gmt":"2017-06-26T02:06:50","slug":"cocoa-has-friends-in-ag-wide-downdraft","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2017\/06\/25\/cocoa-has-friends-in-ag-wide-downdraft\/","title":{"rendered":"Cocoa Has Friends In An Ag-Wide Downdraft"},"content":{"rendered":"<p><a href=\"http:\/\/drduru.com\/onetwentytwo\/2017\/05\/30\/trading-cocoa-buffeted-by-weather-staying-the-course\/\" target=\"_blank\">The fundamentals of cocoa<\/a> are not changing day-to-day, but you might think so based on the frenetic trading in the iPath Bloomberg Cocoa SubTR ETN (NIB). Last week, NIB made another plunge toward an all-time low in the latest bout of selling that took NIB from $25.29 to as low as $21.70 (a 14.2% loss) in just 8 trading days. <\/p>\n<p><center><br \/>\n<figure id=\"attachment_39856\" aria-describedby=\"caption-attachment-39856\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_NIB.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_NIB.png\" alt=\"The iPath Bloomberg Cocoa SubTR ETN (NIB) has gyrated wildly since February.\" width=\"550\" height=\"521\" class=\"size-full wp-image-39856\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_NIB.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_NIB-300x284.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-39856\" class=\"wp-caption-text\">The iPath Bloomberg Cocoa SubTR ETN (NIB) has gyrated wildly since February.<\/figcaption><\/figure><\/p>\n<p><strong>Source: <a href=\"http:\/\/www.freestockcharts.com\/platform\/v1\" target=\"_blank\">FreeStockCharts.com<\/a><\/strong><br \/>\n<\/center><\/p>\n<p>While the downtrending 50-day moving average (DMA) is clearly maintaining its grip on trading for NIB, at least NIB has not made a new all-time low. Moreover, lows have generally been met with a bout of frantic buying. I still think these technicals suggest a bottom in the making and are part of an extended, albeit wild, consolidation pattern. The latest plunge convinced me that it is time I try wearing the hat of a short-term trader for making money on NIB. I prepared to do a swing trade on NIB on Friday in order to move ahead of the next bout of buying. I was clearly too slow as NIB gapped up and never pulled back to my top buying point of $22.00. The last three days for a bottoming pattern called an &#8220;abandoned baby bottom.&#8221; I consider the bottom confirmed if NIB closes above the high of the first trading day of the pattern (above $23). <\/p>\n<p>Seeing no real news to explain cocoa&#8217;s sudden plunge in price, I took a step back and reviewed the agricultural complex. First of all, the PowerShares DB Agriculture ETF (DBA), which includes cocoa, had a particularly rough week along with NIB. Like NIB it plunged on Wednesday and Thursday. For the week, DBA lost 3.5% and closed at a new all-time low on Thursday.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_39857\" aria-describedby=\"caption-attachment-39857\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_DBA.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_DBA.png\" alt=\"The PowerShares DB Agriculture ETF (DBA) has declined sharply since a peak a year ago. This year has delivered a kind of acceleration in the selling.\" width=\"550\" height=\"512\" class=\"size-full wp-image-39857\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_DBA.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_DBA-300x279.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-39857\" class=\"wp-caption-text\">The PowerShares DB Agriculture ETF (DBA) has declined sharply since a peak a year ago. This year has delivered a kind of acceleration in the selling.<\/figcaption><\/figure><br \/>\n<strong>Source: <a href=\"http:\/\/www.freestockcharts.com\/platform\/v1\" target=\"_blank\">FreeStockCharts.com<\/a><\/strong><br \/>\n<\/center><\/p>\n<p>The list of ag casualties gives NIB some good company. The iPath Bloomberg Coffee SubTR ETN (JO) made an all-time low lask week. Close to all-time lows are Teucrium Corn ETF (CORN), iPath Bloomberg Sugar SubTR ETN (SGG), Teucrium Wheat ETF (WEAT), and Teucrium Soybean ETF (SOYB). Livestock stick out as a notable exception. I guess the price of feed is particularly low these days!<\/p>\n<p><center><br \/>\n<figure id=\"attachment_39862\" aria-describedby=\"caption-attachment-39862\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_COW.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_COW.png\" alt=\"In late April the iPath Bloomberg Livestock SubTR ETN (COW) broke out from a consolidation period. While it has pulled back below its 50DMA, this could still be a time to buy into the breakout.\" width=\"550\" height=\"524\" class=\"size-full wp-image-39862\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_COW.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_COW-300x286.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-39862\" class=\"wp-caption-text\">In late April the iPath Bloomberg Livestock SubTR ETN (COW) broke out from a consolidation period. While it has pulled back below its 50DMA, this could still be a time to buy into the breakout.<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>Cotton recently experienced a bearish breakdown, but at least it remains far above its all-time low around $23 and its post-recession low (set in 2016) around $35.50.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_39861\" aria-describedby=\"caption-attachment-39861\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_BAL.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_BAL.png\" alt=\"The iPath Bloomberg Cotton SubTR ETN (BAL) was riding high until a &quot;gap and crap&quot; marked a top in mid-May. The 200DMA breakdown confirmed the end of the bullish run-up.\" width=\"550\" height=\"523\" class=\"size-full wp-image-39861\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_BAL.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_BAL-300x285.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-39861\" class=\"wp-caption-text\">The iPath Bloomberg Cotton SubTR ETN (BAL) was riding high until a &#8220;gap and crap&#8221; marked a top in mid-May. The 200DMA breakdown confirmed the end of the bullish run-up.<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>While BAL is doing its best to join the general ag deflation theme, Deere and Company (DE) is flashing all green signs. In the last 7 months, DE has experienced 2 bullish breakouts to new all-time highs. This trading behavior suggests that ag is fine, at least outside of the publicly traded ETNs and ETFs. <\/p>\n<p>Here is how DE summarized the U.S. ag business in its last earnings report (from <a href=\"https:\/\/seekingalpha.com\/article\/4074934-deere-and-company-de-q2-2017-results-earnings-call-transcript?part=single\" target=\"_blank\">the Seeking Alpha transcript for May 13th<\/a>)&#8230; <\/p>\n<blockquote><p>&#8220;Following a forecasted about 5% reduction in 2016 cash receipts, we expect 2017 total cash receipts plus government payments to be about $367 billion. This is roughly flat with 2016 as declines in meat animals and food grains cash receipts mostly offset gains in dairy and cotton cash receipts.&#8221;<\/p><\/blockquote>\n<p>Not great, but not awful either.<\/p>\n<p>Based on DE&#8217;s recent trading record shown below, I think the current dip is buyable. DE is managing with what it calls stabilization:<\/p>\n<blockquote><p>&#8220;On an overall basis, we are seeing modestly higher demand for our products, with the agricultural sector in South America staging a strong recovery. At the same time, our performance reflects the actions we have taken to expand our customer base and operate more efficiently. We&#8217;re benefitting from the sound execution of our operating plans, the strength of our broad product portfolio and the steps we&#8217;ve taken to bring down structural cost. As a result of all these factors, we have raised our forecast and are now calling for significantly higher earnings for the full year.&#8221;<\/p><\/blockquote>\n<p><center><br \/>\n<figure id=\"attachment_39863\" aria-describedby=\"caption-attachment-39863\" style=\"width: 540px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_DE.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_DE.png\" alt=\"Deere and Company (DE) made an impressive breakout last November when it surpassed 2011&#039;s (marginal) all-time high. It broke out again in May. The current pullback is definitely a buyable dip (with a stop either below the 50DMA or on a push through the bottom of the post-earnings gap up.\" width=\"550\" height=\"521\" class=\"size-full wp-image-39863\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_DE.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_DE-300x284.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-39863\" class=\"wp-caption-text\">Deere and Company (DE) made an impressive breakout last November when it surpassed 2011&#8217;s (marginal) all-time high. It broke out again in May. The current pullback is definitely a buyable dip (with a stop either below the 50DMA or on a push through the bottom of the post-earnings gap up.<\/figcaption><\/figure><br \/>\nSource for charts: <a href=\"http:\/\/www.freestockcharts.com\/platform\/v1\" target=\"_blank\">FreeStockCharts<\/a><br \/>\n<\/center><\/p>\n<p>Even with DE&#8217;s bullish signaling, there is enough carnage in the ag space to make me wonder whether part of cocoa&#8217;s problems go beyond over-supply and also extend to some generalized malaise particularly from aggressive speculators. Time will tell.<\/p>\n<p>Be careful out there!<\/p>\n<p>Full disclosure: long NIB, CORN<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The fundamentals of cocoa are not changing day-to-day, but you might think so based on the frenetic trading in the iPath Bloomberg Cocoa SubTR ETN (NIB). Last week, NIB made another plunge toward an all-time low in the latest bout of selling that took NIB from $25.29 to as low as $21.70 (a 14.2% loss) &#8230; <a title=\"Cocoa Has Friends In An Ag-Wide Downdraft\" class=\"read-more\" href=\"https:\/\/drduru.com\/onetwentytwo\/2017\/06\/25\/cocoa-has-friends-in-ag-wide-downdraft\/\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[673],"tags":[630,1883,1322,675,1882,636,637,1884,1323],"class_list":["post-39855","post","type-post","status-publish","format-standard","hentry","category-agriculture-2","tag-bal","tag-cattle","tag-cocoa","tag-cotton","tag-cow","tag-dba","tag-de","tag-deere","tag-nib"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cocoa Has Friends In An Ag-Wide Downdraft - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2017\/06\/25\/cocoa-has-friends-in-ag-wide-downdraft\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cocoa Has Friends In An Ag-Wide Downdraft - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"The fundamentals of cocoa are not changing day-to-day, but you might think so based on the frenetic trading in the iPath Bloomberg Cocoa SubTR ETN (NIB). Last week, NIB made another plunge toward an all-time low in the latest bout of selling that took NIB from $25.29 to as low as $21.70 (a 14.2% loss) ... Read more\" \/>\n<meta property=\"og:url\" content=\"https:\/\/drduru.com\/onetwentytwo\/2017\/06\/25\/cocoa-has-friends-in-ag-wide-downdraft\/\" \/>\n<meta property=\"og:site_name\" content=\"ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-26T02:06:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-06-26T02:06:50+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_NIB.png\" \/>\n<meta name=\"author\" content=\"Dr. Duru\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@drduru\" \/>\n<meta name=\"twitter:site\" content=\"@drduru\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dr. Duru\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2017\\\/06\\\/25\\\/cocoa-has-friends-in-ag-wide-downdraft\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2017\\\/06\\\/25\\\/cocoa-has-friends-in-ag-wide-downdraft\\\/\"},\"author\":{\"name\":\"Dr. Duru\",\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/#\\\/schema\\\/person\\\/d9569fde6c701b021a8d958f775be9a0\"},\"headline\":\"Cocoa Has Friends In An Ag-Wide Downdraft\",\"datePublished\":\"2017-06-26T02:06:23+00:00\",\"dateModified\":\"2017-06-26T02:06:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2017\\\/06\\\/25\\\/cocoa-has-friends-in-ag-wide-downdraft\\\/\"},\"wordCount\":868,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/#\\\/schema\\\/person\\\/d9569fde6c701b021a8d958f775be9a0\"},\"image\":{\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2017\\\/06\\\/25\\\/cocoa-has-friends-in-ag-wide-downdraft\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/drduru.com\\\/onetwentytwo\\\/wp-content\\\/uploads\\\/2017\\\/06\\\/170623_NIB.png\",\"keywords\":[\"BAL\",\"cattle\",\"cocoa\",\"cotton\",\"COW\",\"DBA\",\"DE\",\"Deere\",\"NIB\"],\"articleSection\":[\"Agriculture\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2017\\\/06\\\/25\\\/cocoa-has-friends-in-ag-wide-downdraft\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2017\\\/06\\\/25\\\/cocoa-has-friends-in-ag-wide-downdraft\\\/\",\"url\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2017\\\/06\\\/25\\\/cocoa-has-friends-in-ag-wide-downdraft\\\/\",\"name\":\"Cocoa Has Friends In An Ag-Wide Downdraft - ONE-TWENTY TWO: Trading Financial Markets\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2017\\\/06\\\/25\\\/cocoa-has-friends-in-ag-wide-downdraft\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2017\\\/06\\\/25\\\/cocoa-has-friends-in-ag-wide-downdraft\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/drduru.com\\\/onetwentytwo\\\/wp-content\\\/uploads\\\/2017\\\/06\\\/170623_NIB.png\",\"datePublished\":\"2017-06-26T02:06:23+00:00\",\"dateModified\":\"2017-06-26T02:06:50+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2017\\\/06\\\/25\\\/cocoa-has-friends-in-ag-wide-downdraft\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2017\\\/06\\\/25\\\/cocoa-has-friends-in-ag-wide-downdraft\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2017\\\/06\\\/25\\\/cocoa-has-friends-in-ag-wide-downdraft\\\/#primaryimage\",\"url\":\"http:\\\/\\\/drduru.com\\\/onetwentytwo\\\/wp-content\\\/uploads\\\/2017\\\/06\\\/170623_NIB.png\",\"contentUrl\":\"http:\\\/\\\/drduru.com\\\/onetwentytwo\\\/wp-content\\\/uploads\\\/2017\\\/06\\\/170623_NIB.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/2017\\\/06\\\/25\\\/cocoa-has-friends-in-ag-wide-downdraft\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Cocoa Has Friends In An Ag-Wide Downdraft\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/#website\",\"url\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/\",\"name\":\"ONE-TWENTY TWO: Trading Financial Markets\",\"description\":\"Exploring the poetry in financial markets for students of money and economy since the year 2000.\",\"publisher\":{\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/#\\\/schema\\\/person\\\/d9569fde6c701b021a8d958f775be9a0\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/#\\\/schema\\\/person\\\/d9569fde6c701b021a8d958f775be9a0\",\"name\":\"Dr. Duru\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/wp-content\\\/uploads\\\/2018\\\/09\\\/cropped-masthead-header.jpg\",\"url\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/wp-content\\\/uploads\\\/2018\\\/09\\\/cropped-masthead-header.jpg\",\"contentUrl\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/wp-content\\\/uploads\\\/2018\\\/09\\\/cropped-masthead-header.jpg\",\"width\":900,\"height\":100,\"caption\":\"Dr. Duru\"},\"logo\":{\"@id\":\"https:\\\/\\\/drduru.com\\\/onetwentytwo\\\/wp-content\\\/uploads\\\/2018\\\/09\\\/cropped-masthead-header.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.drduru.com\\\/onetwentytwo\",\"https:\\\/\\\/www.instagram.com\\\/drduru_market_breadth\\\/\",\"https:\\\/\\\/x.com\\\/drduru\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Cocoa Has Friends In An Ag-Wide Downdraft - ONE-TWENTY TWO: Trading Financial Markets","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/drduru.com\/onetwentytwo\/2017\/06\/25\/cocoa-has-friends-in-ag-wide-downdraft\/","og_locale":"en_US","og_type":"article","og_title":"Cocoa Has Friends In An Ag-Wide Downdraft - ONE-TWENTY TWO: Trading Financial Markets","og_description":"The fundamentals of cocoa are not changing day-to-day, but you might think so based on the frenetic trading in the iPath Bloomberg Cocoa SubTR ETN (NIB). Last week, NIB made another plunge toward an all-time low in the latest bout of selling that took NIB from $25.29 to as low as $21.70 (a 14.2% loss) ... Read more","og_url":"https:\/\/drduru.com\/onetwentytwo\/2017\/06\/25\/cocoa-has-friends-in-ag-wide-downdraft\/","og_site_name":"ONE-TWENTY TWO: Trading Financial Markets","article_published_time":"2017-06-26T02:06:23+00:00","article_modified_time":"2017-06-26T02:06:50+00:00","og_image":[{"url":"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_NIB.png","type":"","width":"","height":""}],"author":"Dr. Duru","twitter_card":"summary_large_image","twitter_creator":"@drduru","twitter_site":"@drduru","twitter_misc":{"Written by":"Dr. Duru","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/drduru.com\/onetwentytwo\/2017\/06\/25\/cocoa-has-friends-in-ag-wide-downdraft\/#article","isPartOf":{"@id":"https:\/\/drduru.com\/onetwentytwo\/2017\/06\/25\/cocoa-has-friends-in-ag-wide-downdraft\/"},"author":{"name":"Dr. Duru","@id":"https:\/\/drduru.com\/onetwentytwo\/#\/schema\/person\/d9569fde6c701b021a8d958f775be9a0"},"headline":"Cocoa Has Friends In An Ag-Wide Downdraft","datePublished":"2017-06-26T02:06:23+00:00","dateModified":"2017-06-26T02:06:50+00:00","mainEntityOfPage":{"@id":"https:\/\/drduru.com\/onetwentytwo\/2017\/06\/25\/cocoa-has-friends-in-ag-wide-downdraft\/"},"wordCount":868,"commentCount":0,"publisher":{"@id":"https:\/\/drduru.com\/onetwentytwo\/#\/schema\/person\/d9569fde6c701b021a8d958f775be9a0"},"image":{"@id":"https:\/\/drduru.com\/onetwentytwo\/2017\/06\/25\/cocoa-has-friends-in-ag-wide-downdraft\/#primaryimage"},"thumbnailUrl":"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_NIB.png","keywords":["BAL","cattle","cocoa","cotton","COW","DBA","DE","Deere","NIB"],"articleSection":["Agriculture"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/drduru.com\/onetwentytwo\/2017\/06\/25\/cocoa-has-friends-in-ag-wide-downdraft\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/drduru.com\/onetwentytwo\/2017\/06\/25\/cocoa-has-friends-in-ag-wide-downdraft\/","url":"https:\/\/drduru.com\/onetwentytwo\/2017\/06\/25\/cocoa-has-friends-in-ag-wide-downdraft\/","name":"Cocoa Has Friends In An Ag-Wide Downdraft - ONE-TWENTY TWO: Trading Financial Markets","isPartOf":{"@id":"https:\/\/drduru.com\/onetwentytwo\/#website"},"primaryImageOfPage":{"@id":"https:\/\/drduru.com\/onetwentytwo\/2017\/06\/25\/cocoa-has-friends-in-ag-wide-downdraft\/#primaryimage"},"image":{"@id":"https:\/\/drduru.com\/onetwentytwo\/2017\/06\/25\/cocoa-has-friends-in-ag-wide-downdraft\/#primaryimage"},"thumbnailUrl":"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_NIB.png","datePublished":"2017-06-26T02:06:23+00:00","dateModified":"2017-06-26T02:06:50+00:00","breadcrumb":{"@id":"https:\/\/drduru.com\/onetwentytwo\/2017\/06\/25\/cocoa-has-friends-in-ag-wide-downdraft\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/drduru.com\/onetwentytwo\/2017\/06\/25\/cocoa-has-friends-in-ag-wide-downdraft\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/drduru.com\/onetwentytwo\/2017\/06\/25\/cocoa-has-friends-in-ag-wide-downdraft\/#primaryimage","url":"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_NIB.png","contentUrl":"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2017\/06\/170623_NIB.png"},{"@type":"BreadcrumbList","@id":"https:\/\/drduru.com\/onetwentytwo\/2017\/06\/25\/cocoa-has-friends-in-ag-wide-downdraft\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/drduru.com\/onetwentytwo\/"},{"@type":"ListItem","position":2,"name":"Cocoa Has Friends In An Ag-Wide Downdraft"}]},{"@type":"WebSite","@id":"https:\/\/drduru.com\/onetwentytwo\/#website","url":"https:\/\/drduru.com\/onetwentytwo\/","name":"ONE-TWENTY TWO: Trading Financial Markets","description":"Exploring the poetry in financial markets for students of money and economy since the year 2000.","publisher":{"@id":"https:\/\/drduru.com\/onetwentytwo\/#\/schema\/person\/d9569fde6c701b021a8d958f775be9a0"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/drduru.com\/onetwentytwo\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":["Person","Organization"],"@id":"https:\/\/drduru.com\/onetwentytwo\/#\/schema\/person\/d9569fde6c701b021a8d958f775be9a0","name":"Dr. Duru","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2018\/09\/cropped-masthead-header.jpg","url":"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2018\/09\/cropped-masthead-header.jpg","contentUrl":"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2018\/09\/cropped-masthead-header.jpg","width":900,"height":100,"caption":"Dr. Duru"},"logo":{"@id":"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2018\/09\/cropped-masthead-header.jpg"},"sameAs":["http:\/\/www.drduru.com\/onetwentytwo","https:\/\/www.instagram.com\/drduru_market_breadth\/","https:\/\/x.com\/drduru"]}]}},"_links":{"self":[{"href":"https:\/\/drduru.com\/onetwentytwo\/wp-json\/wp\/v2\/posts\/39855","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/drduru.com\/onetwentytwo\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/drduru.com\/onetwentytwo\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/drduru.com\/onetwentytwo\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/drduru.com\/onetwentytwo\/wp-json\/wp\/v2\/comments?post=39855"}],"version-history":[{"count":7,"href":"https:\/\/drduru.com\/onetwentytwo\/wp-json\/wp\/v2\/posts\/39855\/revisions"}],"predecessor-version":[{"id":39867,"href":"https:\/\/drduru.com\/onetwentytwo\/wp-json\/wp\/v2\/posts\/39855\/revisions\/39867"}],"wp:attachment":[{"href":"https:\/\/drduru.com\/onetwentytwo\/wp-json\/wp\/v2\/media?parent=39855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/drduru.com\/onetwentytwo\/wp-json\/wp\/v2\/categories?post=39855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/drduru.com\/onetwentytwo\/wp-json\/wp\/v2\/tags?post=39855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}