UP clips UE in 5 sets in UAAP debut of Kenyan coach

first_imgOSG plea to revoke ABS-CBN franchise ’a duplicitous move’ – Lacson FILE PHOTO – Tristan Tamayo/INQUIRER.netUniversity of the Philippines started its new era under new Kenyan head coach Godfrey Okumu with a 25-19, 25-13, 21-25, 16-25, 15-8 win over University of the East in the UAAP Season 80 women’s volleyball tournament Sunday at Mall of Asia Arena.The Lady Maroons survived their disastrous performance in the third and fourth sets where majority of their 46 errors occurred and buckled down in the fifth set.ADVERTISEMENT Diana Carlos and Molde led with UP with 22 and 20 points, respectively, the first time that the duo both scored at least 20 in the same game.Judith Abil led UE with 12 points while Mary Ann Mendrez added 10.Sports Related Videospowered by AdSparcRead Next OSG plea to revoke ABS-CBN franchise ’a duplicitous move’ – Lacson Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew View comments Almazan vows to comeback stronger after finals heartbreak Don’t miss out on the latest news and information. Michael Porter Jr. stays patient as playing time increases Nursing an 8-6 lead in the final period, UP built an 11-7 buffer off Justine Dorog’s kill.Isa Molde then, scored two of the Lady Maroons’ final three points to secure the victory.FEATURED STORIESSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crownSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folk“I’d just like to say that UE played well, we put the pressure on them but we relaxed,” said Okumu. “You saw in the fifth set that we fought back, our defense came back.”“I told my players that if they pass well they will execute well and if they can defend well they will score.”center_img Jiro Manio arrested for stabbing man in Marikina MOST READ Nonito Donaire vs Naoya Inoue is BWAA 2019 Fight of the Year LATEST STORIES Newsome sets focus on helping Bolts open new PBA season on right track Germany wins Davis Cup tie against Australia Nueva Ecija warehouse making fake cigarettes raided, 29 Chinese workers nabbed Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player awardlast_img read more

Read More

Utd help Solskjaer bring in six players -Giggs

first_img0Shares0000Utd should help Solskjaer bring in six players. Photo/TEAMTALK MEDIALONDON, United Kingdom, Oct 29 – Manchester United legend Ryan Giggs believes the club will need to add another “five or six players” to the first team squad in order to compete with the best.A 3-1 victory over Norwich City saw United leap up the table to seventh after a disappointing start to the season that has seen Solskjaer come under pressure. A draw against leaders Liverpool last weekend as well as back-to-back away wins over Partizan Belgrade and the Canaries has seen that pressure ease slightly.The Red Devils brought in Aaron Wan-Bissaka, Daniel James and Harry Maguire during the summer transfer window and Giggs has urged the club to bring in more.“We need to bring quality in,” Giggs told the United Stand.“Ole has brought three in who are all doing well. His dealings have been very good so far. Give him the money other managers have had to get Manchester United players.“Get another five or six players like that in, we will see a real difference. They are missing that creative player.“It is no coincidence, the best performances have been against good teams. The lesser teams are always harder to break down.“We are probably just a bit shy of them creative players and I think Ole recognises that.”0Shares0000(Visited 43 times, 1 visits today)last_img read more

Read More

FBI snooped in more calls, e-mails than admitted

first_imgWASHINGTON – The FBI cast a much wider net in its terrorism investigations than it has previously acknowledged by relying on telecommunications companies to analyze phone-call and e-mail patterns of the associates of Americans who had come under suspicion, according to newly obtained bureau records. The documents indicate that the Federal Bureau of Investigation used secret demands for records to obtain data not only on individuals it saw as targets but also details on their “community of interest” – the network of people that the target in turn was in contact with. The bureau recently stopped the practice in part because of broader questions raised about its aggressive use of the records demands, which are known as national security letters, officials said Friday after being asked about it. The community-of-interest data sought by the FBI is central to a data-mining technique intelligence officials call link analysis. Since the attacks of Sept. 11, 2001, American counterterrorism officials have turned more frequently to the technique, using communications patterns and other data to identify suspects who may not have any other known links to extremists. The concept has strong government proponents who see it as a vital tool in predicting and preventing attacks, and it is also thought to have helped the National Security Agency identify targets for its domestic eavesdropping program. But privacy advocates, civil rights leaders and even some counterterrorism officials warn that link analysis can be misused to establish tenuous links to people who have no real connection to terrorism but may be drawn into an investigation nonetheless. Typically, community-of-interest data might include an analysis of which people the targets called most frequently, how long they generally talked and at what times of day, sudden fluctuations in activity, geographic regions that were called, and other data, law enforcement and industry officials said. The FBI declined to say exactly what data had been turned over. It was limited to people, phone numbers and e-mail “once removed” from the actual target of the national security letters, said a government official who spoke on condition of anonymity because of a continuing review by the Justice Department. The scope of the demands for information could be seen, for instance, in an August 2005 letter seeking the call records for particular phone numbers that had come under suspicion. The letter closed by saying, “Additionally, please provide a community of interest for the telephone numbers in the attached list.” The requests for such data showed up a dozen times, using nearly identical language, in records from one six-month period in 2005 obtained by a nonprofit advocacy group, the Electronic Frontier Foundation, through a Freedom of Information Act lawsuit that it brought against the government. The FBI recently turned over 2,500 pages of documents to the group. The boilerplate language suggests that the requests might have been used in many of more than 700 emergency or “exigent” national security letters. Earlier this year, the bureau banned the use of the exigent letters because they had never been authorized by law. The bureau declined to discuss any aspect of the community-of-interest requests because it said the issue was part of an investigation by the Justice Department inspector general’s office into national security letters. An initial review in March by the inspector general found widespread violations and possible illegality in the FBI’s use of the letters, but it did not mention the use of community-of-interest data. The government official who spoke on condition of anonymity said the FBI recently stopped asking the telecommunications companies for the community-of-interest data. The exact time of and reason for the suspension is unclear, but it appears to have been set off in part by the questions raised earlier this year by the inspector general’s initial review into abuses in the use of national security letters.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

Read More

Steven Gerrard is BACK at Liverpool… and Jurgen Klopp is delighted to have him

first_imgJurgen Klopp believes having Steven Gerrard back at Melwood is good for the Liverpool dressing room.The legendary former skipper, who ended his 17-year spell at Anfield to join LA Galaxy in the summer, is training with his old side to maintain his fitness levels following the end of the MLS season.Klopp has laughed off suggestions Gerrard could rejoin the club on loan, but the German believes the 35-year-old’s presence at the training ground will boost his squad.Asked about Gerrard’s arrival at Melwood ahead of Wednesday’s League Cup quarter-final clash with Southampton, the German joked: “He won’t play! But he was in good shape.“I said to the team before training, when he was with us in the dressing room, it’s completely normal. It should always be like this.“If you are a player like Steven Gerrard in Liverpool then the doors have to be open always – that’s how it is at the moment. It’s an important sign for all players.“If you behave like him in the club, if you always give everything you have, then it’s easy to come back and that’s how it is at the moment. It’s a good situation.“He was a very important player and at this moment he is a very important player because he is in training.“Everybody had a smile on their faces when they saw Stevie. It’s good to have him here. We hope we can help him and he can help us for sure only with being in the dressing room – it’s good.” 1 Steven Gerrard last_img read more

Read More

Liverpool transfer news: Reds eyeing Newcastle star in £12m move

first_img Moussa Sissoko is part of France’s Euro 2016 squad Liverpool are keeping tabs on wantaway Newcastle midfielder Moussa Sissoko, according to reports in France.Sissoko revealed earlier this month that he will leave the Championship side this summer and that a move to Arsenal would be “a dream”.However, Arsenal are not interested in the France international having already completed the signing of holding midfielder Granit Xhaka.According to L’Equipe, Liverpool are now firm favourites to land Sissoko and will step up their chase after Euro 2016.Newcastle have already rejected a £9m offer from Hamburg for the 26-year-old, with Rafael Benitez keen to keep hold of his best players as he bids to secure an immediate return to the Championship.But Sissoko is determined to leave Tyneside before the start of the new season and it is thought a bid of around £12m will be enough to persuade Newcastle to sell. 1last_img read more

Read More

DONEGAL LEAGUE: ALL THE REPORTS, RESULTS AND FIXTURES

first_imgOld Orchard Saturday DivisionFintown Harps AFC 2 Glencar Celtic 2In windy conditions at Pairc Achla Fintown played their 1st game of the new league season against Glencar Celtic. In the 1st half Glencar started off well with an early goal. They took control of the game but they were unable to get pass the Fintown defence again. Fintown were awarded a free in the 35th minute. John Molloy made no mistake, shooting direct to the net. Again Glencar scored early into the 2nd half but their lead was short lived as Fintown’s Brian Delany equalised. Good team performances by both sides. Referee: Michael McFaddenMulroy Celtic 5 Strand Rovers 0Mulroy were convincing winners on the opening day of the season at a blustery tri a loch. Mulroy opened the scoring in the second minute with a lovely free kick from debutant Shaun Callaghan. The second wasn’t long in following with Johnny Nanny finishing well from a tight angle after a fine ball from Mc Garvey. Strand came out a different team in the second half and pushed hard to get back into the game but Mc Grory and Friel were magnificent in the centre of Mulroy’s defence. Shaun Mc Garvey then capped a fine debut with a thunderous strike from the edge of the area. Second half substitute Michael Sweeney then got the 4th with a poachers finish before Johnny Nanny put the icing on the cake with a fine finish from a flowing team move. Hard to pick a best player for Mulroy with all the attacking threat but special praise to Paul Mc Fadden who worked tirelessly in Mulroy’s engine room on what was a great day for all Mulroy’s new signings. Referee : Brian O’ Kane Drumbar F.C. 0 Orchard F.C. 6Drumbar suffered a heavy home defeat against Orchard on the first day of the league. Orchard’s experience proved too much for Drumbar who made too many individual errors. Drumbar also spurned four one on one chances in a game where they needed to take any chance that came their way. Final score 0-6. Orchard’s Niall Bonner stood out overall with a Man of the Match performance.Glencar Inn Saturday Reserve DivisionCurragh Athletic Reserves 1 Erne Wanderers Reserves 1In perfect playing conditions it was the Curragh who started strongest. They made the breakthrough on 23 minutes when Michael Kearney won the ball and beat the Erne centre half and laid a perfect pass to the feet of the in-rushing Cromie who coolly slotted past the visiting keeper. This stirred the visitors who conjured a flurry of good attacks but some fine goalkeeping from Jason Woods preserved the Curragh’s lead until the interval. The Ernesiders came out pumped up for the 2nd half but couldn’t seem to break through the Curragh back line with Froggie ruling the roost. It seemed a mistake would be their only way through. The mistake which duly came, Mark Browne getting caught in possession by Erne’s Luke Toland who went one on one with Woods and got the Ballyshannon team back in the game on 61 minutes. Shea Hannigan did manage to find the Erne net only to be ruled offside. Erne also had a penalty claim dismissed. A fair result in the end with both teams gaining a share of the points. Best for Curragh: Jason Woods. Best for Erne: Luke Toland.Drumoghill F.C. Reserves 4 St. Catherines Reserves 0Drumoghill got their league campaign off to a flying start with a fine won over a youthful St. Catherines’ side . Drumoghill’s first goal arrived on the half hour mark when Andrew Peoples latched onto a John O’ Kane pass. Peoples was again involved in goal number two, this time he turned provider with a lovely pass in behind the Catherine’s defence which Mark Gibson latched onto and made no mistake. Catherine’s to their credit never gave in and it wasn’t till the seventieth minute that Drumoghill made the game safe and it was Mark Gibson who fired home his second of the day after Emmet Haughey sent him through Ethan Mc Cready rounded off the scoring with a fine strike after he beat two defenders to fire home .Glenea United Reserves 5 Milford United Reserves 1Glenea Reserves got their league programme underway with a hard earned victory over Milford. In a tight 1st half, not helped by the wintery conditions, both sides found it difficult to create chances until Milford opened the scoring on 30 minutes when Conor Meakin fired them ahead. In the 2nd half the home side started well and equalised after 50 minutes when Shane Coll’s corner was headed back across goal and Sean Mc Cafferty was on hand to stab the ball home from close range. Glenea took the lead on 60 minutes when Padraig Mc Gee converted a penalty after Ciaran Mc Geady had been fouled in the area. Milford came more into the game and pushed hard for an equaliser but failed to convert a couple of chances that came their way. Glenea extended their lead on 80 minutes when Aodhan Ferry flicked on a free-kick and Ciaran Mc Geady headed home from close in. Glenea completed their tally with two late goals. Ciaran Mc Geady got his 2nd of the game when he was put through by Martin Maguire, Mc Geady slid the ball past the keeper. In the final minute Aodhan Ferry broke down the right and his cross was turned in by Paul Coll. Best for Glenea were Martin Maguire, Shane Coll and Ciaran Mc Geady, while it was a team effort from Milford. Referee: Keith Ferry Cappry Rovers Reserves 0 Keadue Rovers Reserves 2Keadue started this game very well and pressed the youthful home side. Keadue forced Liam O’Meara into a few good saves. In the 35th minute Adam Neeley gave O’Meara no chance with a stunning strike from 25 yards which ended up in the top corner. The visitors tried hard to get a 2nd before half time but it did not arrive. Cappry started the second half well and pressed looking to get level but the Keadue defence held firm and we’re always a danger on the break. Kyle Lafferty thought he’d got the home team back level with a fine strike from 25 yards but saw his effort well saved by the Keadue keeper. In the 72nd min Keadue made it 2-0 when Chris Greene got a free header from a corner. The home team tried hard to get a goal but couldn’t find way through the Keadue defence. Two team performances. Referee: Liam Mc LaughlinCastlefin Celtic Reserves 4 Donegal Town Reserves 3Castlefin got their season of to a winning start against Donegal Town in an entertaining game at Parkview. Castlefin took the lead after 2 minutes, a Matthew O’Rourke cross found Conor Dalton who tapped home at the back post. Castlefin doubled their lead on 18 minutes, Simon Mc Menamin’s kick out found Conor Dalton who finished into the roof of the net. Donegal Town pulled one back a minute later, a cross from the right found Adam Enright who finished into the bottom corner from 6 yards. Castlefin started the second half the brighter and on 52 minutes Marcus Curran found Matthew O’Rourke who beat the Donegal keeper from the edge of the box. Donegal pulled one back a minute later when a mix-up in the Castlefin defence saw Gary Ward take advantage and finish at the back post. Donegal found the equaliser on 67th minutes when Aaron Gallagher tapped in at the front post. Castlefin took the lead again a minute later James Mc Menamin’s cross found Marcus Curran who headed home at the back post. Donegal pressed hard for an equaliser but the Castlefin defence stood firm to claim all three points.DONEGAL LEAGUE: ALL THE REPORTS, RESULTS AND FIXTURES was last modified: September 13th, 2015 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:Donegal Leaguelast_img read more

Read More

Fossil Fish Pushes Evolutionary Time

first_imgQuick!  When was the Age of Fishes?  If you said “Devonian,” you were correct according to the textbooks and museums, but where’s your evidence?  Look at this diorama in the Smithsonian depicting the seas of the Silurian, the period preceding the Devonian: crinoids, trilobites, corals and nautiloids, but no fish.  It may be time to change the artwork and the textbooks.  A fully-finned fish, jaws and all, has been found in Silurian rock in China.    Prior to the announcement in Nature,1 the only tentative fossil evidence of a gnathostome (jawed) fish in the late Silurian consisted of head fragments dated 416 million years ago (Mya).  Now, a nearly complete fossil of a jawed fish the discoverers named Guiyu oneiros pushes the date three million years earlier, well into the Silurian.  The fact that it is already fully a boned fish means its non-fish predecessors had to have evolved, according to Darwin’s theory, much earlier than that.  “As the oldest articulated sarcopterygian, the new taxon offers insights into the origin and early divergence of osteichthyans [bony fish], and indicates that the minimum date for the actinopterygian�sarcopterygian split was no later than 419 million years ago,” the authors said.  “No later than” translates to “probably a lot earlier than.”    This puts pressure on the whole fish family tree.  Prior to the division between actinopterygians (which includes most familiar fish species) and sarcopterygians (lungfish, Coelacanth, and all four-footed animals, including us), there was supposed to be some branching points within the osteichthyes (bony fish) and chondrichthyes (cartilaginous fish), and between jawed and non-jawed vertebrates.  How well documented have these major branching points been in the fossil record?Osteichthyans, which fall into two major monophyletic groups, namely actinopterygians (bichirs, sturgeons, gars, bowfins and teleosts) and sarcopterygians (coelacanths, lungfishes and tetrapods), make up 98% of recognized living vertebrate species.  The rise of osteichthyans from other primitive gnathostomes is a key transition in vertebrate evolution, yet this transition is poorly documented by the fossil discoveries of the last century.  Major morphological gaps existed between actinopterygians and sarcopterygians, and between osteichthyans and non-osteichthyan gnathostomes (chondrichthyans, acanthodians and placoderms).  The past decade has seen the gap narrowing with fossil discoveries such as Psarolepis, Ligulalepis and Dialipina, which show fascinating combinations of osteichthyan and non-osteichthyan gnathostome characters, providing new opportunities for studying the polarity and evolution of these characters.  However, the basal osteichthyan phylogeny remains uncertain owing to the large number of unknown character states in these early forms and the provisional assignment of disarticulated remains to a single taxon.  A better understanding of these fishes is therefore crucial in reconstructing the part of phylogeny close to the split between actinopterygians and sarcopterygians.That’s where Guiyu comes in.  It is unquestionably sarcopteryginian.  Before now, evolutionary paleontologists drew their phylogenetic trees of the Silurian in the absence of evidence about jawed vertebrates.  The three specimens mentioned above are all well in the Devonian, except for Psarolepis, “an indeterminable osteichthyan” tentatively dated to the late Silurian.  Now, Guiyu puts one of the major branching points well into the Silurian.  Whatever led to the evolution of the sarcopterygians had to happen earlier, and more rapidly, than previously believed.    Michael I. Coates (U of Chicago) commented on this find in the same issue of Nature.2  “Discovery of an unusually intact and ancient fossil fish provides further evidence that the search for modern vertebrate origins requires breaking out of the Devonian and into the preceding period,” he began.  Usually, the earliest fossils are scrappy and indistinct, concocted into “conjectural species” from fragments, but this one is remarkably well preserved.  Coates agrees that it comes from a “poorly resolved patch of vertebrate evolution.  Crucially, this piscine offshoot of our own distant past is both unusually intact and exceptionally old.”    What does this find indicate about our knowledge of past eras?  After discussing other remarkable recent finds, some of which have surprising mosaics of features, he said that “The straightforward message is that the origin of modern gnathostomes is not a Devonian phenomenon, after all.”  Add some fish to that Silurian diorama.  In fact, in his article he showed a 1940s-era artwork of a fishless Silurian sea, and said, “What else might be absent?  Evidence of early actinopterygians (ray-finned fishes) and chondrichthyans (sharks and chimaeras) must be lurking out there, somewhere in the Silurian sediments.”  Here’s another straightforward message by Coates: “By pushing a whole series of branching points in gnathostome evolution out of the Devonian and into the Silurian, the discovery of Guiyu also signals that a significant part of early vertebrate evolution is unknown.”  He encouraged paleontologists to take a new look at their Silurian fossils and dig up evidence that must be there.1.  Zhu, Zhao, Jia, Lu, Qiao and Qu, “The oldest articulated osteichthyan reveals mosaic gnathostome characters,” Nature 458, 469-474 (26 March 2009) | doi:10.1038/nature07855.2.  Michael I. Coates, “Palaeontology: Beyond the Age of Fishes,” Nature 458, 413-414 (26 March 2009) | doi:10.1038/458413a.The collapse of a mythology – the fishless Silurian sea – occurring before our eyes.  Evolutionists like to quote the maxim “absence of evidence is not evidence of absence” when they are confronted with the lack of transitional forms.  That maxim cuts both ways.  They jeer creationists about the lack of any “Precambrian rabbit” fossils, but notice two things about that: (1) use the same maxim against the evolutionists, and (2) the evolutionists have rigged the names and dates of the strata to prevent such a thing from being found.  We’ve seen them reclassify a stratum from one end of the geological column to the other when it suited their purposes (01/03/2007).  Finding a rabbit in a Precambrian bed would not make them abandon Darwin Daddy.  They would just say, “Well, what do you know; this bed is Pleistocene.”    When you find anomalies like this within their own dating scheme, the case for falsification is more convincing.  Notice that the “earliest” fossils are not transitional.  They neither show primitive features nor clear-cut lineages.  Prior to Guiyu, they said the earliest specimens like Psarolepis had a mosaic of features.  This means it did not clearly fall into a single lineage.  Now, an even earlier specimen is unquestionably sarcopterygian and 100% fish.  The artist conception shows a fish you could catch and eat.  It’s got teeth, gills, scales, fins, eyes and all the equipment a fish could want.  It wasn’t becoming a fish from something else, and it wasn’t evolving into something else.  Think how many lucky mutations must have been required to get all these parts working together from some non-fish predecessor.  Since vertebrates have now been found all the way back to the early Cambrian (01/30/2003), it’s not that big a stretch to imagine finding a mammal in Cambrian or Precambrian strata some day.  After all, the skeletal system, immune system, digestive system, circulatory system, central nervous system had already “emerged” by then, so what’s the big deal shaping the outward morphology a little?    Another case of the “absence of evidence” maxim bears repeating.  The world is full of “living fossils” – species alive today that left no trace for supposed tens or hundreds of millions of years (see list on CreationWiki).  There are two possible lessons here.  One is that Precambrian rabbits could conceivably be found.  If you accept the evolutionary timeline, you would have to believe that the tuatara, coelacanth and Wollemi Pine lived through tens of millions of years, catastrophes and all, without leaving a trace in the fossil record – because they are still alive today.  There you go – “absence of evidence is not evidence of absence.”.  Secondly, living fossils argue against the evolutionary timeline altogether.  Is it plausible to think that these organisms survived unchanged for all that time?  Where is the evolution?  Just maybe those millions of years are fiction.  It would make more sense to believe that not much time has passed between the fossil and living representatives.  Whichever way you take it, today’s entry should shame the Darwinists into admitting they don’t know what they claim in their museum dioramas.(Visited 50 times, 1 visits today)FacebookTwitterPinterestSave分享0last_img read more

Read More

Kub’s Den

first_imgShare Facebook Twitter Google + LinkedIn Pinterest By Elaine KubDTN Contributing Analyst“There are only 8 cents of carry out to the May futures contract; how am I supposed to go to my banker and justify putting up new grain bins just to get another 8 cents per bushel? That math doesn’t work out!”This question came up at a recent market outlook meeting, and the economic instincts behind the questioner’s details were spot on. He was considering funding a project with borrowed money based on the returns offered to him in the current market environment. He was looking at the actual carry in the futures spreads, which can be locked in as real income, instead of looking at some unreliable expectation that grain prices “might” tend to be higher in the spring than they were at harvest when the grain went in a bin.However, I would encourage anyone considering the construction of new grain storage facilities in 2019 (and I imagine there are many such people, after the scramble to store both corn and soybeans in late 2018) to base their decisions on longer-term expectations. The 8 cents of carry currently offered between the March and May 2019 corn futures contracts (which is still a relatively generous 65% of the full cost of commercial carry) doesn’t mean much. Few market participants come into possession of some corn in March that they only intend to store for a couple of months. More typically, someone comes into possession of some corn at harvest time. As an example, this marketing year on Nov. 1 there was 20-plus cents of carry between the December and May futures contracts that could have been used to justify an investment in grain storage. There was 30-plus cents of carry available from the December 2018 to September 2019 contracts for those who were willing to commit to storing the grain for so long.An expectation of being able to lock in an extra 20 or 30 cents per bushel for one’s grain … now, that’s something a person could take to a banker and make a grain storage facility sound like a good investment. But how confident should that expectation be, year after year after year?Let’s look at recent history. There were those wild years — 2011, 2012 and 2013 — when corn supplies were extremely tight and nearby futures spreads actually inverted during the spring and summer months (near-dated corn futures were priced higher than far-dated corn futures). That experience jolted many corn producers’ internal calibrations about how corn prices are expected to behave seasonally. But, since that time, nearby corn futures have inverted only rarely, briefly and mildly — in mid-2014 and mid-2016. Mostly, we’ve been living back in the “normal” world where there is plenty of grain to go around, and the futures markets are structured so that future prices pay more for far-dated grain and reimbursing owners for the costs of keeping the grain in storage and off the physical market.Since the 2013 corn harvest, if we took a market snapshot on Nov. 1 of any subsequent year to illustrate the harvest-time storage decisions of a farmer with newly harvested grain, we would see that the December-to-May futures spread has offered fairly generous “carry” spreads in each of these past six years: 18 1/2 cents for the 2013 corn crop, 21 1/4 cents for 2014, 14 1/2 cents for 2015, 16 cents for 2016, 22 1/4 cents for 2017 and 20 cents most recently on Nov. 1, 2018.This is cash money that the futures market offers to owners of grain. If, for instance, a farmer owns some harvested bushels already hedged with a short December corn futures position (perhaps hedged months earlier at a very favorable price), the farmer can choose to “roll” that futures position forward. That is to say: buy back December futures and simultaneously sell May futures. Then the farmer will pocket the futures spread (let’s assume 20 cents or so) as cash in a futures brokerage account. Alternatively, a farmer can roll a hedge-to-arrive contract forward within the same marketing year and receive the 20-cent advantage. Alternatively, if the grain hasn’t been hedged or sold yet, the farmer can simply choose to sell the grain, at harvest, for a timeframe six months in the future and receive a subsequently higher price in return for agreeing to store the grain until spring delivery.Note that this opportunity is different from the opportunity to store unpriced, unsold, unhedged grain in the blind hope that prices may be higher in a few months’ time. Lots of people do this; lots of people justify their investments in grain storage facilities based on that seasonal expectation for better flat prices in the spring or summer, and lots of people generally succeed most years with this strategy. Over the past six years, the flat price improvement of the National Corn Index from Nov. 1 (harvest time) to the following May 1 (six months later) has been 66 cents in 2013 from $4.03 to $4.73, 10 cents in 2014 from $3.33 to $3.43, 6 cents in 2015 from $3.50 to $3.56, 31 cents in 2016 from $3.06 to $3.37, 61 cents in 2017 from $3.07 to $3.68 and 16 cents, so far, from $3.28 on Nov. 1, 2018, to $3.44 on Feb. 12, 2019.So, you see, sometimes it works really well. But it’s never guaranteed cash-in-hand paid for carrying the grain. Instead, it’s a speculative gamble based on pretty sound seasonal market expectations.There are less reliable opportunities in soybean futures spreads, and of course even less reliable opportunities in storing unhedged soybeans for months past harvest. But if we continue to experience years of overabundant soybean inventories, that math may also change. In any case, a look at the history shows us that — in a world that expects continued years of abundant grain supply and normal “carry” futures spreads — yes, it is possible to look at grain storage investments and opportunities with some confidence.Elaine Kub is the author of “Mastering the Grain Markets: How Profits Are Really Made” and can be reached at elaine@masteringthegrainmarkets.com or on Twitter @elainekub.(BE/AG)© Copyright 2019 DTN/The Progressive Farmer. All rights reserved.last_img read more

Read More

Norwayne FFA Benefit

first_imgShare Facebook Twitter Google + LinkedIn Pinterest This year marked 10 years for the Norwayne FFA’s annual fall benefit. In the past 10 years, the chapter has raised over $230,000 for families in need in the Norwayne community. This year, the chapter was able to raise over $25,000 for Mike Klingman and his family.In March, Mike suffered a stroke caused by a brain aneurysm which has lead to struggles with speech and memory loss. Mike is currently back at work but the family does not know how much longer he will be able to continue his job. Mike’s children, Isaac and Ellie, have both been members of the FFA program and the Klingmans are big supporters of the Norwayne Bobcats and the FFA.FFA members reach out to community businesses and individuals who are interested in donating anything from money to gift baskets to support the cause. This project allows FFA members to live out the FFA motto, “Living to Serve.”The benefit featured a volleyball tournament, live auction, silent auction, and dinner donations.last_img read more

Read More

Snooker Facing Commercial Death

first_img1985, what a year. Mikhail Gorbachev took power in the Soviet Union, Microsoft shipped its first version of Windows 1.0, the cartoon Calvin and Hobbes was born and one of Britain’s biggest sporting heroes was a ruddy-faced and cuddly Northern Irishman with spectacles as big as the bottom of a beer mug.His name was Dennis Taylor and his sport, snooker, was by some yardsticks as big as golf. Football, Britain’s national game, was deep in crisis, soiled by hooligans and run-down stadiums. So snooker made hay, winning sponsors and fans with its safe, quiet drama televised in hushed tones by the BBC. Players like Taylor became household names. His 60,000 pound prize for winning the world championship in 1985 was only a shade less than Sandy Lyle pocketed for his British Open golf victory and considerably more than Wimbledon paid its doubles champions that year. A record 1 in 3 Britons — close to everyone if you discount kids, those without televisions and those who couldn’t stay up past midnight for the climax of this epic match — tuned in as Taylor fought back from a seemingly impossible position and sank the last ball in the deciding last frame of the world final to down reigning champion Steve Davis, a Londoner with a deathly pallor under his shock of ginger hair.Snooker, in a word, was huge.Now, the sport said to have been invented in the 19th century by bored British army officers to while away their time in colonial India is fighting for its life. Between snooker’s heights of popularity in the 1980s and the low it hit this week, with tabloid allegations that its top player John Higgins agreed to fix matches, lies a salutary tale of how even a successful sport can slide into decline. World snooker champion John Higgins was caught in a newspaper sting agreeing to fix a game for $400,000.Higgins, a three-time world champion, was ensnared in an elaborate sting by News of the World, the tabloid weekly that last year also published a photo of Olympic swimming champion Michael Phelps puffing on a marijuana pipe.Posing as businessmen with ties to a betting syndicate, its reporters filmed Higgins and his manager, Pat Mooney, in a hotel room in Ukraine seemingly agreeing to lose games in return for a $400,000 payment. The story was signed by Mazher Mahmood, the tabloid’s star investigator known as “the Fake Sheik” because his underhand methods have included disguising himself as a wealthy Arab.Higgins said subsequently that he panicked. He said he feared that the businessmen/undercover reporters might be “the Russian Mafia” and he decided that “the best course of action was just to play along with these guys and get out.”But it still looks very bad. Most corrosive is the implication that snooker matches can be easily fixed. In the video, Higgins appears to acknowledge that losing to another player would be “no problem,” and Mooney seemingly suggests that it could be done merely by missing a shot, saying: “You roll two inches out of position.”The video concludes with Higgins and Mooney downing shots of liquor with the bribers, which appeared to undercut his claims that he was “really spooked” and “just wanted to get out of the hotel and onto the plane home.”Even before this affair, snooker was struggling. A ban on tobacco advertising deprived it of sponsors who had helped to bankroll its golden years. The number of tournaments and morale on the circuit sank so low that Davis warned last year that even top 20 players were “thinking about getting jobs because they are not making any prize money.” To salvage its flagging fortunes, snooker turned at the end of 2009 to Barry Hearn, a British promoter with a long record of success in boxing, darts, poker and even fishing. He is offering guaranteed prize money of $6.8 million next season to try to get players to line up behind his plans to revive snooker, including launching a new tournament in Germany.But Hearn seems to recognize that snooker’s credibility must be restored first. He is suggesting that Higgins, the world No.1, could be banished from snooker if it is determined that he was prepared to deliberately lose.Players “owe it to the public that watch these games to know and believe and trust that every single shot they give 100 percent to,” Hearn told the BBC, “because if the perception changes, the sport dies.” —AP  Related Itemslast_img read more

Read More