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Weekly Commodity Price Update

The document is a weekly commodity price report from TD Economics. Some key points: - The TD Commodity Price Index (TDCI) in US dollars surged 8.1% last week to its highest level since early January, driven by an 11% rise in energy prices and an 8% jump in base metals prices. - Crude oil prices hit a 6-month high of $58 per barrel but fundamentals suggest the run-up may be overdone with inventories remaining elevated. - Natural gas prices surged 15% after a 5-week slide, settling back above $4 per MMBtu on speculation production cuts may slow. - Base metals prices rose across the
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0% found this document useful (0 votes)
77 views6 pages

Weekly Commodity Price Update

The document is a weekly commodity price report from TD Economics. Some key points: - The TD Commodity Price Index (TDCI) in US dollars surged 8.1% last week to its highest level since early January, driven by an 11% rise in energy prices and an 8% jump in base metals prices. - Crude oil prices hit a 6-month high of $58 per barrel but fundamentals suggest the run-up may be overdone with inventories remaining elevated. - Natural gas prices surged 15% after a 5-week slide, settling back above $4 per MMBtu on speculation production cuts may slow. - Base metals prices rose across the
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

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com/economics

TD Economics
Weekly Commodity Price Report
May 11, 2009

HIGHLIGHTS
• The TDCI in U.S. dollars surged 8.1% last week, reductions in active rig counts will slow production.
reaching its highest level since early January. The Nonetheless, short-term fundamentals remain weak,
increase was driven largely by an 11% rise in energy with U.S. storage levels 23% ahead of the 5-year
prices and an 8% jump in base metals prices. Due to average, and demand unlikely to pickup anytime
a strengthening loonie, the index in Canadian dollar soon.
terms was up by a more modest 5.2% and sits at a • Base metals prices were up across the board, led by
1-month high. a 12% gain in nickel and zinc prices. Like energy
• Crude oil prices hit a 6-month high of US$58 per prices, metals prices are rising on optimism that the
barrel last week, prompted by better-than-expected global recession is easing. Furthermore, a rise in
economic data reported in the U.S. However, the manufacturing activity in China has triggered specu-
fundamental picture suggests that the recent run-up lation that Chinese demand for metals will pick up.
in prices has been overdone, as inventories remain A drop in LME inventories also provided support to
elevated and demand is still contracting. As such, prices.
prices have lost some ground this morning as markets • The 8% weekly drop in hog prices masks the uptrend
refocus on the fundamentals. seen during the second half of the week. Indeed,
• Halting a 5-week slide, natural gas prices surged 15% prices rose from US$55 to just under US$60 by Fri-
last week, settling back above the US$4 per MMBtu day on expectations that the impact from the H1N1
mark on Friday. Much of the gains were driven by flu on the pork market will begin to ease, leading to
technical buying and speculation that the massive a recovery in exports.
Dina Cover 416-982-2555

SUMMARY FOR WEEK ENDING FRIDAY, MAY 8th


LATEST WK PRIOR WK % CHG. 1-WK % CHG. 4-WKS % CHG. 52-WKS 52-WK HIGH 52-WK-LOW
TDCI US$ Index (1997=100) 172.4 159.5 8.1 7.1 -52.1 405.5 154.0
US$ Sub-Indices
Forest Products 85.2 85.7 -0.6 0.2 -17.7 109.0 84.7
Energy 206.6 185.5 11.4 8.3 -59.7 602.7 177.3
Non-Prec. Metals & Minerals 160.1 148.5 7.8 11.1 -45.6 288.3 130.3
Precious Metals 273.8 268.4 2.0 3.9 0.3 303.5 219.1
Agricultural Products 141.1 141.1 -0.1 2.2 -27.7 200.6 131.8
Biggest Movers this Week (per cent)
Ĺ Natural Gas 3.78 3.29 14.9 5.0 -66.1 13.2 3.3
Ĺ Nickel 5.69 5.08 12.0 17.4 -54.9 12.0 4.2
Ĺ Zinc 69.75 62.37 11.8 15.6 -30.1 102.5 48.2
Ĺ Crude Oil 56.00 51.07 9.7 11.0 -54.5 142.5 32.4
Ĺ Silver 13.58 12.61 7.6 10.6 -19.0 18.8 9.5
Ĺ Copper 212.52 197.80 7.4 7.7 -45.1 398.1 128.9
Ĺ Aluminum 68.43 64.57 6.0 5.1 -47.3 145.6 58.1
Ļ Hogs 57.37 62.46 -8.1 -3.0 -25.4 86.4 54.7

Weekly Commodity Price Report  May 11, 2009


[Link]/economics

TD COMMODITY PRICE INDEX (TDCI) TDCI - ENERGY


Index, 1997=100 Index, 1997=100
430 700

380 600
Overall TDCI
330
500
280
400
230
300
180
TDCI Ex. Energy
130 200

80 100
May-08 Aug-08 Oct-08 Jan-09 Apr-09 May-08 Aug-08 Oct-08 Jan-09 Apr-09

Last week plotted: May 8, 2008. Source: TD Economics. Last week plotted: May 8, 2008. Source: GlobalCoal, WSJ / Haver Analytics.

TDCI- NON-PRECIOUS METALS & MINERALS TDCI - PRECIOUS METALS


Index, 1997=100 Index, 1997=100
300 350
280
260 300
240
220 250
200
180 200
160
140 150
120
100 100
May-08 Aug-08 Oct-08 Jan-09 Apr-09 May-08 Aug-08 Oct-08 Jan-09 Apr-09

Last week plotted: May 8, 2008. Source: FT / Haver Analytics, Ux Weekly. Last week plotted: May 8, 2008. Source: WSJ / Haver Analytics.

TDCI - FOREST PRODUCTS TDCI - AGRICULTURAL PRODUCTS


Index, 1997=100 Index, 1997=100
110 260

240
105
220
100
200

95 180

160
90
140
85
120

80 100
May-08 Aug-08 Oct-08 Jan-09 Apr-09 May-08 Aug-08 Oct-08 Jan-09 Apr-09

Last week plotted: May 8, 2008. Source: Random Lengths, Pulp & Paper Weekly. Last week plotted: May 8, 2008. Source: WCE, WSJ / Haver Analytics.

Weekly Commodity Price Report  May 11, 2009


[Link]/economics

TD COMMODITY PRICE INDICES (TDCI)


US$ SUB-INDICES C$ SUB-INDICES
TDCI- TDCI-
US$ NON- C$ NON-
TDCI- INDEX FOREST PREC- PREC AGRI. TDCI- INDEX FOREST PREC- PREC AGRI.
US$ ex- PROD- IOUS METALS PROD- C$ ex- PROD- IOUS METALS PROD-
1997=100 INDEX energy UCTS ENERGY METALS & MIN. UCTS INDEX energy UCTS ENERGY METALS & MIN. UCTS C$/ US$
ANNUAL AVG
2003 140.8 92.9 83.8 184.4 108.6 98.2 99.2 197.6 130.4 117.6 258.7 152.4 137.7 139.2 1.40
2004 168.6 114.2 100.4 218.0 125.1 135.1 105.2 219.3 148.5 130.6 283.6 162.8 175.8 136.8 1.30
2005 222.9 123.2 102.1 313.4 136.2 158.3 105.6 270.0 149.3 123.6 379.6 164.9 191.8 127.9 1.21
2006 227.3 158.9 101.8 289.4 188.4 255.6 110.6 257.7 180.2 115.5 328.2 213.7 289.9 125.5 1.13
2007 252.1 189.9 98.0 308.6 217.3 337.8 141.2 270.0 204.2 105.3 329.7 232.4 364.1 150.4 1.07
2008 264.5 163.8 98.5 356.0 269.1 221.6 171.4 285.6 178.8 108.8 382.5 297.6 238.8 187.1 1.11
YTD 2009 163.7 129.7 88.6 194.7 270.9 141.3 138.2 202.1 160.1 109.4 240.3 334.7 174.3 170.6 1.24

WEEKLY AVG
05-Dec-08 188.1 130.7 99.1 240.2 228.2 145.1 133.3 236.6 164.4 124.6 302.1 286.9 182.5 167.6 1.26
12-Dec-08 178.4 129.3 97.0 223.1 237.5 140.2 134.0 222.6 161.3 121.0 278.2 296.2 174.9 167.2 1.25
19-Dec-08 172.6 129.8 95.5 211.5 251.7 137.0 139.6 210.2 158.1 116.3 257.5 306.4 166.8 170.0 1.22
26-Dec-08 162.2 130.8 95.1 190.6 256.0 138.0 142.5 197.3 159.2 115.7 232.0 311.5 168.0 173.4 1.22
02-Jan-09 176.8 132.0 94.4 217.5 260.3 141.3 142.9 215.3 160.7 114.9 264.9 317.0 172.1 174.0 1.22
09-Jan-09 182.6 134.7 93.7 226.1 253.6 151.7 146.1 217.0 160.1 111.3 268.6 301.3 180.2 173.6 1.19
16-Jan-09 166.6 129.6 92.6 200.2 245.7 141.6 140.7 206.1 160.3 114.6 247.7 304.0 175.2 174.0 1.24
23-Jan-09 166.3 129.5 91.7 199.7 255.4 139.5 140.7 209.6 163.2 115.6 251.7 322.0 175.9 177.3 1.26
30-Jan-09 166.2 130.1 91.2 199.0 270.2 137.8 140.8 203.3 159.1 111.5 243.4 330.4 168.5 172.2 1.22
06-Feb-09 164.9 130.6 89.7 196.0 273.6 140.6 140.3 203.5 161.1 110.7 241.9 337.6 173.6 173.2 1.23
13-Feb-09 159.3 130.3 89.9 185.7 278.5 138.6 138.7 197.1 161.2 111.3 229.7 344.5 171.5 171.5 1.24
20-Feb-09 154.0 128.3 89.8 177.3 292.5 131.6 132.0 193.6 161.3 112.9 222.9 367.7 165.4 166.0 1.26
27-Feb-09 157.0 127.7 89.6 183.6 291.0 130.3 131.8 196.8 160.1 112.3 230.2 364.9 163.4 165.2 1.25
06-Mar-09 158.7 126.2 87.8 188.3 277.0 131.9 132.6 204.2 162.3 113.0 242.2 356.5 169.7 170.6 1.29
13-Mar-09 157.5 126.1 87.4 185.9 275.3 132.5 133.5 202.4 162.1 112.3 239.0 353.9 170.2 171.6 1.29
20-Mar-09 161.9 127.7 86.5 193.0 278.7 136.1 136.8 203.6 160.6 108.8 242.6 350.3 171.1 172.0 1.26
27-Mar-09 167.3 128.1 86.4 203.0 281.4 137.4 135.1 206.0 157.6 106.3 249.9 346.3 169.2 166.3 1.23
03-Apr-09 160.5 126.9 84.7 191.1 274.9 137.8 135.8 200.8 158.7 105.9 239.0 343.8 172.4 169.9 1.25
10-Apr-09 161.0 128.3 85.1 190.7 263.6 144.1 138.1 198.6 158.3 105.0 235.2 325.0 177.7 170.3 1.23
17-Apr-09 161.1 131.4 85.4 188.1 265.5 153.4 137.3 195.1 159.1 103.4 227.8 321.6 185.8 166.3 1.21
24-Apr-09 157.6 130.9 85.9 181.7 267.5 149.0 140.5 193.7 160.9 105.6 223.4 328.8 183.2 172.7 1.23
01-May-09 159.5 130.9 85.7 185.5 268.4 148.5 141.2 191.9 157.5 103.1 223.1 323.0 178.6 169.9 1.20
08-May-09 172.4 134.7 85.2 206.6 273.8 160.1 141.1 201.9 157.8 99.8 241.9 320.6 187.5 165.2 1.17

Latest week, % chg. from


Week ago 8.1 3.0 -0.6 11.4 2.0 7.8 -0.1 5.2 0.2 -3.2 8.4 -0.7 5.0 -2.7 -2.7
4 weeks ago 7.1 5.0 0.2 8.3 3.9 11.1 2.2 1.7 -0.3 -4.9 2.9 -1.4 5.5 -3.0 -5.0
52 weeks ago -52.1 -30.0 -17.7 -59.7 0.3 -45.6 -27.7 -44.4 -18.7 -4.4 -53.1 16.5 -36.8 -16.0 16.2
% Chg. YTD -48.3 -34.0 -10.4 -54.3 -5.1 -53.0 -35.7 -36.6 -19.0 9.9 -43.9 16.4 -42.3 -21.1 22.7
52-week low 154.0 126.1 84.7 177.3 219.1 130.3 131.8 191.9 157.5 95.9 222.9 248.7 163.4 162.4 0.98
52-week high 405.5 192.0 109.0 602.7 303.5 288.3 200.6 413.0 208.2 126.7 613.9 367.7 325.7 260.6 1.29
FORECAST
Annual 2009 166.4 125.3 94.2 203.7 232.5 138.6 122.2 206.7 155.7 117.1 253.0 288.8 172.2 151.8 1.24
Annual 2010 219.7 141.5 100.8 290.6 224.8 177.0 136.4 249.5 160.8 114.5 330.1 255.5 201.0 154.9 1.14
Dec 2009 183.8 130.6 95.1 232.1 240.7 150.7 125.0 202.2 143.7 104.6 255.3 264.8 165.8 137.5 1.10
Dec 2010 237.3 148.1 105.1 318.3 211.8 192.6 143.1 265.7 165.8 117.8 356.5 237.2 215.7 160.3 1.12

Weekly Commodity Price Report  May 11, 2009


[Link]/economics

COMMODITY PRICES*: AVERAGE LEVELS (1)


FOREST PRODUCTS ENERGY PRECIOUS METALS
LUMBER PULP NEWSPRINT OIL NAT GAS COAL GOLD SILVER
ANNUAL AVG
2003 309.09 554.62 504.81 31.16 5.51 28.13 365.38 4.95
2004 405.08 642.12 552.02 41.69 5.88 55.19 409.41 6.71
2005 387.35 646.27 611.86 56.85 8.92 48.91 445.46 7.36
2006 327.02 721.83 666.83 66.12 6.74 50.29 604.03 11.58
2007 283.79 821.12 593.58 72.74 6.98 65.69 699.01 13.44
2008 253.33 863.98 700.77 100.15 8.88 128.96 872.53 15.05
YTD 2009 200.63 679.79 711.84 45.36 4.30 70.28 902.12 12.61

WEEKLY AVG
05-Dec-08 225.00 793.64 765.00 45.50 6.44 76.09 769.30 9.49
12-Dec-08 221.00 758.90 765.00 44.71 5.69 78.25 798.30 10.17
19-Dec-08 213.00 743.75 765.00 39.65 5.67 77.81 845.05 10.87
26-Dec-08 210.00 742.21 765.00 32.37 5.42 80.56 859.94 11.01
02-Jan-09 209.00 740.01 755.00 42.50 5.66 79.19 874.83 11.15
09-Jan-09 207.00 728.77 755.00 44.51 5.85 81.44 850.65 11.06
16-Jan-09 203.00 715.50 755.00 36.91 5.40 81.46 823.75 10.77
23-Jan-09 197.00 709.84 755.00 42.18 4.80 88.19 854.25 11.45
30-Jan-09 193.00 707.25 755.00 42.52 4.75 83.15 902.95 12.21
06-Feb-09 191.00 701.11 735.00 40.50 4.84 78.17 912.15 12.62
13-Feb-09 199.00 688.09 735.00 36.91 4.71 80.28 924.30 13.34
20-Feb-09 200.00 682.27 735.00 36.99 4.32 76.34 968.80 14.25
27-Feb-09 199.00 680.37 735.00 41.81 4.16 65.32 967.40 13.74
06-Mar-09 197.00 679.34 705.00 43.26 4.24 61.70 921.70 13.00
13-Mar-09 198.00 667.67 705.00 45.68 3.88 62.10 915.60 12.97
20-Mar-09 193.00 661.14 705.00 49.46 3.83 60.30 927.75 13.00
27-Mar-09 192.00 660.23 705.00 53.09 3.92 61.39 932.85 13.59
03-Apr-09 196.00 657.17 665.00 50.32 3.64 60.79 914.35 12.92
10-Apr-09 202.00 652.70 665.00 50.46 3.60 63.24 877.63 12.28
17-Apr-09 208.00 645.38 665.00 49.80 3.55 63.12 882.38 12.59
24-Apr-09 212.00 646.00 665.00 47.83 3.45 63.11 891.35 12.41
01-May-09 210.00 647.15 665.00 51.07 3.29 62.26 892.90 12.61
08-May-09 206.00 646.06 665.00 56.00 3.78 63.70 904.75 13.58

Latest week, % chg. from


Week ago -1.9 -0.2 0.0 9.7 14.9 2.3 1.3 7.6
4 weeks ago 2.0 -1.0 0.0 11.0 5.0 0.7 3.1 10.6
52 weeks ago -23.7 -26.6 -2.2 -54.5 -66.1 -52.3 3.4 -19.0
% Chg. YTD -19.2 -22.6 12.1 -55.9 -53.0 -41.6 -1.5 -27.9
52-week low 191.00 645.38 665.00 32.37 3.29 60.30 734.50 9.48
52-week high 285.00 890.30 775.00 142.46 13.19 194.79 971.35 18.83
FORECAST
Annual Avg 2009 195.75 657.50 666.25 41.75 4.16 65.00 928.75 12.93
Annual Avg 2010 238.75 675.00 620.00 48.00 4.75 74.25 856.25 12.64
Dec 2009 200.00 640.00 600.00 40.00 4.20 65.00 935.00 13.00
Dec 2010 280.00 700.00 650.00 55.00 5.15 80.00 800.00 12.50

*MEASURES & QUOTED PRICES ( $ is US$ unless stated otherwise; WEIGHT


C$ prices converted to US$ using daily C$/US$ exchange rate ). ( per cent )
FOREST PRODUCTS 21.1
Lumber: Random Lengths' Framing Lumber Composite ($/1000 Bd Ft) 9.5
Pulp: NBSK, delivered in east U.S. ($/mt) 5.7
Newsprint: New York ($/mt) 5.9
ENERGY 52.4
Oil: Domestic Spot Market Price: West Texas Intermediate, Cushing ($/Barrel) 23.6
Natural Gas: Henry Hub, LA ($/mmbtu) 27.2
Coal: Austr. Therm ($/mt) 1.6
PRECIOUS METALS 4.5
Silver: Cash price: Silver, Troy Oz, Handy & Harman Base Price ($/Troy oz) 0.5
Gold: Cash Price: London Gold Bullion, PM Fix ($/Troy oz) 4.0
Sources: WSJ, FT, Ux Weekly, Random Lenghts, Pulp & Paper Weekly, Overall TDCI weights based on
GlobalCoal, Comtex, WCE, FRBNY / Haver Analytics. Canadian exports 2003-05

Weekly Commodity Price Report  May 11, 2009


[Link]/economics

COMMODITY PRICES**: AVERAGE LEVELS (2)


NON-PRECIOUS METALS & MINERALS AGRICULTURAL PRODUCTS
ALUM COPPER NICKEL ZINC URANIUM WHEAT BARLEY CANOLA CATTLE HOGS
ANNUAL AVG
2003 65.16 81.53 4.47 37.81 11.71 177.34 104.35 272.34 82.87 55.72
2004 78.13 130.92 6.25 47.74 18.80 186.84 98.89 282.81 81.45 53.26
2005 86.22 167.60 6.69 62.90 29.06 197.76 91.41 238.41 87.24 68.41
2006 116.49 305.10 11.01 148.56 47.77 216.58 108.71 268.54 86.19 64.19
2007 119.49 322.97 16.82 146.82 98.72 302.78 175.70 396.64 93.95 65.53
2008 117.00 316.94 9.61 85.33 63.76 455.65 202.26 530.68 93.81 66.13
YTD 2009 62.93 168.52 4.87 56.28 45.78 321.05 132.03 368.31 84.41 60.79

WEEKLY AVG
5-Dec-08 71.74 153.85 4.24 51.93 55.00 316.95 127.71 309.23 84.47 58.14
12-Dec-08 66.96 142.00 4.40 48.90 54.00 319.99 127.01 319.83 83.19 58.12
19-Dec-08 64.99 134.31 4.41 48.17 53.00 332.63 136.66 334.59 85.00 62.50
26-Dec-08 67.71 128.93 4.41 50.81 53.00 341.82 140.85 344.95 86.33 61.08
2-Jan-09 66.34 131.84 4.89 51.44 53.00 344.04 139.60 351.23 86.13 59.73
9-Jan-09 69.81 147.63 5.55 56.73 53.00 347.34 144.44 375.80 86.47 63.59
16-Jan-09 65.73 146.38 4.74 55.47 51.00 334.71 133.03 363.14 83.59 60.96
23-Jan-09 60.57 145.25 4.98 52.57 51.00 336.73 133.12 362.15 83.30 59.79
30-Jan-09 59.51 146.38 5.11 50.31 48.00 341.01 136.24 365.24 81.93 57.20
6-Feb-09 62.27 149.27 5.18 51.36 48.00 337.61 131.11 364.10 83.26 57.50
13-Feb-09 62.22 155.31 4.85 51.72 47.00 326.44 129.34 371.61 84.45 57.36
20-Feb-09 58.65 146.34 4.45 49.19 47.00 301.13 126.33 352.11 81.96 61.18
27-Feb-09 58.14 150.37 4.40 49.44 45.00 304.26 125.20 349.03 81.80 58.34
6-Mar-09 58.52 160.41 4.41 52.07 43.75 303.07 121.86 342.64 84.46 61.17
13-Mar-09 58.79 163.58 4.37 54.78 43.50 307.88 124.49 345.02 83.10 61.64
20-Mar-09 61.69 172.60 4.49 55.30 42.50 314.53 130.29 362.29 84.51 62.47
27-Mar-09 62.80 179.89 4.37 57.19 42.50 304.72 135.50 366.63 85.26 60.89
3-Apr-09 62.19 182.39 4.44 58.57 42.00 312.31 133.03 362.77 84.02 60.21
10-Apr-09 65.09 197.41 4.84 60.35 40.00 318.05 130.22 373.21 86.47 59.16
17-Apr-09 66.19 213.41 5.49 66.36 40.50 305.02 131.46 383.20 87.72 63.44
24-Apr-09 64.13 203.09 5.22 64.35 42.00 310.86 129.52 389.14 87.79 70.64
1-May-09 64.57 197.80 5.08 62.37 44.00 323.21 134.64 398.39 85.46 62.46
8-May-09 68.43 212.52 5.69 69.75 46.00 327.07 139.10 420.09 82.13 57.37

Latest week, % chg. from


Week ago 6.0 7.4 12.0 11.8 4.5 1.2 3.3 5.4 -3.9 -8.1
4 weeks ago 5.1 7.7 17.4 15.6 15.0 2.8 6.8 12.6 -5.0 -3.0
52 weeks ago -47.3 -45.1 -54.9 -30.1 -27.0 -31.3 -41.6 -29.7 -10.9 -25.4
% Chg. YTD -50.2 -53.7 -62.6 -47.6 -39.2 -45.4 -38.4 -39.5 -7.4 -0.7
52-week low 58.14 128.93 4.24 48.17 40.00 301.13 121.86 309.23 81.80 54.74
52-week high 145.55 398.07 12.03 102.50 64.50 491.02 255.90 663.23 103.38 86.44
FORECAST
Annual Avg 2009 56.75 141.25 4.66 49.25 46.00 301.25 123.75 337.50 86.50 61.25
Annual Avg 2010 61.25 148.75 5.14 62.50 54 310.00 127.00 347.50 95.00 70.25
Dec 2009 57.00 140.00 4.80 50.00 47.00 300.00 120.00 325.00 90.00 65.00
Dec 2010 65.00 160.00 5.50 70.00 58.00 325.00 130.00 360.00 98.00 75.00

**MEASURES & QUOTED PRICES ( $ is US$ unless stated otherwise; WEIGHT


C$ prices converted to US$ using daily C$/US$ exchange rate ). ( per cent )
NON-PRECIOUS METALS & MINERALS 14.7
Aluminum: LME Aluminum, 99.7% Purity: Closing Cash Price (Cents/lb) 6.6
Copper: LME Copper, Grade A: Closing Cash Price (Cents/lb) 2.6
Nickel: LME Nickel: Closing Cash Price ($/lb) 3.4
Zinc: LME Zinc: Closing Cash Price (Cents/lb) 1.0
Uranium: Ux U308 ($/lb) 1.1
AGRICULTURAL PRODUCTS 7.3
Wheat: 1 CWRS, Canada: St Lawrence, 13.5% (C$/mt) 2.8
Barley: Canada: Cash Prices: Feed Barley: Lethbridge: Grade 1 CW (C$/mt) 0.3
Canola: Canada: Cash Pr: Canola: Instore Vancouver: Grade 1 Canada NCC (C$/mt) 1.2
Cattle: Live Cattle Futures Price: 1st Expiring Contract Open (Cents/lb) 1.8
Hogs: Lean Hogs Futures Price: 1st Expiring Contract Open (Cents/lb) 1.2
Sources: WSJ, FT, Ux Weekly, Random Lenghts, Pulp & Paper Weekly, Overall TDCI weights based on
GlobalCoal, Comtex, WCE, FRBNY / Haver Analytics. Canadian exports 2003-05

Weekly Commodity Price Report  May 11, 2009


[Link]/economics

This report is provided by TD Economics for customers of TD Bank Financial Group. It is for information purposes only
and may not be appropriate for other purposes. The report does not provide material information about the business and
affairs of TD Bank Financial Group and the members of TD Economics are not spokespersons for TD Bank Financial
Group with respect to its business and affairs. The information contained in this report has been drawn from sources be-
lieved to be reliable, but is not guaranteed to be accurate or complete. The report contains economic analysis and views,
including about future economic and financial markets performance. These are based on certain assumptions and other
factors, and are subject to inherent risks and uncertainties. The actual outcome may be materially different. The Toronto-
Dominion Bank and its affiliates and related entities that comprise TD Bank Financial Group are not liable for any errors
or omissions in the information, analysis or views contained in this report, or for any loss or damage suffered.

Weekly Commodity Price Report  May 11, 2009

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