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Liniers Cattle Market

Average price based Novillo Market Operations Finance Liniers

$ 8,605

Availab. ($)
SOYA 1170 0 275 (5) Ver Evolución de Precios
CORN 130 (1) 145 (4) Ver Evolución de Precios
WHEAT 0 0 (3) Ver Evolución de Precios
SORGHUM 600 0 145 (4) Ver Evolución de Precios
SUNFLOWER 1120 0 305 (12) Ver Evolución de Precios

DOLAR (Córdoba – City)

Buyer ———- $4,6

Seller ———— $ 4,7

Euro (Córdoba – City)

Buyer ———- $ 5.73

Seller ———— $ 5.86

Real (Córdoba – City)

Buyer ———- $ 2.31

Seller ———— $2.43

According to data from the Synthetic Indicator of Construction Activity (ISAC) for the first nine months of 2011 as a whole, the sector accumulated an increase of 10.5% compared to the previous year’s accumulated.

The month of September for his part, shows positive changes seasonally adjusted 11.7% and 11.1% in the series with seasonality compared to the same month last year. (See Table 1)

The trend-cycle series recorded in the month of September, a rise of 0.2%. (See Table 7)

Annual % chg.

↑ 10,3%

Annual % chg.

↑ 3,7%

Annual % chg.

↑ 5,0%

4 Stock With Safe China ExposureChina’s growth rate is slowing but that doesn’t mean U.S. investors need to entirely flee for the exits; at least that’s the view of Sarat Sethi of Douglas C. Lane associates. Sethi is playing China via U.S.-based companies that have already developed an infrastructure in China. Specifically he likes American juggernauts already established there that can take advantage of the changing demographics associated a growing economy.

Leaving aside the temptation to comment on how growing economies compare to the situation we have in the States, let’s just cut to Sethi’s stock picks:

Yum! Brands (YUM): The old spin-off of Pepsi’s (PEP) casual dining segment, YUM has been in China for decades, giving them a critical infrastructure advantage in the inscrutable ancient land. Sethi says Yum only does 20% of their business in the U.S., with the rest split between China and the rest of the world. The company trades at 14x earnings with 10% growth. While that isn’t howlingly cheap it’s enough of a value to get investors interested once the markets become “stock specific” again.

McDonald’s (MCD): China is a “small piece of a big pie” for my longtime favorite holding. That makes the Chinese market more of an incremental story than a true driver of the McDonalds story. Sethi compares MCD’s and Wal-Mart’s (WMT) Chinese business exposure as big enough to help but not so huge as to move the needle much on their total business.

What Yum and Micky-D’s have in common that appeals to Sethi are strong brands, pricing power to offset input costs, and the fact that what is junk food in the States is regarded as casual dining in China. The distinction is a function of slightly nicer interiors and, again, an upwardly mobile economy. The Chinese middle-class is expanding, taking fast food customers from street vendors to sit-down eating in a clean store. A big difference.

Two other favorites of Sethi’s are Qualcomm (QCOM) and 3M (MMM). A play on mobile growth and manufacturing, respectively, QCOM and MMM have the infrastructures and brand power, at least on a corporate level, to withstand the capricious approach of the Chinese towards foreign concerns.

Four China plays that aren’t reliant on the Chinese equity markets or the country’s industrial growth rate. How are you playing it? Let us know in the space below.

Credit card late payments edge higher in SeptemberCredit card late payments edge higher in September; may be early indicator of trouble ahead

NEW YORK (AP) — In what may be an early sign that credit card users are again having trouble paying their bills, five of the nation’s top six credit card issuers said Monday that late payments rose in September.

That’s the first month since February 2009 that so many major companies reported upticks in payments late by 30 days or more.

The increases all were smaller than a percentage point, and card companies have seen small increases in delinquency in individual months during the last two years.

But the broader trend has been for vast improvements in payment habits that have brought delinquency rates down to historic lows. So it is worrisome that more people appear to be falling behind, especially with unemployment remaining above 9 percent and some economists predicting another recession.

Analysts generally expect improvements in delinquencies and defaults to level off as the year draws to a close.

The biggest increase reported Monday was at Capital One Financial Corp., which saw delinquencies rise to 3.65 percent of balances on an annualized basis, from 3.43 percent in August.

At American Express Co., delinquencies accounted for 1.5 percent of balances, up from 1.4 percent the month before. That’s the lowest delinquency rate in the industry. Discover Financial Services’ rate, which was 2.5 percent, also rose just one-tenth of a percentage point, while Chase, the nation’s largest card company by spending volume, posted a rate of 2.53 percent, up from 2.48 percent.

Bank of America’s highest-in-the-industry rate rose to 3.99 percent from 3.96 percent.

Citibank’s card division had not yet reported its September results Monday evening.

Even as their delinquencies rose, all of the banks had lower default rates for September than August, reflecting the broader trend for the industry since mid-2010.

Bank of America had the highest default rate reported Monday, at 5.99 percent of balances annualized. Amex had the lowest, at 2.3 percent.

Federal Reserve data show that, at its highest, the industry-wide card default, or charge-off, rate, hit 10.96 percent of balances in 2010′s second quarter. It was 5.6 percent in this year’s second quarter, the latest period for which complete data is available.

Should the September uptick be the start of a broader trend, two factors would likely temper the impact on banks.

First, fewer people have credit cards today than at the start of the Great Recession in 2007.

The number of U.S. credit accounts issued by banks under the MasterCard and Visa brands dropped about 30 percent by mid-2011, to 343 million, from 488 million at the end of 2007. American Express and Discover do not make public the number of accounts their customers have, but both have reputations for strict management of problem accounts.

Many of those accounts may have been held by people with more than one credit card. But credit reporting agency TransUnion estimates about 8 million individuals dropped out of the credit card market altogether last year, either by choice or because their accounts were shut down. Those accounts that remain open have lower credit limits, as well, after banks pared back the amount they were willing to lend even to borrowers with top credit ratings.

The second factor limiting the impact on banks of rising delinquencies is that balances have fallen sharply, to $790.1 billion in August from a peak of $972.1 billion three years earlier.

So, even if more consumers can’t pay their bills, banks have less to lose than they did the last time delinquencies started to climb.

When I was a freshman in college, I took boxing classes. (It’s a long story.) One fight, in particular, stands out in my memory: A right hook I never saw coming left me flat on my back. (It’s fair to say I was no Mike Tyson in the ring. More of a Mr. Rogers. But I digress.)

The point here is that the punches you fail to anticipate are the ones that can do the most damage. That’s also true when it comes to retirement: The taxes, fees and outlays that catch you flat-footed are the ones that can jeopardize your financial future. Fortunately, there are steps you can take to keep from landing on the canvas, even in a shaky economy.

Start by recognizing the risks. (And more people are: In a recent Charles Schwab study, baby boomers said their biggest retirement-related concern was “unexpected expenses,” such as medical costs.) If you’re forced to make big withdrawals from savings in the teeth of a bear market, especially in the early years of retirement, your nest egg could expire before you do. You also have a good chance of living well into your 80s, and even your 90s. The upshot: more years with more bills (both planned and unplanned).

Ray Falkenberg, 68, uses the term “stealth expenses.” “I was pretty naive when I retired 10 years ago,” he told me recently from his home in Fresno, Calif. “There are a lot of hidden costs in retirement that people don’t recognize.” Here are a few big ones:

Replacement costs.

Eileen Sharkey, chairwoman of Sharkey, Howes & Javer, a financial-planning firm in Denver, says clients often buy a new car just before retiring, thinking that vehicle will see them through their final years. Her reply: There’s a good chance you’ll live long enough to buy several new cars. Big-ticket buys — a new furnace, updated appliances, a fresh coat of house paint — can put sizable dents in your nest egg. But most people don’t consider that such significant outlays can follow them into later life or that such costs can continue to add up for decades. Says Sharkey, “Many people still under-estimate their life expectancy, when, in fact, the 85-plus population is the fastest-growing in the country.”

Relatives in need.

You might already be feeling a financial pinch in caring for aging parents. But younger generations will likely come knocking on your door as well: an adult child who gets laid off or divorced, perhaps, or a grandchild who needs help with tuition. “I’m not sure I know any retiree in my age bracket that hasn’t experienced the need to provide some funds to parents or adult children,” says Henry “Bud” Hebeler, 78, who runs Analyzenow.com, a retirement-planning site.

Required distributions.

Most people know that after reaching age 70-1/2, they must begin withdrawing funds from tax-deferred accounts (like IRAs). What they fail to understand, says Falkenberg in California, are the ripple effects from those payouts. Required distributions can, first, push you into a higher tax bracket and, second, translate into increased Medicare Part B premiums (which are tied to annual income). Falkenberg estimates that, in his case, these particular stealth expenses could reduce his annual income by as much as 14 percent.

Health care inflation.

Of course, you’re probably calculating health care costs into your retirement budget. But chances are good, says Colleen O’Brien, a vice president at Charles Schwab, that you’re not accounting for inflation. Indeed, according to the Society of Actuaries, while overall U.S. inflation has averaged 3.5 percent a year over the past three decades, the figure has averaged 5.8 percent for medical care. Such increases are difficult to dodge or bargain your way out of: Medicare establishes what you pay for health care in retirement — and if you do get sick, you’ll likely want the best (read: most expensive) care available.

Of course, all of this raises the question: How do you avoid getting smacked with stealth expenses when you retire? Three things to keep in mind:

First, when budgeting for later life, look for tools and calculators that let you incorporate variables like maintenance costs and health care inflation. Hebeler’s site, Analyzenow.com, has some of the best software (most of it free) for doing just that. For example, his Replacement Budgeting program demonstrates a simple, effective way to set up a reserve account that can help pay for everything from carpets to car repairs.

Second, focus — financially — on the five years immediately preceding your planned retirement and the first five years of retirement itself. Individuals and couples who make a concerted effort to save and invest can build up almost one-third of their nest egg in the final five years before retiring, says Nancy Blunck, who heads Blunck Financial, a planning and asset-management firm in Anchorage, Alaska. Such an effort, needless to say, can put you in a better position to handle unexpected bills. Similarly, try to avoid major expenses (a new roof, a new car) in the first five years of retirement, the time when you and your nest egg are “most vulnerable to adverse market returns,” Blunck says.

Finally, keep saving in retirement. I am continually surprised at the number of people who — once they leave the office — believe their saving days are over. No, you probably can’t (and don’t need to) save as much as you did in the past. But emergencies don’t care that you’re retired — and stealth expenses are waiting behind any number of corners. Draw up, and continue to follow, a savings plan in later life. Ideally, you’ll be able to stay on your feet in the ring.

The End of ProgressFrom retail sales to initial jobless claims and monthly payrolls, a recent spate of better-than-expected economic data has many wondering whether the fears of a double dip recession are overblown. (See: Consumer Confusion: Sales Up But Confidence Down — Here’s Why It Makes Sense)

Even the markets seem to have looked passed the previous bearish sentiment. Both the Dow Jones Industrial Average and the S&P 500 are up more than 5 percent since the beginning of Oct. — despite the unprecedented volatility since the debt-ceiling debate in Aug.

So is the economy on the upswing and not as bad as feared?

The Daily Ticker’s Aaron Task asked that of economist Graeme Maxton and author of The End of Progress: How Modern Economics Has Failed Us. As you can gather from the title of his book, Graeme is not all that optimistic.

“Everybody wants to see some good news. We want to come out of this seemingly endless slow period of growth,” he says. “But, I am sorry to say it is not going to happen. It can’t happen.”

His reasoning: Debt, debt and more debt. Over the last 30 years all growth — from Asia to the U.S. to Europe — has been fueled by large amounts of consumer debt, bank debt and government debt.

Fast forward to today. The world’s debt problem is not getting better, only worse.

It may feel like ages ago already, but it was just two months ago the U.S. Congress grappled with how to raise the country’s $14 trillion debt ceiling. And across the pond, a deal over Greece’s solvency has been two years in the making and fears of a contagion abound. (See: Deal or No Deal? Europe Getting “Closer and Closer to the End Game,” John Mauldin Says)

On the consumers front here at home, Americans increased credit card debt in September by 1%, according to a new survey by Credit Karma. Last month the average consumer with an account had:

* $174,137 in home mortgage loans – up 1 percent quarter-over-quarter

* $47,361 in home equity debt – down 0.4 percent quarter-over-quarter

* $29,939 in student loans – stable quarter-over-quarter

So then how long will it be before a recovery takes hold?

“We are destined for a correction…that will last at least 10 years and we haven’t actually seen that correction yet. We’ve seen part of it,” Graeme says. “[Consumers] have to start paying back what they borrowed, banks have to get themselves back into some sort of healthy state” as do governments around the world, most notably Greece right now.

Until the debt dissipates, you can forget a recovery. The world will chug along at a very slow pace, he says.

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