ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING:

Will prices rise in 2813 for the commodities you follow, the soft commodities?

ERIN FITZPATRICK, ANALYST, RABOBANK COMMODITY (ENGLISH) SAYING:

Yes well that's correct about the CRB index. We're focused more on agricultural commodities and my team. And as you look across the entire commodities complex you see that agricultural commodities tend to be less correlated with the broader economy. More defensive play and this year those commodities, not only has demand globally remains strong for food. But commodities this year in the softs complex and grains and oil seeds specifically saw a very large supply shock because of the worst drop more than fifty years in the US. So if you're looking grains and oil seeds and soft commodities, we actually are not looking at prices being down year to date but up in the case of for instance soy milk up more than 40% since since the beginning of this year.

ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING:

Does that continue through next year?

ERIN FITZPATRICK, ANALYST, RABOBANK COMMODITY (ENGLISH) SAYING:

Well we are bullish still on grains and oil seeds in the beginning of 2013. Particularly for grains. We think that demand rationing, using less of grains and in particular as a result of the supply shock has not fully been accounted for and in current prices. So we think prices are going to continue to rise for grains and the beginning of next year in order to slow global consumption.

ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING:

You point out every report these prices are very volatile start with and you actually the short positions unwinding early in 2013. Tell a little bit about the market dynamics that you're looking at volatility as we head into the New Year.

ERIN FITZPATRICK, ANALYST, RABOBANK COMMODITY (ENGLISH) SAYING:

Well at this stage of the game we really don't have many buffer stocks and we haven't had for a few years in the grains and oil seeds complex. And when you don't have very many buffer stocks if you have a drought in one point two parts of the world and supplies shrink even further it has much more dramatic impact on prices and that's the situation we're in right now. We are expecting better weather next year, higher area planted to allow supplies to increase. But if that doesn't come to fruition the fact that we don't have any buffer stocks at this moment means prices could continue to rise and reached new highs in the coming year.