During the month of September, the top 3 performing sectors were: Softs (4.75%), Grains (4.19%) and Livestock (3.40%). Cocoa, coffee and sugar led way in softs and grains rallied off USDA crop inspections late in the month. The bottom 3 sectors were: Metals (-1.40%), Interest Rates (-0.87%) and Energies (-0.74%).…

Americas   US Economic Data showed a slightly slowing Q2 GDP growth at +2.0% annualized, and the Atlanta branch of the Federal Reserve forecasted only a +1.5% annualized rate for Q3 on lower trade and business investment. Payrolls grew at +130,000 for August, lower than expected despite a 25,000 boost…

Trade War Only A Symptom of Underlying Global Risks   While commodities is the overarching theme of this commentary, we recognize that the really large money flows occur in the stock and bond markets, particularly the latter. With Germany issuing 30-year debt at negative yields (yes, investors effectively lock in…

During the month of August, the top 3 performing sectors were: Metals (4.23%), Interest Rates (2.86%) and the Barclays CTA Index (1.43%). Precious metals such as gold and silver lead the way as investors look for an alternative investment. The bottom 3 sectors were: Livestock (-9.39%), Energy (-5.80%) and S&P…