During the month of January, Softs (+9.19%) and Livestock (+7.49%) were the top performers. The bottom performers were Metals (-4.10%) and Grains (-2.52%). After a strong start to 2024, the Federal Reserve kept Interest Rates unchanged in their most recent meeting.  After three straight months of double-digit gains, Crypto (+0.35%)…

Commodities: Global   OPEC Oil Output Fell Slightly increased slightly to 28.1 million barrels per day (mbpd) in December, as the fighting in Gaza and Red Sea terror attacks were far away from areas of production.  Indian crude imports from Russia in December were the lowest since January of 2023 due…

Ukraine-Russia War & Red Sea Shipping:  Positioning   The Ukraine-Russia Conflict saw little progress by both sides as Ukraine strove to shore up military funding from Europe and the US.  On the funding side, Ukraine shipped a record amount of grain through Romania’s Black Sea port of Constanta, with further…

During the month of December, Crypto (+11.71%) and the S&P 500 (+8.92%) were the top performers. The bottom performers were Softs (-7.67%) and Energy (-5.79%). Despite bank failures,  war in the Middle East and Ukraine, and a host of other problems, 2023 fought off a widely expected recession and finished…