During the month of August, Grains (+3.40%) and Softs (+1.29%) were the top performers. The bottom performers were Crypto (-11.31%) and Livestock (-6.26%). Leading up to the two-day Jackson Hole symposium, markets were bearish as uncertainty arose around the future economic outlook. Chair Powell went on to announce the economy…

Commodities: Global   OPEC Oil Output Fell by 840 million barrels per day (mbpd) in July from June per Reuters survey, mostly due to the Saudi cuts and to a lesser degree due to an export terminal problem in Nigeria. Total OPEC production was 27.34 MMBPD, which is the lowest…

Ukraine:  Summer Offensive?   The Ukraine-Russia Conflict continued with its on-the-ground stalemate with the Ukrainian military making little progress despite the infusion of US/EU equipment.  By necessity to avoid higher casualty rates, the attack tempo slowed – recall that Ukraine has one-third the population of Russia and its soldiers (and…

During the month of July, the S&P GSCI (+9.80%) and Energies (+9.18.%) were the top performers. The bottom performers were Crypto (-4.02%) and Grains (-3.78%). Despite the fed raising interest rates in July, the S&P GSCI (+9.80%) produced one of its best months since January of 2022. The S&P 500…