The Livestock and Meats sub-index of the Continuous Commodity Index collapsed 36% between the beginning of the year and its worst point on April 3. This rout has caused our composite momentum indicator, which includes the 13-week…
Lumber prices have sharply fallen in sympathy with every asset levered to growth. The recent price decline has purged some of the froth out of that market, which is creating an attractive entry point to buy lumber. Lumber is…
A large risk to coffee supply is emerging, which is making coffee an increasingly attractive buy. According to the United Nations Food and Agriculture Organization, East Africa is suffering from the worst locust infestation in…
Lumber prices have enjoyed a robust rally since early 2019. A combination of easy US monetary conditions and falling bond yields have created a fertile ground for construction activity, which has forced lumber prices higher…
Highlights OPEC 2.0 production discipline and the capital markets’ parsimony in re funding US shale-oil producers will restrain oil supply growth. Monetary and fiscal stimulus will revive EM demand. These fundamentals will push…
Underweight High-Conviction The latest GDP release as it pertains to housing made for grim reading: residential fixed investment has subtracted from real GDP growth for five consecutive quarters, which is unprecedented outside of a…
According to China’s official statistics, more than a million pigs have been culled, and Chinese pork production is expected to be slashed by between a 25% and 50% this year. This will depress demand for soybeans, further…