Ukraine: Fall Offensive? The Ukraine-Russia Conflict slogged forward with the Ukrainian military making little progress despite the infusion of US/EU equipment. By necessity to avoid higher casualty rates, the attack tempo stayed slow – recall that Ukraine has one-third the population of Russia and its soldiers (and citizens) have…
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…
2023 has shown regression from 2022 in terms of CTA performance. CTA indices are reporting modest results, with Barclay’s CTA index posting ~0.50% return through June 2023, and the SG CTA index posting a comparable number. Similar to 2022, trend following strategies are receiving most of the attention and causing…
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…