Ukraine-Russia War: Strategic Shift   The Ukraine-Russia Conflict saw little ground movement with minor territorial losses by Ukraine in the east.  Russia pressed with its weight in numbers with casualties estimated at three times those suffered by Ukraine.  Recall that the Soviet Union had about 90,000 total casualties in Afghanistan…

During the month of March, Crypto (+13.00%) and Softs (7.25%) were the top performers. The bottom performers were Livestock (-0.69%) and Currencies (-0.06%). Another colossal rally in Cocoa (+50.02) carried the soft sector (+7.25) into the positive for the third consecutive month. The S&P GSCI (+4.40%) continued its winning streak,…

Commodities: Global   OPEC Oil Output ticked higher to 26.7 million barrels per day (mbpd) in February, as Libyan production recovered.  OPEC+ agreed to maintain their -2.2 mbpd output cuts through June. The Saudis additionally extended their voluntary cut of -1.0 mbpd through the same date.  Russia pledged to hold…

Ukraine-Russia War & Red Sea Shipping:  Positioning   The Ukraine-Russia Conflict saw little movement with some territorial losses by Ukraine in the east.  Russia pressed with its weight in numbers though evidence of equipment shortages was seen by the utilization of antiquated tanks (i.e., T-62s which were first introduced in…