During the month of February, Crypto (+44.91%) and Softs (+7.81%) were the top performers. The bottom performers were Grains (-4.61%) and Metals (-2.70%). Crypto (+44.91%) had an enormous month, with Bitcoin (+44.56%) soaring over $60,000 for this first time since 2020. Softs (+7.81%) were carried by big rallies in Cocoa…

Commodities: Global   OPEC Oil Output Decreased to 26.6 million barrels per day (mbpd) in January, as the country of Angola left the cartel so that it would not have to abide by production quotas (though its production was not significant anyway).  Production also fell in Libya temporarily by 300,000…

Ukraine-Russia War & Red Sea Shipping:  Positioning   The Ukraine-Russia Conflict saw little progress on the ground by both sides as Ukraine strove to shore up military funding from Europe and the US.  Russia pressed with its weight in numbers though evidence of equipment shortages was seen by the utilization…

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%)…